Chase's Digital Banking, Fintech Focus Yield 'Increased Flexibility And Convenience'

Customers ought to be at the center of a company’s focus.

At least that’s the case at JPMorgan Chase & Co JPM, according to Chase Bank Chief Product Officer Rohan Amin.

“Our Product, Data, Design and Technology teams work hand-in-hand to build beautiful and intuitive digital products and services that make it easier for our customers to manage their finances and bank with Chase.”

Nearly half a year ago, Benzinga last had a detailed chat with Allison Beer, the former chief product officer and current CEO of card services at Chase Bank.

That particular conversation focused on the firm’s application of emerging fintech and digital banking innovations. Since then, that focus has remained given Chase studies that reveal consumers are still rapidly adopting digital banking tools.

“It’s no surprise that digital banking has taken a bigger role in consumers’ lives during the pandemic,” Amin said to Benzinga regarding a new Chase Digital Banking Attitudes study that found 62% of respondents said they can’t live without their banking apps.

That particular stat, which is up nearly 7% on a year-over-year basis, is in line with what Chase had anticipated would be the case, according to comments made by Beer last year.

“We’re seeing customers habituated into digital banking, in a way that would have likely happened, but may have taken longer,” she said. “These trends will continue to accelerate.”

The Nitty Gritty: As of the fourth quarter of 2021, Chase has about 58.8 million of its customers on digital and 45.5 million on mobile. That’s up 6% and 11%, respectively, year-over-year.

In a discussion on what these numbers mean to Chase, Amin reiterated the firm’s focus on inclusive, real-time, automated solutions that address more pain points for a larger number of households.

“Actions such as depositing checks, sending money, investing, exploring refinancing options for their mortgage and managing car payments are all things consumers want to do from their phone,” he said of increasing consumer control over finances through better, segmented products and omnichannel experiences.

“Consumers and small business owners will demand more personalization, leading to hyper-personalized features that deliver tailored experiences based on real-time dynamic signals about every customer’s individual needs and profile.”

Chase customers can even use their apps to meet easier with bankers and advisers.

Helpful in providing this more personalized advice are artificial intelligence, machine learning, and voice biometrics technologies that assist specialists in quickly authenticating customers, and better-addressing questions.

Why You Should Care: Fintech is one of the “enormous competitive threats” to banks.

That is what JPMorgan Chase & Co CEO Jamie Dimon once said in a shareholder letter.

“Fintech's ability to merge social media, use data smartly, and integrate with other platforms rapidly (often without the disadvantages of being an actual bank) will help these companies win significant market share,” he said.

In positioning Chase best to take advantage of emerging technologies and trends, Amin said deploying and enhancing as consumer feedback becomes known is critical. 

“Everyone wants access to great customer experiences, and brands that go the extra mile to better understand their customers’ needs end up forming a deeper bond with them. When done right, an omnichannel experience gives consumers increased flexibility and convenience.”