Transaction banking trailblazer: Umar Farooq, JPMorgan
The head of channels, analytics and innovation for treasury services and head of blockchain initiatives for corporate and investment banking at JPMorgan says: 'The boundaries between technological innovation and product development are blurring.'
Umar Farooq, head of channels, analytics and innovation for treasury services and head of blockchain initiatives for corporate and investment banking at JPMorgan, doesn’t have the most traditional educational background for a banker.
But with qualifications in law, electrical engineering, computer science and economics, he is today’s ideal transaction banker.
“I have worked in a number of different roles at JPMorgan, and my skills in computer science and engineering have always been relevant here,” he says. “But across the industry, I think we are seeing banks increasingly looking for more tech-savvy individuals.”
Farooq’s work in JPMorgan’s treasury services business is part of the corporate and investment bank.
Until recently, transaction banking was associated with clunky, paper-driven processes. But technology has begun to transform the industry into a much leaner business.