JP Morgan CEO: A lot to learn from bitcoin

Jamie Dimon, chairman and president of JP Morgan Chase, says that they can learn a lot from technologies like bitcoin. Dimon, who was not in favour of the cryptocurrency, made these comments in the annual letter to bank's shareholders, and said,

"You all have read about bitcoin, merchants building their own networks, PayPal and PayPal look-alikes. Payments are a critical business for us - and we are quite good at it. But there is much for us to learn in terms of real-time systems, better encryption techniques and a reduction of costs and 'pain points' for customers."

The letter suggests that the bank is acknowledging the incoming competition in the payments space and that they would seek to monitor these competitors and outperform them.

"We need to acknowledge our own flaws ... Rest assured, we analyse all of our competitors in excruciating detail - so we can learn what they are doing and develop our own strategies accordingly."