JPMorgan Chase has finally jumped into the neobanking space with the launch of its new digital banking platform in the United Kingdom, the traditional banking giant announced on Tuesday.
The digital bank has been branded as Chase and has started taking customers opening current accounts.
“We’re offering people in the U.K. the opportunity to experience Chase for the first time with a current account that’s based on simplicity, a fuss-free rewards programme and exceptional customer service,” said Sanoke Viswanathan, JPMorgan CEO of International Consumer.
In addition to the current account, the digital bank is offering other banking services to its customer base. The current account holders will receive 1 percent cashback on their purchases with the bank-issued debit card for 12 months.
Furthermore, the digital bank will not charge fees for the current account or issuance of the debit card, which can be used for international withdrawals without incurring charges.
Will Physical Banking Disappear?
JPMorgan’s entry into the digital banking space was not abrupt as reports of the bank’s move into the space initially surfaced last year, which the bank confirmed at a later date.
Now, Chase will be in direct competition with Revolut on its home turf.
The official announcement further detailed that the neobank is planning to introduce a broad range of banking products in the future, including new current account features, savings and investment accounts and lending products.
“Having spoken extensively to consumers across the UK, we know that people want good value combined with an excellent experience from a trusted bank. With cashback on everyday debit card spend and an interest boost on round-ups, we can help customers save while they spend on items they already buy every day,” Viswanathan added.
