The app, named Finn by Chase, allows people to use a phone to open a bank account, make deposits, issue checks, track spending and set up savings plans, bank officials told Reuters. Finn debit cards will come by mail for access to cash from 29,000 ATMs.
The bank is starting with an initial test of the app account for Apple phone users with ZIP codes in St. Louis, where Chase has no branches, which might influence the trial.
The bank, the biggest in the US, with USD 2.56 trillion in assets, plans to market Finn in other US cities and for Android phones next year. Later this year it will offer mobile enrollment nationwide for its standard checking and savings accounts.
Bankers across the industry want to court millennials as their next generation of customers. About two-thirds of Chase customers continue to visit branches at least once every three months.
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