Do we know they will offer current accounts, I read somewhere (cant remember where now) where just savings and loans/mortgages were mentioned? Similar to Atom Bank
JP Morgan said it plans to offer a ānew takeā on current accounts and said its new contact centre in Edinburgh will be a key selling point, offering āfast to access, personalised service around the clock.ā
Pretty much what I want then. A credit card or joint account would just be the cherry on top
Now this has me excited! Hope they get it right!
I do too! I really hope they open the doors soon
I have a nasty feeling this will either feel very First Direct ālegacyā, or will come with a small monthly fee, and target the affluent middle class, like Club Lloyds.
I may be wrong, but I canāt see one of the largest legacy players from the States bringing something particularly original to the UK.
They donāt need to do anything original. They need to have a really good app to attract customers, and some money behind them so they can offer lending products and make some money.
Goldman Sachs and American Express have both come to the UK, offering things that no other UK bank does. Why couldnāt JPM do the same?
They absolutely could. I think what some people are worrying about is if they think they donāt have to, kind of like how Revolut came to the US with much the same model as they used in the UK and itās falling flat right now. (That being said, large switching bribes like they offer in the US would certainly help build some momentum)
But like many here, Iāll wait until the actual product is unveiled before making judgments.
Unfortunately, I donāt think the US has quite the same appetite for all this fintech stuff, especially to the extent of something like Revolut and everything they offer.
On the same train of thought, I would say that the UK is one of the countries that does have the appetite, so if JP Morgan can turn out something innovative, I think theyāll do quite well.
Thatās a good point. If theyāve any sense (and Iām sure they must have) theyāll have bought in some fintech thinking from existing UK banks.
To me chase is like NatWest / NatWest Premier. And JPMorgan is more of Coutts & investment banking.
I.e. I am sure there are people who have accounts with Chase, and a relationship with JPMorgan.
There were rumours that JPMorgan was working on joint products with Revolut. Not sure if that still will happen or shelved. Or if setbacks there delaying JPMorgan launch.
Iād be open to trying this, even if just out of curiosity. Will probably open up an account when it launches - seems like that may not be too far away either.
Any updates on this? Havenāt heard anything for a while.
Nothing as of yet
Though quarter 1 not over yet.
: 23 days left
Technically weāre still in Q4 of 2020-2021. Q1 would be April-June.
How did we end up with the fiscal year being this far off-sync from the calendar start/end?
Who knows, but I suspect it was accountants wanting to be able to celebrate Christmas and New Year! Really busy time for them this month, getting everything from the current financial year finalised.