JPMorgan Scraps New App Service for Young People

https://www.cnbc.com/2019/06/06/jp-morgan-scraps-mobile-banking-app-finn-its-attempt-to-lure-emoji-loving-millennials.html

by tareqak • 7 years ago

42 29 7 years ago

cnbc.com

spking• 7 years ago

No paywall:

https://www.cnbc.com/2019/06/06/jp-morgan-scraps-mobile-bank...

tareqak3• 7 years ago

I'm alright with it if one of the moderators changes the article link to the one you provided.

dang• 7 years ago

Ok, changed from https://www.wsj.com/articles/jpmorgan-closing-down-finn-digi....

013a3• 7 years ago

Finn looked really cool, but the biggest problem is that it didn't integrate with existing Chase accounts; it was a totally separate financial account. I wasn't about to create another checking account, but a more modern app for an existing account would have been very welcome.

But, at the same time, Chase's main mobile app is one of the better ones among a sea of banks making bad apps, so maybe it wasn't totally necessary.

milkytron• 7 years ago

I much prefer Capital One's mobile app over Chase.

Sometimes the Chase app refuses to let me login because it "Couldn't establish an internet connection." Happens to me quite frequently.

jeffmould• 7 years ago

I have this problem a lot with the Chase app. For me at least, it seems to be tied to using my thumbprint to login. If I enter my password manually it goes right in.

tareqak3• 7 years ago

I've found that this happens to me using the Chase app over the weekend (usually Saturday) around 2 AM - 5 AM Pacific Time. Maybe they do scheduled maintenance then? Chase should let people know if that's the case.

013a3• 7 years ago

Yeah I'd hardly assert that Chase's is the best mobile banking app, not by a long shot, but its Good. Its got above average feature parity with the website, generally stays up to date with the latest features available on the platforms (updating to the iPhone X screen size quickly, touch id, useful widgets, etc), and is nice to look at. I especially like that they try to customize the background pictures with your location and time of day, and if you live in a big city its cool to see some of the sights around town in the app. Haven't seen any other apps do that, and its appreciated.

mb389• 7 years ago

What about it looked really cool?

013a3• 7 years ago

It had some deeper financial analytics capabilities that you'd traditionally only get with a service like Mint or a more modern bank like Simple, such as flow analysis (seeing comparisons between amount-in/amount-out and extrapolating for the month) and expense categorization analysis. More importantly, it had a Great UX; the primary Chase app is Good, but not Great, and having a Great UX encourages the usage of these features to better maintain strong financial health.

thomaslord• 7 years ago

I don't use them for banking, but using their app for my Chase credit card is a pretty terrible experience. Their notifications are super unreliable, not only sometimes skipping random transactions but also unsubscribing me from everything occasionally. I'd much rather have an app that lets me do fewer things but that I can actually rely on.

dvtrn2• 7 years ago

meant to lure millennials with zero fees and emojis

and then

By killing off Finn, the bank removes some confusion over the product: While the app was designed for the digitally-inclined, users still had access to the bank’s ATMs and tellers, although that access wasn’t heavily promoted.

So I'm curious here, would signing up for a bank account through the Finn app have been classified as a different type of account to get "zero fees"?

Asked perhaps in an illustrative way, if I sign up for an account through Finn and get zero fees, would my girlfriend be able to sign up for a checking account at a physical location the "good old fashioned way" and be able to get the same zero fee checking account type?

As a millennial trying to be more attentive to the minutia of his personal finance and uses his current bank's mobile app quite heavily for everything from transfers to travel notifications (so my card doesn't get flagged if I'm visiting family five states down I-35), I'm missing what the appeal of Finn was supposed to be. They had my attention at zero fees, and immediately lost it at "emojis".

