Banking And Finance
JP Morgan Chase & Co offers online bank accounts by launching a new app for Android phones and hopes to attract more depositors. The app’s name is ‘Finn by Chase’ which allows people to use phone to open a bank account, make deposits, issue checks, track spending and finally set up savings plans.
Initial app testing happens in Apple phone 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.
Thasunda Duckett, chief executive of Chase Consumer Banking, said “Finn lets us reach new customers and new markets.”
She added “The app account was built by millennials for millennials.” Bankers across the industry want to court millennials as their next generation of customers.