Banking behemoth JPMorgan Chase is aiming to take on the ranks of neo-banks at their own game, launching a standalone app-only digital banking offspring Finn.
The bank designed mobile-only Finn by working closely with millennials for more than a year to understand their unique money challenges and what influences their spending. Research found that emotions played a large part in their decisions, but they didn’t have a way to understand the impact it had on their financial lives.
“When it comes to money, millennials told us they don’t want to feel like they’re being judged,” says Bill Wallace, CEO of Digital at Chase. “So, we designed Finn to put them in charge, no matter where or how they’re spending.”
Finn comes complete with a set of smart budgeting tools, autosaving features and the ability to use emojis to rate transactions and purchases bought using the app.
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 - a feature which will be rolled out to Chase customers later this year.
Finn is being initially rolled out in St Louis, ahead of a full-scale commercial launch across the US next year. The bank is putting its considerable financial muscle behind the launch, offering new users a $50 deposit to entice them to open an account.