JPMorgan Chase plans to take its digital banking operations to the next level in 2020.
“We are really focusing on identity federation,” Bill Wallace, JPMorgan Chase head of digital for consumer and community banking, told Yahoo Finance. Wallace said the effort is rooted in protecting how a user’s data is shared when linking up with a third party inside the JPMorgan banking app. So, for instance, you will be able to choose if you want to share your data with that third party.
Besides that, Wallace and his team is focused on making the banking app more personalized.
“I think you will see a lot around personalization. The expansion of 5G and the proliferation of 5G-enabled devices — plus AI as a service — you will Chase Snapshot, which allows us to provide bite-sized personalized insights to you. Not something you will see by looking at the paper statement,” Wallace explained.
Some of the things users of the banking app may see are unique offers or data on where you are spending the most. Another is when you get paid, JPMorgan Chase will allow a user to switch on an auto-saving tool to help put money away for a rainy day.
JPMorgan Chase has an impressive 51.8 million customers that perform banking functions digitally. So it’s no surprise ensuring the app stays cutting-edge is critical to keeping the current user base and attracting new ones. Because let’s face it, the days of driving to a bank branch are increasingly a thing of the past.
According to a recent Deloitte survey of 17,000 consumers across 17 countries, 73% of them use online banking at least once a month. About 53% were found to use mobile banking. And at least 94% use online banking services once a month.
Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow him on Twitter @BrianSozzi
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