JULY 6, 2018
Finn-Tech
By Hilary Collins, Specialist, Publications and Research, Financial Managers Society

Finn-TechJPMorgan Chase has released a new app called “Finn,” a digital bank account for smartphones only. Finn will allow users to open accounts from their phone and has ways for users to automate their savings. These features are meant to appeal to members of the digital generations, who don’t have any desire to go to branches, yet who say they would still like to learn how to save.

While Finn is certainly meant to bring in younger customers who like managing their finances from their phones, it is also meant to help Chase avoid paying higher interest rates on deposits. Finn’s accounts will not receive a higher rate than any of the bank’s standard account offerings.

 

To bring people on board, Chase is offering $100 to new account holders who meet certain criteria. It will be interesting to see if Finn holds appeal for younger customers or if they will continue to move away from big banks in favor of local and nontraditional institutions.