Chase Digital's Allison Beer On Disruptive Trends, Digital Banking And Investing

The coronavirus pandemic accelerated digital finance trends.

That’s according to Allison Beer, the head of Chase Digital, JPMorgan Chase & Co’s JPM digital banking and innovation arm.

Over her career in financial services at American Express Company AXP, in addition to other startups and nonprofits, the Yale University alumnus witnessed and acted on disruptive trends firsthand.

Digital banking is top of mind for Chase, she said. 

“My team spans everything from payments, to all of our digital products and channels,” she said of producing inclusive technologies alongside a diverse group of talent.

“The focus for us is just what are the trends that customers are embracing, and how do we apply them to our business?”

Disruptive Trends: In a Dec. 15 report on digital banking attitudes, Chase highlighted the pandemic’s impact on financial wellness initiatives.

Most notably, eight in 10 customers changed their approach to finance substantially as a result of COVID-19. Consumers are reviewing their finances frequently, in addition to spending less and saving more overall.

Though accelerated by COVID-19, that particular trend was permeating for a while, in light of the fintech revolution that’s increasingly engaged people in their finances.

Beer praises emerging fintech solutions, but said that in the end, consumers are looking for holistic, broad-based and packaged solutions.

“We can all be delighted by new innovations, but do they have the staying power? Is it really serving the primary needs of customers?”

Consumers demand that trusted institutions like Chase provide low-cost, personalized financial experiences, Beer said. 

“There’s a lot of self-service customers wanting to be able to do — digitally — things they weren’t able to do before,” she said.

“For any of us who are really trying to delight customers this year and next, we must focus on things like automation, making it incredibly easy for them to manage their finances.”

Using intelligent methodologies, Chase will unpack customer data and deliver spending, saving, credit, and investing insights that customers can then act on, all in one place, she said. 

“The focus is removing any of those remaining barriers so that our products work seamlessly, together,” Beer said of Chase’s core differentiator. “Customers can have access to all their information in one place.”

As a case in point, Chase has a mobile platform with which customers can monitor their daily spending habits and trends via “Today’s Snapshot,” accept offers and manage loans, cards, accounts and investments.

“What we have is the complexity of a full-breadth of financial solutions, and personalization is really key for that to be a full experience,” Beer said.

“The Chase Mobile App is truly customized to you ... and there isn’t friction or features that are not relevant.”

Upon entry, users are greeted with personalized spending insights and tips. From there, users can manage accounts or automate other aspects of their financial journey.

“For us, it’s about auto-paying, -saving, -investing and really helping as many customers as possible take the friction out of managing their finances. In many ways, it sets them up for healthy financial habits.”

Chase's Platform For Digital Innovation: Given that four out of five Chase customers look to manage their finances digitally, Beer said the bank is looking to ramp up its digital innovation.

“What we’re hearing from customers now is that they want things to be easier,” she said. “Our focus should be on simplification, and continuing to make financial services work better for customers, and to really help them with the tools and advice that surround those financial services.”

Chase is looking to exercise its foundational capabilities and make new digital investments in offering added solutions like Chase Business Complete Banking, a product that allows small businesses to better manage their business, and You Invest.

“They can get a credit card, a checking account and start accepting payments, all with the same products. Similarly, we have our Chase First Banking, which allows parents to have the tools to help educate their kids on good financial habits,” Beer said. 

Overall, at Chase, all communities of consumers and households can expect a clear shot at financial independence.

"We’re just very focused on making sure that we are serving every household in America," Beer told Benzinga.