June 6, 2019 / 1:19 PM / 10 days ago

JPMorgan to shutter its smartphone bank account a year after nationwide launch

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files

(Reuters) - JPMorgan Chase & Co said on Thursday it is closing down its smartphone bank account called “Finn”, which was aimed at young adults, a year after its nationwide launch.

The account was geared towards those who preferred to do their transactions on their phones.

JPMorgan plans to fold the existing Finn accounts into its Chase mobile app and said credentials such as account numbers and passwords would remain the same.

The move comes at a time financial institutions across the United States have been looking to grow their consumer banking businesses by roping in younger customers though smartphone banking, aiming to cross-sell other financial products to them as their earnings increase.

Goldman Sachs’ Marcus - its online consumer platform, has become an important part of its overall operations. The company also recently tied up with Apple to offer a credit card, tapping into Apple’s relatively younger user base for customers.

Digital accounts help banks save money on opening new branches and allows the bank to compete for customer deposits inexpensively.

Reporting by Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber

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