Innovation Beyond Technology: Q&A with Lori Schwartz of JP Morgan Payments

Home Transaction Banking Innovation Beyond Technology: Q&A with Lori Schwartz of JP Morgan Payments

In an interview with Global Finance, Lori Schwartz, global head of liquidity and account solutions and digital and design at JPMorgan Payments, talks about driving innovation in corporate treasury.

GF: How has artificial intelligence impacted your organization's performance over the past year?

Lori Schwartz: We're looking at how we can leverage the power of technology like this to streamline and make our processes more efficient.

We have a vast amount of incredibly rich data that, when combined with AI, can generate better insights to help manage risk and improve customer service. For example, our data solutions leverage our clients' data to generate actionable insights to help them navigate a rapidly changing economic environment with confidence. Treasurer Insights forecasting helps clients improve cash flow accuracy, increase the profitability of cash availability, and find previously unseen patterns through cutting edge technologies such as AI and machine learning.

Overall, there is great potential in technology and how we deploy it creatively and in a targeted way.

Has your investment ratio for business continuity vs. innovation changed? Why?

There has been no significant change in terms of investment ratios. We have always been focused on technology and continue to lead the industry on many levels.

We evolve alongside our customers and are fortunate to have the sponsorship and support to drive our ambitious technology investment plans and continue to do the right thing on their behalf.

GF: What is the biggest misconception about innovating within finance?

Schwartz: It's a big misconception that innovation is only about technology. Innovation is not just about improving or replatforming your technology stack: financial management systems, enterprise resource planning, bank connectivity, etc. It's also about transforming the processes and the approach to how you lead the business within your organization. It's also about creating efficiencies, changing how you think, and reinventing to drive maximum profits.

Collaboration is essential to managing inefficient processes through innovation. When finance professionals take a long-term approach to technology development and partner with technology and innovation teams, they can drive greater efficiency in the business. By joining the conversation, finance professionals can bring their financial expertise to the table and advise on technology and cash flow in ways that drive operational efficiencies and save costs.

GF: What are the most common innovation-related pitfalls that organizations should avoid?

Schwartz: Pitfalls that impede innovation include a lack of strategic alignment with key stakeholders, unclear or unvalidated customer benefits, a lack of prioritization, and a lack of long-term commitment to the programs and resources needed.

GF: How has your approach to innovation changed since you took on the role?

In this role, I learned that innovation is not just about cutting edge ideas and opportunities. It is also about the path or journey to innovation and changing the way you think about solving problems for your clients. For example, trying to see a problem from the client's or user's perspective fundamentally changes how you solve it with existing capabilities. The result is almost always an innovative solution. Also, sitting down with clients to discuss their biggest challenges and trying to understand their experiences from their perspective is crucial to the innovation process.

GF: Does your team move fast and disrupt things? If not, how do you approach innovation?

Schwartz: Moving fast is relative, but it requires alignment and buy-in across key stakeholders and teams. Most importantly, prioritize relentlessly and continuously. Competing priorities pose challenges to most large-scale projects. Innovation requires relentless prioritization and commitment. We are focused on driving modernization across the ecosystem, not breaking things.

GF: What is the most important lesson you learned during your tenure?

Schwartz: The key lesson I learned is this.

Design cannot be imposed on top of development; it must be deeply embedded in the fabric of the organization.

The digital channel strategy for my Digital & Design portfolio needs to be omnichannel, driven by a data and architecture strategy and approach, enabling our clients to consume our solutions digitally – giving them what they want whether they're sitting in front of their device, on the go on mobile, or relying on machine-to-machine transactions.

GF: How have the skill sets required in corporate finance changed since you joined the company?

Schwartz: Corporate finance has evolved from a back-office function to one that leads change from within the organization. Finance is now at the forefront of driving change, whether it's strategic planning for long-term business goals, expansion plans or even executing on the innovation agenda.

Treasury professionals are savvy and leverage technology to solve everyday needs like bank-agnostic reporting, virtual accounts, and real-time liquidity, freeing up time and resources to focus on strategic projects and initiatives.

Finance professionals are not only technology experts within their functions, but are also key agents of change and collaboration. Given that finance is undergoing a digital transformation, there is an increased need to collaborate across departments to communicate effective outcomes. Finance professionals can create value by speaking the same language as colleagues across the business and leading with influence.

GF: How do you see your position changing over the next 5 to 10 years?

Schwartz: We are increasingly focused on industry innovation and will continue to expand the capabilities and solutions we offer to empower our customers.

Continuous investment in areas such as our technology stack and expertise allows us to build our offering consistently over the years.

As a team, we are committed to continually raising the bar in quality and are committed to meeting and guiding our customers every step of the way as the market moves and evolves.

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