JPMorgan Chase goes live with mobile-only bank
Written by Chris Lemmon
JPMorgan Chase has unveiled Finn – an all-mobile digital bank aimed at giving US customers greater control of their everyday spending and saving.
The new app, which has been designed by working closely with Millennials, features a number of customised tools that are focused on helping consumers build savings and analyse everyday spending. The bank’s research found that while emotions played a large role in Millennials’ financial decision making, they did not have a way to understand the impact it had on their financial lives.
With Finn, users are able to rate transactions as something they ‘want’ or ‘need’, and are able to assign emojis to each purchase. They can also set personal ‘autosave’ rules on their account, like saving $5 each time they go shopping.
The new app is supported by Chase’s digital account opening platform, which allows consumers to sign up directly from their phone and start banking in minutes. Users also have access to fee-free cash from 29,000 Chase and other ATMs, which they can search for through the ATM locator in-app feature.
Bill Wallace, CEO of digital at Chase, commented: “When it comes to money, Millennials told us they don’t want to feel like they’re being judged. So, we designed Finn to put them in charge, no matter where or how they’re spending.”
Thasunda Duckett, CEO of consumer banking at Chase, added: “We continue to invest in technology that makes banking easier for our customers and gives them the confidence they need for their financial future. Finn is yet another way we’re innovating for Millennials by designing a product that lets them spend and save on their terms.”