- Mega-bank JPMorgan has shut down Finn, its banking app focused on younger users.
- The company has said it will instead focus on these customers through its Chase brand.
- Read the latest JPMorgan news here.
JPMorgan, the nation’s largest bank by market cap, is closing down its short-lived banking app Finn, the bank said on Thursday. The app, which was rolled out in 2018, was focused on serving younger customers and was available nationwide.
The bank has instead decided that it will instead focus on attracting millennials through Chase, its primary consumer brand. The existing Finn customers will be transferred to Chase accounts.
In addition to offering bread-and-butter checking and savings account functionality, Finn also offered services many firms in the personal finance startup space have built their businesses around. These include automatic saving tools and charts to see where you are spending money.
Competition for millennials has been rife, with a host of companies vying for attention among younger users. Robinhood, the trading app focused on millennials, has attracted over 4 million users by offering services such as free trading and crypto-currency investment options. And Goldman Sachs’s Marcus offering has attracted quick success through atypically high interest rates on checking accounts.
Mega-banks have also increasingly shifted towards digital banking products as the focus on physical bank branches has declined. JPMorgan, however, continues to open physical branches in targeted areas while shutting down low activity branches.
Finn offered younger users both digital access as well as Chase physical locations for more complicated services, according to the Journal report. Ultimately, JPMorgan felt the dual branding was unhelpful for customers.
JPMorgan is so far winning the race for digital customers with over 50 million active accounts. Bank of America is second while Wells Fargo, which has faced a slew of recent scandals, is third despite having the largest banking network.
JPMorgan shares are up 12% year to date.
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