JPMorgan Chase is targeting millennials with new digital-only bank

By Emily Nicolle on Wednesday 25 October 2017

Digital Banking

Announced today, Finn is a new app-based digital bank aimed at helping millennials understand their daily spending by giving them greater control.

The mobile banking platform, intended to act exactly like a traditional US checking and savings account, will allow users to open an account, make deposits, track spending and create savings plans.

It will be supported by Chase’s digital account opening platform, and will give users fee-free access to over 29,000 Chase and other ATMs with their Finn debit card.

Finn claims to offer a ‘new perspective on banking’, using customised tools that aid consumers in cultivating sustained savings.

It was designed in partnership with millennials, working closely with them to understand their unique money challenges, and how they think and feel when it comes to their finances.

Research conducted by the Finn team showed that emotions play a large part in the financial decisions of young people, which is reflected in Finn’s functionality.

Users can rate their transactions as something they ‘want’ or ‘need’, and assign emojis to indicate how that purchase made them feel. There’s also a ‘personal autosave’ setting that users can adjust in line with their income, and no overdraft or credit capabilities to discourage overspending.

Though the idea of mobile banking is hardly new to those familiar with the fintech space, it demonstrates a solid commitment by a major firm to the future of app-based banking in the US.

The launch comes as fintech lender platform OnDeck is set to expand its partnership with JPMorgan Chase for up to four years.

“We continue to invest in technology that makes banking easier for our customers, and gives them the confidence they need for their financial future,” said Thasunda Duckett, CEO of consumer banking at Chase. “Finn is yet another way we’re innovating for millennials by designing a product that lets them spend and save on their terms.”

Finn by Chase debuts for iOS users today in St. Louis and will roll out to additional U.S. cities and Android users in 2018.

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