For the past year or so, the number of financial technology companies engaging in partnerships with Wall Street behemoths has growth exponentially.

Many people in the fold of Wall Street have called fintech a significant disruptor of traditional financial services. However, rather than fight with these startups, Wall Street and others have decided to join forces.

JP Morgan Chase, the largest bank in the world by assets, is proving how crucial the financial technology sector is. The global economy has entered a period of volatility, especially stock markets, and JP Morgan and others and feeling the pain.

Trading volumes and return on equity fell significantly in the final quarter of last year. However, due to innovations through financial technology endeavors, the company was able to both cut costs and grow other core businesses. For example, core loans grew 5 percent last quarter and 16 percent over 2015, partially due to developments in financial technology solutions.

Although JP Morgan is clearly benefitting from fintech innovations, it has a long way to go. There are a multitude of divisions at the firm that could branch out with fintech and swallow up a larger share of the market. Citi, a rival of JP Morgan, has already begun such plans, including creating an entire division just for financial technology.

JP Morgan has also begun significant extensions of its services by utilizing fintech, including a mobile payment platform called ChasePay and a joint venture with online lender OnDeck.