JP Morgan looks set to open digital bank in UK under Chase brand.

gsmh

First quarter 2021. Nothing official yet. Online only.

https://www.altfi.com/article/6966_jp-morgan-set-to-challenge-the-challengers-with-2021-uk-bank-launch

colsten

gsmh said:

First quarter 2021. Nothing official yet. Online only.

https://www.altfi.com/article/6966_jp-morgan-set-to-challenge-the-challengers-with-2021-uk-bank-launch

First reported 6 months ago: https://www.finextra.com/newsarticle/35335/jpmorgan-to-launch-digital-bank-in-uk-as-growth-in-sector-slows

gsmh

colsten said:

First reported 6 months ago: https://www.finextra.com/newsarticle/35335/jpmorgan-to-launch-digital-bank-in-uk-as-growth-in-sector-slows

I'm so very sorry to have troubled you. I shall crawl away back under my stone. Please forgive me.

gsmh

Moderator, please delete my post.

soulsaver

Better to see two, than none at all...

adamp87

To make a dent in the market they are going to have to do more than just a bank account & limited options as we are seeing with Monzo.

Serious lending/credit options are going to be the only way to make it worth while surely?

sausage_time

gsmh said:

Moderator, please delete my post.

Nah, leave it!  I missed the first announcement, and this may be interesting to many here.

gsmh

adamp87 said:

To make a dent in the market they are going to have to do more than just a bank account & limited options as we are seeing with Monzo.

They will need a USP at least. Monzo appears to be having problems getting people to use its account as their main current account. It seems to be trying to present itself as a trendy, chatty outfit, almost pretending not to be a bank. Chase must do something to entice people to move their accounts over.

veryintrigued

Thanks for highlighting

dr_adidas01

gsmh said:

adamp87 said:

To make a dent in the market they are going to have to do more than just a bank account & limited options as we are seeing with Monzo.

They will need a USP at least. Monzo appears to be having problems getting people to use its account as their main current account. It seems to be trying to present itself as a trendy, chatty outfit, almost pretending not to be a bank. Chase must do something to entice people to move their accounts over.

Who knows they may decide to purchase Monzo since they are in financial trouble as they already have the digital infrastructure that JP Morgan/Chase need to set up its digital bank. Though as you have pointed out they will need to offer more to get users to make it their main account.

I guess JP Morgan/Chase should be able to offer credit cards mortgages and loans just like they do in America.

[Deleted User]

dr_adidas01 said:

gsmh said:

adamp87 said:

To make a dent in the market they are going to have to do more than just a bank account & limited options as we are seeing with Monzo.

They will need a USP at least. Monzo appears to be having problems getting people to use its account as their main current account. It seems to be trying to present itself as a trendy, chatty outfit, almost pretending not to be a bank. Chase must do something to entice people to move their accounts over.

Who knows they may decide to purchase Monzo since they are in financial trouble as they already have the digital infrastructure that JP Morgan/Chase need to set up its digital bank. Though as you have pointed out they will need to offer more to get users to make it their main account.

I guess JP Morgan/Chase should be able to offer credit cards mortgages and loans just like they do in America.

They could easily sweep up current account borrowers as only the App banks and Virgin Money are offering mass overdraft rates of less than 35%. 

TSB, Co-op Bank or even Virgin Money would offer them a full service bank with a limited branch footprint.