Or is my confusion because I'm one of the "older millennials" and therefore not the target market for this service?

pmorici2• 7 years ago

Zero feel typically means no monthly fee to have the account, no per check fee and free ach transfers in and out with a limited number of linked accounts. Accounts like that can be had a most banks now days. They still charge fees for overdrafts, wire transfers and other services.

dvtrn2• 7 years ago

I know what "no fees" means, what the article doesn't help me understand is what the real value add to my banking experience Finn would have been that I wouldn't get from walking into a brick and mortar and opening an account with a banker sitting across from me and opening a checking account and using the "normie" mobile app.

sneakernets• 7 years ago

Trying to cater to the generation who were kicked in the teeth the hardest by your blatant mortgage fraud by slinging emojis in an app?

Yeah, that didn't work, huh? Sucks.

tareqak3• 7 years ago

From what I know, Chase only offers mortgages to their existing customers who have checking or savings accounts as opposed to the market as a whole.

camjohnson263• 7 years ago

Banking is ripe for disruption but the powerful banks have built a huge moat to solidify their power. The actions of Goldman, JP Morgan, Morgan Stanley etc directly led to the mortgage crisis but the leaders of those banks convinced the government their continued existence was vital to the economic health of the world.

The regulations that the government implemented in response, Dodd Frank and before that Sarbanes Oxley, have actually just made it harder for startups to challenge the status quo. Starting a new bank is so regulated that most financial startups would rather buy an existing one than create a new bank.

The big banks pretend like the regulations are curtailing their behavior while pushing for them behind the scenes because they have teams of compliance people that can understand how to make money no matter what the regulations are. They would be dead and gone if the free market had been allowed to run its course.

bjl• 7 years ago

JP Morgan and Goldman were completely solvent during the entire financial crisis, they were forced to take bailout money by the government (to disguise which banks were actually insolvent).

Where do all these nonsense memes about the 2008 crash come from?

wrong_variable• 7 years ago

JP Morgan and Goldman were completely solvent

Not really, both JPMC and GS had large insurance contracts with AIG. If AIG fell it would have quickly led to both JPMC and GS collapse too.

Its called systematic risk for a reason.

camjohnson263• 7 years ago

They were, they made a lot of money betting against the housing market while simultaneously selling the products they were shorting. But many banks were insolvent and would have toppled after Lehman if the government hadn’t stepped in, and operating in an environment where their partners were gone would’ve made things much more difficult for Goldman and JP Morgan. It’s not nonsense.

MuffinFlavored• 7 years ago

Banking is ripe for disruption

How? Any disruptive service would have to interface with the legacy, non-disrputive players. Visa + Mastercard have a monopoly on credit transactions. First Data + company have a monopoly on debit transactions. The banking of America is still backed by COBOL + mainframes and it hasn't changed yet for a culmination of a bunch of reasons. I just don't know when it ever will...

camjohnson263• 7 years ago

Ripe because the current system is inefficient and stacked toward the power players. Robinhood has a lot of users because retail investors are desperate to invest money for a profit. The banks underwriting the deals scoop up all the best opportunities before it ever filters down to normal people. With the oppressive regulations on new banks that won’t change any time soon.

selimthegrim• 7 years ago

Would be nice if they weren’t scrapping their credit cardholders’ ability to sue them too.

elamje• 7 years ago

For those interested, Schwab has one of the best modern banking experiences. For those of us that like to travel a lot (ATM withdrawals, foreign transactions, etc.) Schwab is awesome. There are no minimums, fees, foreign transaction fees, and all ATM surcharges are reimbursed(yes even $10 ones abroad).

The app works great and allows you to connect to other banks directly and move your money between the two as if they were the same bank.

Downside is no physical locations, so cash has to move through another bank account then get transferred into Schwab.

Checking and saving both yield about .5% which is way better than big banks typically, although lower than inflation/Tbills.

Can’t recommend it enough for people that don’t enjoy a $10 a month charge for the bank to profit off of your deposits.

whalesalad• 7 years ago

Agree. Tried them all and Schwab is the bomb.

JPMorgan Scraps New App Service for Young People

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