J P Morgan to enter UK Market

IvanDP

Interesting

https://news.sky.com/story/jpmorgan-plots-launch-of-digital-consumer-bank-in-britain-11940211

jonesMUFCforever

I wonder how much they are putting in capital wise - why not buy an established brand such as Metro?

colsten

jonesMUFCforever said:

I wonder how much they are putting in capital wise - why not buy an established brand such as Metro?

Because it might be cheaper to start from scratch rather than getting bogged down by a failing strategy and inflexible IT? If they plan a digital bank, Metro is definitely not the place to start from.

Thrugelmir

jonesMUFCforever said:

I wonder how much they are putting in capital wise - why not buy an established brand such as Metro?

Metro soon became outdated. 

snooloui

This can only be good news, it'll be interesting to see what they have to offer.

water4444

I hope they have a decent savings account. They will have to offer something of real benefit to gain people.

RN61

....They'll need to make a decent switch/ opening offer with the competition! £250 for referrer and switcher would do 😂

Dandytf

Read JP were opening under Chase brand Digi account.
Interesting modern competitor, hopefully.

sal_III

RN61 said:

....They'll need to make a decent switch/ opening offer with the competition! £250 for referrer and switcher would do 😂

No they won't. Marcus has 100'000s of customers, Starling is north of 1mil, Monzo north of 2mil. They didn't offer switch incentives, the offered superior service / rates.

Only the obsolete UK high street banks are resorting to bribes cash incentives and I would really like to see a real stats on retention rates and overall net gains from attracting customers by such means. 

Why would they even contemplate buying a brick and mortar bank like Metro in 2020? While there is absolutely demand for brick and mortar banking it's slowly and steadily dwindling and can be left to the existing players to fight over. Like it or not the future of banking is digital.

Thrugelmir

sal_III said:

RN61 said:

....They'll need to make a decent switch/ opening offer with the competition! £250 for referrer and switcher would do 😂

No they won't. Marcus has 100'000s of customers, Starling is north of 1mil, Monzo north of 2mil. They didn't offer switch incentives, the offered superior service / rates.

Superior rates is the oldest marketing tool in the book. Be top of the charts.  Suck in savers. Create chat on the Forums (i.e. MSE). When objective achieved. Normalise rates back in line. Why pay for the money they need than they have to. 

How many US banks remained active in the UK mortgage market after 2008? 

Robisere

A current account with good interest rates and a good Savings plan, would be useful, more than any switch incentives.