JPMorgan, Citi, and Wells Fargo reported double-digit card volume growth—here’s what to watch out for in the months ahead.

Dimon warns of competition diminishing banks’ role in financial services: The JPMorgan Chase CEO’s annual letter to shareholders identified rising competitors and defended tech spending as necessary for maintaining the bank’s standing.

JPMorgan has established a presence in the blockchain-based virtual world Decentraland and published a report on opportunities within the sector.

On today's episode, we discuss why the West's answer to super apps is finally taking shape, why cryptocurrency sells out as governments buy in, and what kinds of new revenue sources digital brokers are hunting for. We then talk about how JPMorgan Chase is planning on spending its increased yearly technology budget and what will be largely responsible for driving fintech funding to new heights. Tune in to the discussion with eMarketer principal analyst Eleni Digalaki and vice president of content and head of financial services at Insider Intelligence Daniel Van Dyke.

Capital One will take over BJ’s portfolio from ADS, and JPMorgan will work with Instacart on a credit card program.

JPMorgan kept its eye on technology and the crypto trend—no matter what Jamie thought personally: The banking giant’s 2021 featured a UK digital-only launch, fintech acquisitions, crypto offerings for retail clients, and advocating for staff in branches to become licensed advisors.

JPMorgan Chase and Standard Chartered helped turn the cloud-based core banking provider into a unicorn and a credible challenger to the big core banking players.

But JPMorgan expected Chase to lose $450 million in 2022 and for this loss to continue at a similar level “for the next few years,” according to CEO Sanoke Viswanathan. The challenger bank was projected to break even in five to six years, with “planned expansion to multiple products to offer full-service banking.”.

JPMorgan bumps up against high fintech valuations, tight talent market: The banking giant’s strategy to maintain its competitive standing against fellow incumbents and neobanks in consumer-facing financial products is under pressure.

In response to the regulator’s crackdown, a host of US banks, including KeyBank, Wells Fargo, and JPMorgan, have taken steps to eliminate non-sufficient fund fees and to cut consumers’ exposure to overdrafts.

JPMorgan published a white paper under its Onyx brand, in tandem with its Decentraland launch, arguing that the metaverse’s potential depends on innovations in technology, commercial infrastructure, and privacy and identity.

Goldman Sachs offers digital bank Marcus and JPMorgan offers digital bank Chase. But neobanks’ efforts to scale and the cost of scaling differ from the effort and cost for incumbents. Neobanks are struggling to reach profitability, with less than 5% of them breaking even, per Simon-Kucher & Partners.

JPMorgan Chase & Co. Mercator Advisory Group. Minneapolis/St. Paul Business Journal. M&T Bank. Office for National Statistics. PaySpaceMagazine. Reuters. sfcu. S&P Global Market Intelligence. Star One Credit Union. Statistics Canada. The Economist Intelligence Unit. The Financial Brand. The Sun. US Census Bureau. Walmart. Wipfli.

The financial benefits of doing so could be vast: The total metaverse market opportunity will surpass $1 trillion in revenues each year, per Grayscale data cited by JPMorgan. There is precedent for banks dabbling in the metaverse, which primes them to seize this next frontier.

Many banks, including JPMorgan Chase, have already invested in the research and development of blockchain, setting them up to be disruptive upon their entrance and increasing competition for crypto fintechs. But cryptos may lose their initial luster as banks enter the space, as these assets will no longer be fully decentralized.

JPMorgan. Juniper Research. Mastercard. McKinsey & Company. MoneyGram. Ripple. Stripe. TechCrunch. The Block. The Federal Reserve. The White House. Time. Visa. Voyager Digital. Wells Fargo.

JPMorgan Chase. Klarna. Marqeta. Mastercard. McKinsey & Company. Mercator Advisory Group. MetaBank. Money. NACHA. NerdWallet. NPR. Payments Dive. PayPal. Paysafe. Pulse. PYMNTS. Reuters. RIS. Square. Starbucks. sweetgreen. The Motley Fool. The Points Guy. The Wall Street Journal. Uplift. Venmo. Visa. Voyager. Wells Fargo. WEX.

JPMorgan Chase, Bank of America, Wells Fargo, Capital One, U.S. Bank, PNC, and Truist make up the group. DocuSign is the service’s first participating company. How it works: Consumers who use the apps or websites of participating businesses will get the option of being redirected to their own banks’ mobile or online channels.

JPMorgan Asset Management UK’s Sustainability Evaluator. The asset manager’s in-house ThemeBot AI tool helps advisors identify viable stocks for its climate change fund. Using NLP, ThemeBot AI ingests hundreds of millions of data points from external sources, including news articles and regulatory filings.

US-based JPMorgan Chase, Wells Fargo, Citi, and Bank of America were the biggest lenders to fossil fuel projects, accounting for one quarter of total fossil fuel financing in the past six years. Banks did invest slightly less in fossil fuel projects last year, down 1.1% from $750 billion in 2020 and 10.6% below $830 billion in 2019. Guilty of greenwashing?

He named five big FIs that have been repeatedly on the receiving end of CFPB actions: Wells Fargo, JPMorgan Chase, Citigroup, American Express, and Discover. The punishments: Chopra outlined six potential punishments for recidivist FIs, explicitly highlighting order violations. Taking away FIs’ “government-granted privileges” would be the most severe punishment.

Heavyweight investors are taking note: Microsoft participated in the funding round, joining stakeholders JPMorgan, Mastercard, and UBS. Financial institutions (FIs) and Big Tech firms clearly see the value in blockchain tech and many are seeking greater exposure to crypto trading. What next for blockchain?