The Future of Banking: JPMorgan Justin Nelson on the Role of Technology in Financial Services

As the Managing Director and Head of the Asset Management and Financial Principals Coverage Team at J.P. Morgan Private Bank in Connecticut, Justin Nelson plays a pivotal role in shaping the future of banking. Nelson leads a 20-person team that oversees more than $15 billion in assets and advises wealthy families on strategic wealth planning, investment management, and banking services. “We do a lot of work with clients on private equity, venture capital, real estate, hedge funds,” he says.

However, the world has changed a lot since Nelson joined the ranks of J.P. Morgan. He believes it’s high time for the financial industry to embrace the changing role of technology and keep pace with client expectations for faster, better service. Justin Nelson shares his predictions for the future of banking and how he expects technology to play a pivotal role in financial services.

Blending Banking and Technology

From mobile banking to virtual consultations, clients expect seamless, tech-forward services that make it easier to manage their wealth. Tech is increasingly at the forefront of banking, and Justin Nelson believes that financial institutions need to keep pace. For example, J.P. Morgan now has a bevy of employees dedicated to technology — transforming the bank into what feels more like a tech company than a traditional financial institution. “We have made a massive investment in technology,” Nelson explains.

The rise of fintech disruptors has also pushed traditional banks to innovate faster. Private equity firms, with their allure of quick growth and flexibility, have become fierce competitors for financial talent. Nelson acknowledges that both private equity and tech startups are now strong competitors for top-tier finance talent. “We are all competing for the best people in finance,” he says. This competitive environment will require banks to get more creative about their client-facing technology and the employee experience.

Embracing Generational Differences

Embracing technology not only makes banks more efficient, but it also meets the expectations of a new generation of Millennial and Gen Z clients. “We have to listen to our clients and their children as well to ensure we meet their needs,” Justin Nelson says.

Hiring managers also have to acknowledge that this generation of technologically literate finance professionals will permanently alter the face of the finance workforce. In fact, Nelson encourages finance leaders to quickly pivot their hiring practices to avoid missing out on young talent. “We have to find different ways to invest in our people to keep them as part of our team,” he says. “Spending time with them and helping them with their careers are just as important as pay.”

Since younger workers often educate their elders on the latest technologies, financial services must embrace the next generation. Not only does this bolster the leadership pipeline, but it also future-proofs your organization by discarding old ways of working.

Betting on Emerging Technologies

Justin Nelson is a self-described car aficionado. While he loves traditional cars, he’s bullish on electric vehicle (EVs) investments. “I totally respect the fact that I think a transition here without forcing people is going to take time, but I fully embrace those two,” he says.

EVs are just one innovation that Justin Nelson encourages financial pros to keep their eye on. Other innovations, such as artificial intelligence (AI), are also making waves. It’s too soon to say how these technologies will change the future, but they’re becoming increasingly popular in the public consciousness — a sign that they’re ripe for investment opportunities.

Justin Nelson on Future-Proofing Finance

Banking and financial services will continue evolving, albeit at a slower pace than less conservative industries. Finance professionals must take a cautious approach to new technologies and ways of working, especially when managing billions of dollars for their clients.

However, Justin Nelson believes that firms that embrace technology, tech-literate workers, and emerging investment opportunities will gain a leg up. Whether it’s navigating the complexities of wealth management, recruiting top talent, or exploring emerging investment opportunities like EVs, Nelson’s forward-thinking approach ensures that his team remains ahead of the curve in the ever-changing financial landscape.