JPMorgan Chase opens high-tech branch with design support from Accenture

JPMorgan Chase, the largest US bank, opened its flagship retail store at 390 Madison Avenue on June 25. The high-tech branch within the bank’s global headquarters campus in New York received design support from management and technology consultancy Accenture.

The new branch design was supported by teams from architecture firm Spector Group and Allen International, Accenture’s retail design and customer experience agency specializing in financial services. Accenture acquired Allen in 2016, obtaining leading capabilities in retail space design that blends physical and digital aspects to deliver “transformational” customer experiences.

“Consumers want financial services institutions to provide high-touch, human experiences coupled with the latest digital tools,” Paula O’Reilly, a managing director in Accenture’s banking practice, said.

The JPMorgan flagship branch provides an “integrated experience” that leverages “digital concepts and technologies,” according to a release from the Dublin-based consulting giant. The design includes open lounges, private offices, and flexible spaces to accommodate a variety of community events.

“Our flagship branches are meant to be experiential locations where the brand truly comes to life for our customers,” John McGinley, head of real estate, Chase Consumer Banking, said. “That can be through community events and conversations on financial health, or a place where we’ll show the latest technology, innovation, and experiences before they’re introduced to the market.”

JPMorgan Chase had total assets of $2.535 trillion as of 2018, making it the largest bank in the US and the sixth largest bank in the world. It is the world’s most valuable bank by market capitalization.

The bank has invested heavily into its digital transformation strategy in recent years. JPMorgan was among the 19 most digitally focused global banks identified in a recent study from Accenture. The study found that digital leaders in banking were most successful at limiting growth in costs.

In February, the bank said it would be increasing its tech budget by a further $600 million to $11.4 billion this year.