JPMorgan reaches beyond its branches with new mobile account app | Reuters

In its first offering of online bank accounts, JPMorgan Chase & Co on Monday launched a new smartphone app that it hopes will attract new depositors, many of whom are young and may live far from any of its branch offices.
The app, named Finn by Chase, allows people to use a phone to open a bank account, make deposits, issue checks, track spending and set up savings plans, bank officials told Reuters last week. Finn debit cards will come by mail for access to cash from 29,000 ATMs.

The so what: Chase launched their own entry into the "millennial market" with a new mobile account application. More importantly, this is one of the first forays by a top 10 retail bank for end to end online account opening. If Chase is able to expand the product, creates really interesting user acquisition opportunities through app store optimization, ad spend, in-app offers, etc all of which will be helpful to expand Chase's reach outside of 23 states. Also interesting that Chase decided to build this out completely in-house (according to the article) rather than leveraging an existing platform.


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