Chase (digital bank)

History

2021: JPMorgan launches digital bank

In mid-September 2021, JPMorgan announced the launch of a digital bank in the UK. This step will be the first foreign retail operation of the American lender in its 222-year history.

Sanok Vishwanathan, head of JPMorgan's international consumer division, told the Financial Times that the company will invest heavily to turn Chase into a serious force in the UK, as well as in the company's plans to expand in Europe and Latin America.

The launch of Chase will officially take place on September 20-26, 2021, according to sources close to the process. The new consumer-oriented retail bank will be headquartered in London, and a contact center in Edinburgh. Before the launch, JPMorgan conducted a pilot program for six months with the participation of 6 thousand employees.

JPMorgan launches digital bank in the UK

At first, a bank operating only in digital format will offer only current accounts with a remuneration program, but over time it will deal with lending to individuals, investments and mortgages.

In the UK, startups such as Monzo, Revolut and Starling have gained significant market share in the country and lured millions of customers from traditional banks. In response, banks like Barclays, NatWest and Lloyds have invested huge sums in improving their own applications.

In August 2021, JPMorgan appointed suppliers to provide cloud and digital banking infrastructure, including Amazon Web Services and 10x Future Technologies.

Chase will become one of the largest consumer banks in the United States, serving almost half of the country's households, including 55 million digital active customers.

As of September 17, 2021, JPMorgan offers a wide range of consumer banking products in America and occupies several first places, including in the field of accepting deposits, digital banking services and issuing credit cards.^[1]

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