Global Chief Information Officer
A technology project doesn't get much larger than a core overhaul, and JPMorgan Chase is in the midst of adding a cloud-based core system for its retail bank.
Lori Beer oversees the massive network that makes upgrades like these happen, with a team of 50,000 technology professionals globally and a budget of more than $12 billion, supporting retail and wholesale banking as well as asset and wealth management.
Executives at the $3.7 trillion-asset company expect that the cloud will allow for bringing more products to consumers faster in an age where digital channels such as mobile apps race ahead of branches as primary points of contact. By organizing multiple products into a single platform, the company can accommodate sudden shifts in customer needs without having to undertake complicated and expensive technology projects in the future. The retail banking unit also would gain the flexibility to address trends and competitive threats such as embedded finance, which allows customers to use their Chase accounts to power transactions at e-commerce sites.
Beer is also leading an expansion of the company’s technology hub in north Texas, where it plans to add nearly 3,000 employees. A similar expansion is in the works for a technology center in Tampa, Florida. And after reorganizing its blockchain units this past year, the company is better positioned to address an expansion in cross-border transactions that uses distributed ledgers to simplify payment processing.
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Beer, a seven-year JPMorgan Chase veteran, is also working to develop her staff. She recently launched new features for the Manager Excellence program, which aims to enhance the leadership skills of managers on the technology team. The program addresses recruiting, onboarding, learning, career paths, as well as rewards and recognition.
Beer, who frequently speaks at external events for female leaders in banking and technology, also helps drive programs that provide career advice, training and networking opportunities for junior and midlevel women across her company.
One of her personal goals is to help reduce the gender gap in technology careers, and yet another facet of that effort for her is overseeing a scholarship program at the University of Cincinnati's business school that focuses on bringing more women into STEM fields.
