JP Morgan / Chase - New digital Bank coming soon

block10

It's hard to see what JP Morgan's unique selling point will be to take on the crowded UK marketplace. Many competitors are already well established.  - Monzo, Revolut/Sterling etc.

JP Morgan to launch digital bank in UK

The Wall Street company JP Morgan is to launch a new digital bank in the UK, in a move that threatens to shake up a banking sector still dominated by a handful of high street lenders.

It will be followed by a “range of products” likely to include credit cards and home loans, according to a person with knowledge of the plans.

https://www.theguardian.com/business/2021/jan/27/jp-morgan-to-launch-digital-bank-in-uk

notveryeducated

Wonder how Monzo and Starling will be affected by their launch. 

Lightning360

Any ideas when it will launch?

Retiredwelshman

It is an old very well established financial powerhouse.
I cannot see they will bother with the hoi-polloi - they may only be interested in high earners and savers.
This is the way they might pitch themselves against the fintechs - snobbery!

block10

Lightning360 said:

Any ideas when it will launch?

No specifics, article just mentions it will be launched in the "coming months"

adamp87

On one hand the market is crowded but as a powerhouse as mentioned if they hit the ground running, offer credit & their digital side is on point, they can do really well.

Certainly the thing missing with Monzo/Starling is credit card options & such.

Whether this happens.. been rumoured for a long time now.

scoot65

Sasha Yanshin talks about this on his YouTube channel 
https://www.youtube.com/watch?v=uaDJdcr2_DM

MDMD

It’s old news - it was mentioned here in August, originally slated for Q1 2021.

https://forums.moneysavingexpert.com/discussion/6183702/jp-morgan-looks-set-to-open-digital-bank-in-uk-under-chase-brand

older_wiser

i can't see how they can just offer the services/benefits as many other banks do and think people will find that appealing 
interest for new accounts even if its just for the first year and regular saver at a decent rate will probably excite me enough to sign up though 

block10

older_wiser said:

i can't see how they can just offer the services/benefits as many other banks do and think people will find that appealing 
interest for new accounts even if its just for the first year and regular saver at a decent rate will probably excite me enough to sign up though 

Yeah i think they will also have to offer 0% commission on foreign FX withdrawals like Sterling/Virgin are already doing. But i cant see them offering perks like this.

jbrassy

I imagine they'll offer something good initially to attract customers, but these benefits will slowly be taken away once customers have reached desired levels.

This is basically what happened with Marcus. They offered a really great savings accounts with 1.5% interest, which slowly declined over time until they stopped accepting new customers (I accept the Bank of England interest rate cuts and COVID probably didn't help them).