Impact of autonomous vehicles on financial market – Brett Murray, JPMorgan Chase & Co.

Autonomous vehicles are here and ready to take over. To find out what an expert with 24 years of Silicon Valley experience thinks about the Autonomous Marketplace, we invited Brett Murray, Executive Director & Head of Strategic Design Innovation at JPMorgan Chase & Co. to share his thoughts on what opportunities and challenges he sees in Autonomous Vehicles.



Hi everyone. My name is Brett Murray. I’m coming from Los Gatos, California, in Silicon Valley. I work for JPMorgan & Chase. We are the largest bank in the United States and among the largest in the world.

I’ve ended up at Chase with two mandates. One is all-around customer experience on the onboarding side, as they become new customers, and then the logical continuation of that how they move from their first product with us to their second, third, fourth … I run the teams that help design those experiences.

The other side of my role is a lot of fun. I run teams that conceive of and flesh out tests and implement new products and services for the bank. These are things that either we dream up internally or they are things that competitive pressures make obvious we need to develop. I work very tightly with marketing on that. Obviously, marketing is super tuned into emergent product needs and where those products could eventually live within our customer base.

I’ve been asked what our biggest challenge in Chase is. Honestly, it’s just operating at speed. We are massive. 265 thousand people. We are an institution that’s been around hundreds of years literally. We are in the process of transforming ourselves to operate and smaller teams, to change how we engage with our partners and technology, the lines of business, and how we roll those products out. We are competing obviously against other large institutions and they have great advantages like we do. They’ve got scale and they’re well funded. They are desperate not to lose their market position. But really, FinTechs are the ones that we kind of look our shoulder at and make us lose a lot of sleep at night. We have some advantages over the FinTechs.

Again, our market reach is 51 million households. We also understand the regulatory environment better. We live in breathe and die by the regulatory environment and it’s not uncommon to watch FinTechs run afoul of that. Recently just as an example, even the smart guys Robin Hood based out of Palo Alto. Very successful FinTech –  they ran afoul of regulatory environments in December when they were launching a new product. Those guys have Wall Street experience, yet even they could get tripped up. So that said, we still worry about all of them. And we know that we need to be faster and faster and responding to what they’re doing.

I know that over in Slovenia we’re gonna be talking about autonomous vehicles and I was asked how that impacts our industry in particular.
You know, there are a few things that are kind of obvious. If autonomous vehicles take off well, they will take off when they get enough market penetration.

You’re gonna have a lot of bored passengers who aren’t driving. So what are they gonna do with their time? Media consumption, purchasing. Purchasing is obviously the part that we’re interested in.

We’re also interested in proliferating what we call tokens credit card or debit card is a token. If you have a card in your Apple wallet or Google Wallet or Samsung wallet, those are tokens as well. They’re in essence secured gateways to your funds. And you can start to imagine them being embedded in different places – smart glasses, they could be embedded in a mirror of your car so that when you’re going through the drive-through, they could do the communication with their point-of-sale system and you run everything off of the screen. It’s a management issue for us because all of those are potential areas for security breaches, but it’s interesting.

Another massive thing for us actually is that we fund a lot of real-estate, both residential and commercial. And right now, we value real estate based upon access to jobs, education, all these different things. And you know, you can look at a place like San Francisco, where let’s say an hour-and-a-half commute while gruelling is acceptable. When cars are moving tighter and in a formation when they can go faster and in those formations and they can come from long distances, especially as renewables kick in and costs go down, that means that the envelope of valuable real estate starts to expand. Suddenly, what was a two and a half hour commute from San Francisco becomes an hour commute. So we’re gonna have to do a lot of reevaluation on real estate values.  

We’re thinking about those sort of things. And then obviously supporting businesses that we loan money to, as they embrace new revenue models from perpetually connected cars- Insurance by the mile, Ownership by the mile.

The Ubers and Lyft’s of the world are going to have a new lease on life as far as how much it costs them to do business when drivers aren’t part of the equation.

So there’s a lot of things that we’re thinking about when it comes to autonomous vehicles – It sounds like a playground for everybody

I gotta say I’m excited to come over to Slovenia. I’ve lived in Europe, I’ve lived in Africa, I’ve never been to Slovenia. I’m super excited to see what they’ve done with the smart city side of things. It sounds like a playground for everybody in technology and that’s really awesome and exciting. And you know I look forward to meeting everybody over there. It’ll hopefully be fun and hopefully, we’ll all learn a lot. Thank you so much.

To hear more from Brett and other prominent speakers from big companies, join us at the City as a Lab Summit and take part in shaping the future of mobility.