JULY 6, 2018
By Hilary Collins, Specialist, Publications and Research, Financial Managers Society
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.
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.
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.