Chase Bank UK chat

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21

Im also thinking of giving it a try but i dont want lots of bank accounts again, i like just having my Monzo Account

22

A range of products and a new take on current accounts, I’m interested!

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23

Does anyone know of any research on any type of launch date?

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24

Some mixed reviews regarding the android app, on the Google Play store.

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25

Interested in them launching a bank here.

Not expectant of what I would consider a good app.

Yes individual features are important. But for me it is the fact that the Monzo app feels like a good, modern app.

Imo, it’s a similar level of polish to Dark Sky, Citymapper, Fantastical etc. And I am fairly certain Chase (lol) aren’t about to do that.

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26

Will be excited to see this but in my experience big banks have a tendency overpromise and under deliver when it comes to tech. If it’s great I will definitely sign up.

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27

Chase/JPM must surely be aiming very high with their app.

If they’re not, I really don’t know why they’d bother tackling the UK market.

28

If you dont have a good banking app and your card doesnt look fancy you dont have room in the UK Banking Market :joy:

29

Pretty much. If they don’t achieve that, they’re in the same bracket as HSBC, TSB, Lloyds, Halifax, Barclays, NatWest, Santander, etc. That bracket is pretty saturated, and customers tend not to switch banks that often, so I don’t see how Chase would make any progress.

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30

I do, i reckon they are going to come in with a “decent app” and a “standard debit card” but the rates are going to be an eye opener. I think one thing that Chase are going to struggle with is being Digital Only.

There are lots of people that want branches and dont want digital only, and most of these customers are the ones that will benefit from a Bank like JPM/Chase

31

Sure. But aiming and achieving are v different things.

Virgin / B money / all these oldies coming in thinking they have an amazing app and just showing their complete lack of understanding.

32

Can’t see this as a threat to Monzo. I’d be a bit more worried if I was Starling.

Someone above talked about JP Morgan worrying Monzo if they have a good app and budgeting - that is table stakes at this point and can’t see anyone other than FinTech enthusiasts getting worked up about that. Good enough is fine for 95% of customers.

I suspect they’ll follow the Marcus playbook with a good savings account as a hook. They’ll hoover up deposits and make money but that won’t threaten Monzo.

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33

I don’t know about Starling, but Monzo have offered switch bribes in the past. It’s a case of reallocating the marketing budget, I believe, so they can afford it that way.

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34

Monzo will never be threatened, Monzo is a cult not a bank. JP Morgan wont destroy us. We will prevail :joy::rofl:

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35

Do you reckon JPM will come into the market and instantly offer switch bonuses or do you reckon they would wait a few months and find their feet and get comfortable with the first sets of customers?

36

That’s the thing. They don’t need a great app. They just need to be good enough with decent additional offering and people will flock to them. Not everyone swims in hot coral haze, and the general public are more likely to trust a big name than a startup

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37

£10 or whatever for referring a friends I wouldn’t call a switch bribe. I didn’t think that Monzo had done CASS bribes of any notable value though?

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38

The best incentive i made the most out of was a sweet ÂŁ200 from Natwest, i stayed with natwest for a while until i became a Monzo Customer :slight_smile:

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39

Have they confirmed if they’re adding to the Chase Mobile app, or if it’s going to be standalone?

I’d be surprised if it isn’t a whole new app to be honest.

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40

This should be really interesting - Especially if they come right out of the gate with Mortgages, credit cards, instant transitions, web banking. etc

1 Like