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News

JP Morgan to launch digital banking services for the UK in 2021

Monday 24 August 2020 11:22 CET | News

US-based bank JP Morgan has reportedly planned to launch a digital bank under the Chase brand in the first quarter of 2021, according to AltFi.

JP Morgan was looking to launch a bank in the UK at some point in 2020 after abandoning Finn, its US mobile bank in June 2019. It’s said the bank has chosen to launch a UK digital bank to take advantage of the shift away from branch-based banking that the UK has experienced as a result of the coronavirus pandemic.  

The digital bank won’t be the first new challenger to have been launched by a US-based bank. Back in 2018, Goldman Sachs brought its digital offering Marcus to the UK and has since amassed over 500,000 customers who have deposited more than GBP 21 billion in its savings accounts. In the UK, JP Morgan’s challenger will face competition from homegrown digital banks such as Starling, Monzo, and Revolut, who collectively have nearly 17 million customers in the UK.

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Keywords: JP Morgan, banking services, UK, United Kingdom, US, Chase, digital bank, digital banking, Finn, mobile bank, coronavirus, challenger bank, Goldman Sachs, Marcus, digital offering, Starling, Monzo, Revolut
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
This article is part of category

Banking & Fintech

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