How JPMorgan, Morgan Stanley and Goldman onboard fintechs - Business Insider

. That could mean paying for their service, acquiring them, making an investment, or starting a partnership.

As a result, banks are attempting to cater more towards younger companies that could provide a spark on the innovation front. "One of our goals is to partner more and work with the fintech community to build an innovative ecosystem," Elanjian said. "Client needs continue to evolve, and we want to be creative in providing solutions."The process was developed in 2019 to cut down the time and resources it would take for the bank to realize whether or not it wanted to work with a startup, and required coordination among 150 across the bank.

JPMorgan's solution was to build a sandbox on AWS where tools could be tested in a controlled environment. A handful of data sets were pre-approved, along with the creation of synthetic data mirroring JPMorgan's own data, to speed up how quickly data-intensive tools could be tested. "We don't set goals based on the number of companies evaluated," Elanjian said. "That can too easily lead to solutions in search of problems. We're focused on the quality of our partnerships, and how aligned they are to our strategic priorities.

Morgan Stanley also has a system in place around sourcing, testing, and onboarding fintechs quickly. Recently, Manahan said the bank went from a one-hour meeting with an artificial-intelligence focused startup just coming out of stealth to rolling out an active project within six weeks.

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