JPMorgan Chase set to enter the UK digital banking market
A new challenger would rival Monzo, Starling and Revolut.
One of the largest US banks, JPMorgan Chase, is set to bring a new digital banking service to the UK with its Chase brand, it has been reported by Sky News.
In the coming months, Chase is set to offer current accounts, savings accounts, several Open Banking products and lending services in the UK.
In the US, Chase allows customers to open an account in just five minutes. The bank has over 4,500 branches and 51 million digital banking customers.
The new service will compete against UK challenger banking brands such as Monzo, Revolut and Starling.
This wouldn’t be JPMorgan Chase’s first venture into digital-only banking. The news comes just a few months after JPMorgan pulled its online-only digital banking service in the US after a poor uptake from consumers. The service, which was called Finn, launched in the US in October 2017 but shut down after just 18 months. It only managed to onboard 47,000 customers.
In 2018, JPMorgan’s rival Goldman Sachs launched its mobile bank Marcus in the UK, managing to attract 50,000 UK customers in the first two weeks with a market-leading interest rate of 1.5% for its easy access savings account.