Dimon Says JPMorgan Inspired, Worried by China Fintech Progress

Jamie Dimon recently sent some of his executives to China to scope out the competition in the financial-technology race. They came back motivated -- and a little scared.

“It’s hard not to be both impressed and a little worried about the progress China has made” with artificial intelligence and fintech, Dimon, chief executive officer of JPMorgan Chase & Co., said in a letter to shareholders April 4. “It made our management team even more motivated to move quickly.”

The consumer bank’s management team visited companies that use machine learning to open accounts almost instantly. Others employ smartphone images to pay ...