Bye Metro, here we come Chase!
That’s good news it will spear some of the current banks into working on there own digital products.
It has, however, faced setbacks in its digital expansion strategy, announcing last year that it was closing Finn, its online-only brand, after poor take-up from consumers.
I can’t see this being as much of a problem as there still seems to be a healthy appetite for digital banking here in the UK.
If they have the right product. Just look at the shambles that is N26 UK…
If they’re using 10X, that rules them out of buying Monzo.
Regulatory approvals confirmed.
Official confirmation as of today.
“JPMorgan Chase has confirmed it will launch a long-rumoured assault on the UK retail banking market with the opening of a digital-only bank later this year.
The new bank will operate under the Chase brand, and makes JPMorgan the second Wall Street firm to make a foray into the UK market in recent years, following the launch of Goldman Sachs’ Marcus business in 2018.
JPMorgan’s early plans are more ambitious than Marcus, which has so far been limited to savings accounts in the UK. It said on Wednesday it would start by offering “a new take on current accounts”, and recent job adverts confirmed it was also developing new lending products.”
More info at the link.
I’m interested, depending on what they do this could be quite exciting.
I have a few American friends who say Chase are pretty much OK and I’m curious to see how they tailor this all to the UK market.
When they say new lending products to they mean credit card or just loans?
I’m actually looking forward to them making the account publicly available.
I’m curios if they have a beta testing phase
On the small off chance that anyone from JP Morgan is reading this, I’m up for testing a current account product.
Reckon they’ll tread carefully
Me too. With some free money so I can test the account to its fullest, of course.
… that’s the dream… still I’d give it a spin either way… can’t be any worse than Bo was!?
Not even sure Bø was a thing, was it? .
Anyway - be good to see a new kid on the bloke. Hope it doesn’t become an N26 story - that was a huge disappointment.
I had a card and could pay with it… was about 99% of the product.
Indeed - although the rumours around this new venture have been swirling for some time, indicating that JP Morgan must have considered the market to a decent extent. They also have deeper pockets than N26, so you would hope they wouldn’t make a hasty retreat!
Has anyone read anything about when they plan to start onboarding new customers?