JPMorgan to launch UK digital bank ‘next week’

JPMorgan is gearing up to launch Chase, its digital banking operation in the UK next week, according to reports.

Chase, a venture which has been in the pipeline for months, is the first overseas retail bank from JPMorgan, and will pit the US investment giant against the UK’s High Street banks and digital banking challengers such as Revolut, Monzo and Starling.

The move, which was was first reported in the Times and Financial Times, will see Chase offer a smartphone app to customers from Tuesday 21st September.

The bank also has plans to expand Chase into lending and investments as well as roll out to other countries, starting with continental Europe, if it proves successful in the UK, according to the reports.

JPMorgan’s foray into the UK retail banking market follows the launch of Goldman Sachs’ Marcus savings account in 2018.

Commenting on the reported move, Josep Alvarez, head of UK banking practice at everis, an NTT DATA company, said: “This is the second attempt to break into digital banking for JPMC, following its initial entry with Finn in the US, and the new Chase digital bank should fare better than its predecessor given that there is already a strong appetite for digital banking solutions in the UK.

“Chase joins a saturated market that is already crowded with digital banking start-ups such as Revolut, Starling and Monzo.

However, he added: “Despite the challenging market outlook, JPMC brings regulatory experience that gives it an edge over some of its digital start-up competitors, many of whom have struggled to adapt quickly to changing regulatory requirements.

“This new digital bank therefore represents a significant challenger in the UK market and will encourage other major financial players to consider their own digital offerings, if it proves successful.”

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