JPMorgan Chase and Co has recently made headlines to offer digital bank account in smartphones. The offering will be made nationwide after the testing and refining of the app in St.Louis.
The Finn by Chase account focuses mainly on young adults who can make easy money transactions from their phones. The offer is looking for inexpensive ways on using smartphones for competing customer deposits. In order to engage more customers to join Finn, JPMorgan will offer $100 to people who are going to open the account and complete 10 transactions of certain types, such as sending money or a bill payment.
After having 5,100 branches in 23 states, JPMorgan further plans to open 400 new offices, including areas in Washington, Philadelphia and Boston.
“The incentive is designed to make customers familiar with using the app,” said head of Finn by Chase, Melissa Feldsher. She also believes the customers will stick with the account when they will get to know that they can make deposits to their savings account automatically. For eg, moving 2 dollars from the checking account every time an individual spends $5 at the Starbucks coffee shop. She also adds,“The bank is paying Finn users the same modest rates it pays on deposits to standard Chase account.”
According to a research conducted by the consulting firm Novantas, it is believed that people generally want nearby branches and for which JPMorgan Finn is ready to set up its bases for offering standard branch-based accounts. “This is a way for us to attract more customers by having different products that speak to different people,” asserts Melissa Feldsher.