NATIONAL SPOTLIGHT: JPMorgan Chase launches app aimed at millennials
There’s an app for that!
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, writes David Henry for reuters.com.
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 bank is starting with an initial test of the app account for Apple phone users with ZIP codes in St. Louis, where Chase has no branches, which might influence the trial.
The bank, the biggest in the United States, with $2.56 trillion in assets, plans to market Finn in other U.S. cities and for Android phones next year. Later this year it will offer mobile enrollment nationwide for its standard checking and savings accounts.
“Finn lets us reach new customers and new markets,” Thasunda Duckett, chief executive of Chase Consumer Banking, said in an interview. The app account, she said, “was built by millennials for millennials.”
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