In an attempt to lure younger customers, JPMorgan released a new mobile app called Finn by Chase. The app will allow users to open an account, deposit checks, track spending, and perform other activities that many companies already offer.
JPMorgan is testing out an iOS version of the app in St. Louis, a city where the firm doesn’t have any branches. The bank has long wanted to increase the number of depositors it caters to but has yet to make any significant strides due to the regulatory hurdles it could face, not to mention the changes in customer banking habits.
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According to Thasunda Duckett, chief executive of Chase Consumer Banking, the new product “was built by millennials for millennials” and could be the solution it’s been waiting for when it comes to generating new business from consumers. “Finn lets us reach new customers and new markets,” he said.
Finn was designed based on interviews with 250 prospective millennial users. The customer journey mapping process uncovered that the younger generation seeks a more effective way to control their spending rather than just setting budgets that they frequently neglect. It also found that emojis are a desirable feature and could be used for tagging.
While two-thirds of its customers visit a physical branch four times a quarter on average, JPMorgan continues to reduce the number of branches it has and focus on increasing self-service/digital transactions. The company believes that customers who are engaged through digital channels have higher satisfaction and retention rates, spend more, and are cheaper to service.
According to JPMorgan’s 3Q17 earnings report, it has 29.3 million active mobile customers, a 12% year-over-year increase.
Read JPMorgan’s press release here.