JPMorgan Chase & Co - Essay Example

This study shows that a growing number of consumers are depending on their local banks to meet their insurance needs. (Dewett and Chand, 449). The analysis includes a ranking of the top 50 bank holding companies on the basis of the absolute dollar amount of total insurance revenue (earnings from sales and underwriting) and on the basis of total insurance revenue as a percentage of the institutions total noninterest income. (Dewett and Chand, 449). The interest in this market continues to increase, and JP Morgan and Chase continues to reep the benefits.

Furthermore, JP Morgan and Chase is growing its customer base through Internet banking. Internet banking is done quickly. Internet technology has changed the social, financial and economic structure of the world by and helped the banking industry improve upon efficiency. The use of microprocessing chips enables a computer to perform several million operations per second. Internet banking is quick and personal. The Internet and electronic commerce are totally transforming the banking and financial services industry by offering convenient services that take very little time to buy.

At a single website on the Internet, a customer may be able to access information and manage his finance (Perin). He may not have to visit the brick and mortar bank. With a few clicks of a mouse, the customer may handle his finances on the Internet with speed that is incomparable to the cumbersome process of visiting the bank, meeting people, telling them what he needs, and getting his work done. He may not have to leave his office to go to a bank and especially for a private business, he may even access his Internet bank late at night without waiting for the morning to do his work.

Banking on the Internet saves customers time and money (Perin). Internet banking sites offer critical advantages over brick and mortar branches. The convenience of around-the-clock access of the Internet bank from