As JPMorgan Chase Focusing on products that utilize AI, Jameson TroutmanAs Head of Product for Small Business, is committed to innovating based on customer needs.
To decide where to invest, Troutman said he relies on the bank’s monthly survey of 500 small business owners to understand their needs amid a changing market environment. Bank Automation NewsHere are the top concerns small business owners expressed this summer:
- supply chain disruptions;
“These needs are guiding our product innovation strategy,” he said in a recent interview. Prohibited.
Below is an edited version of Trautmann’s conversation about his approach to innovation, his recent product launches, and how he leads his teams while keeping customer needs top of mind.
Bank Automation News: How is your team working on the product pipeline?
Jameson Troutman: Chase for Business leverages customer and employee feedback to address small business owners’ pain points and identify the most effective initiatives to help grow their business. We focus on planning and prioritizing a robust and agile roadmap, gathering feedback from internal stakeholders, talking to customers and prospects, and examining data on complaints, digital engagement/usage, and call center reasons to make informed prioritization decisions.
Finally, items may need to be prioritized for risk or management reasons, and we regularly reassess our priorities to ensure changes in the market do not require adjustments.
ProhibitedWhat products have been recently launched under your leadership?
JT: Faster payment: The recently launched Online Payment Centre gives business owners the flexibility to choose from a range of payment options to pay their vendors and employees quickly.
Invoicing: A digital invoicing solution that enables small businesses to easily create invoices, bill customers, and get paid quickly.
Customer Insights: A powerful business intelligence platform that delivers simple, actionable insights to help business owners reach customers effectively, operate more efficiently, and make strategic decisions. Customer Insights gives Chase for Business customers free access to aggregated, anonymous data about businesses like theirs, including average customer profile, average ticket value, and busiest shopping times.
Payroll: Chase Payment Solutions customers can automate and simplify paying employees, saving you time.
Prohibited: Where do you see the greatest need for innovation for your small business customers today?
JT: Small businesses are now trying to address rising costs of doing business. Whether they pass costs on to consumers, cut costs internally, or reduce business expenses varies from business to business. Innovation is key to helping small businesses address these challenges and continue to thrive in an ever-changing economic landscape.
While cash flow management remains a key area of focus, small business owners are learning how to adapt to new digital technologies, such as artificial intelligence, and figuring out what works for their business.
Another recent survey we conducted described AI as the most popular technology to be added in the coming year. Our recent Business Leaders Outlook survey found that AI applications (48%), cryptocurrency (30%), and virtual reality/metaverse (25%) were the top technologies small business owners plan to adopt. New technologies, especially AI, will be a game changer for business owners, saving time, reducing costs, and increasing efficiency.
As far as we have seen, Technology and artificial intelligence are here and will continue to be here. We expect this will have a significant impact on the services we provide as a bank.
ProhibitedHow long does it take to go from product idea to launch?
JT: Our innovation timelines vary widely based on a variety of factors, from a few months to a few quarters, depending on the complexity of the build and how it impacts our business operations. We strive to get to market as quickly as possible, but given that we serve over six million small businesses, when we release something we also need to ensure it works well and does what our customers need it to do.
As part of our speed to market assessment, we determine if features need to be tested with a small number of customers before making them generally available to the majority of customers. For smaller changes, it may be okay to roll them out to all customers right away. For larger product releases, we follow a rigorous process that allows us to test the product with a small number of customers first. We then gradually increase the rollout and ensure that our bunker and operations teams are ready to support the release appropriately.
ProhibitedHow would you describe your leadership style?
JT: I am a people-focused leader who coaches my team to understand the “why” of what we do. I enjoy coaching my team members and helping them succeed in their jobs and careers. It’s in my DNA to enjoy being involved in the details of the work, but I give my team the space and time to do the right discovery, understand the facts, and define the requirements. I trust them to deliver best-in-class products.
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