Looking forward to trying this.
Will be interesting to see the proposition. JPMC have very deep pockets and have beaten Goldman to the current account market.
If the app offers budgeting a la Monzo/Starling then with a 24/7 contact centre it’s going to be very difficult for them to compete. The fact they have a head start is a saving grace i suppose.
The real question will be how long it takes for them to actually get to the point of opening accounts and having a working app…
The article says
The offering is currently being piloted in an internal testing phase, prior to public release.
So I suspect not that long, given they have recruited 400 people and are drumming up publicity
I enjoy competition in the market so I’m looking forward to seeing what they can bring.
Very exciting. I had a chase checking account when I stayed in Cali for a year very good bank
Agreed, an interesting development.
We seem to have two types of banks in the UK:
A) those with excellent technology and apps
B) those who can make money from lending (credit cards, mortgages, loans, etc)
It seems to be that the winners in this reshaping of British banking will be the bank that manages to achieve both points simultaneously
This has the potential to be a big blow for Monzo (and Starling). JPMC have extremely deep pockets - not just for marketing, but for lending too.
@lpoolrob How do you think it will impact Monzo and Starling?
Do you think it will impact by customers with Monzo and Starling moving to JP
Chase Sapphire Preferred adverts were everywhere when I was back in the US circa 2010-2012. So much so that I have it engraved in my brain.
@N26throwaway I watch Graham Stephan on YouTube all the time and I have literally every Chase product in my head with his accent
If they offer the same features as Monzo/Starling (i.e. budgeting) then I don’t really see what Monzo/Starling have to offer to compete to be honest. They already announced a UK contact centre and we know Monzo support is dire at least…
If they’re done some homework they can just read up the what’s missing from Monzo and what do we want and just ensure that all that is thrown in as well as every other feature.
One to keep an eye on
If JP can offer similar app functionality yes. They can afford the switch bribes which Monzo and Starling can’t, in addition to offering lending products including credit cards. They can afford to take more risk.
If they offer a terrible app, then they may as well not bother though.
So far as banking apps go their US one has some Monzo-like features, not quite there but not terrible:
The Chase App also has cheque imaging
JP 1 - Monzo 0
The cheque is still a big part of US banking
This looks exciting, I’ll definitely sign up when available
Looks an awful lot like the Barclays app, just with a cleaner interface