Under the plan, JPMorgan’s Wall Street investing clients will be able to access research on publicly traded companies by asking Alexa. Currently, Alexa can send analyst reports and inquiries related to stocks with more features such as bond pricing, coming soon.
David Hudson, global head of markets executive for JPMorgan told Bloomberg that voice is becoming part of the daily lives of people, which is why it’s teaming with Amazon. While Alexa started out in Amazon Echo smart speakers, the voice-activated assistant has been finding its way into all sorts of things including smartphones and vehicles. “It’s about taking information that’s somewhere in the bank, that someone has to generally go and look for, or which is time-consuming or requires authentication to get, and putting that to you in another channel,” Hudson told Bloomberg of its Alexa efforts. (See also: Amazon Vs. Google: Smart Home War Escalates.)
New Consumer Applications
According to Bloomberg, JPMorgan is the first to use Alexa for the institutional side of the business, but other banks have been toying with it for consumer applications. In November, Ally Financial Inc.'s (ALLY) Ally Bank announced a new service in which customers can engage in banking activities via voice commands thanks to the Ally Skills for Amazon. With it, Ally banking customers can check account balances, track recent transactions and deposits, transfer money, and access deposit product interest rates via voice commands. Meanwhile TD Ameritrade Holding Corp. (AMTD) the Omaha, Nebraska-based discount brokerage, recently rolled out the ability to access real-time data information from Alexa-powered devices. Bloomberg noted that Capital One Financial Corp. (COF) was the first bank to let customers manage credit cards and bank accounts via Alexa and has expanded what customers can do with the virtual assistant. For instance, they can now ask Alexa how much they spend on Amazon in a period of time such as week or month, noted Bloomberg.
The new Alexa skill from JPMorgan is the latest collaboration between the e-commerce giant and the investment firm. JPMorgan is a cloud computing customer of Amazon Web Services, is working on new products for Amazon in the small-business credit card area and along with Berkshire Hathaway, the three are creating a new kind of health care company. (See also: Amazon in Talks to Create Checking Account-Type Product: WSJ.)
According to Hudson the next step for its Alexa skill is to enable institutional customers to act on the information they get from Alexa. That means someday soon Wall Street traders could tell Alexa to buy and sell stocks. Client authentication and other security measures will first need to be put in place, noted Hudson.