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JPMorgan (JPM) Launches its Online-Only Bank Nationwide

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JPMorgan Chase & Co. JPM has rolled out its digital-only bank — Finn by Chase — to consumers nationwide to fulfil their everyday banking needs through smartphones.

In October 2017, JPMorgan had first launched the mobile app in St. Louis, where it didn’t have a branch. After testing its performance and making necessary changes, the bank has now made it available across the nation to users of iOS. The app will be available to Android users by 2018-end.

“Finn continues to evolve based on the meaningful feedback that we get from our customers,” said Melissa Feldsher, head of Finn by Chase. “We look forward to adding new features and experiences that our customers ask for as we continue to learn from them.”

JPMorgan has differentiated its mobile innovation from others available in the market by making it a more personalized banking experience for the customers. It has introduced features that would help clients track expenses, automatically save money and make deposits.

Also, users will be able to activate Finn debit card online and will have access to above 29,000 ATMs in the country, including partner ATMs. Moreover, they would not be charged any fees for accessing these ATMs.

With digital banking gaining pace lately, banks have been investing huge amount of money to develop new systems in order to cope with the changing consumer preferences. Chase’s Finn will face competition from other online-only banks such as Aspiration, digital bank of Ally Financial ALLY and Marcus by Goldman Sachs GS.

JPMorgan’s efforts to tap into areas that would drive its growth prospects are encouraging. Also, higher interest rates and rising loan demand are expected to continue benefiting its financials.

The stock has gained 17.6% in the past year, outperforming the industry’s rally of 7.4%.

Currently, JPMorgan carries a Zacks Rank #3 (Hold).

A better-ranked stock in the finance space is M&T Bank Corporation MTB. Over the last 30 days, the company has witnessed marginal upward earnings estimate revision for the current year. Its share price has increased 6.5% in the past 12 months. It also has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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