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JPMorgan Launches New Accounts Mobile App

October 24, 2017 by  
Filed under Mobile

In its first offering of online bank accounts, JPMorgan Chase & Co on Monday officially debuted a new smartphone app that it hopes will attract new depositors, many of whom are young and may live far from any of its branch offices.

The app, named Finn by Chase, allows people to use a phone to open a bank account, make deposits, issue checks, track spending and set up savings plans, bank officials told Reuters last week. Finn debit cards will come by mail for access to cash from 29,000 ATMs.

The bank is starting with an initial test of the app account for Apple phone users with ZIP codes in St. Louis, where Chase has no branches, which might influence the trial.

 The bank, the biggest in the United States, with $2.56 trillion in assets, plans to market Finn in other U.S. cities and for Android phones next year. Later this year it will offer mobile enrollment nationwide for its standard checking and savings accounts.

“Finn lets us reach new customers and new markets,” Thasunda Duckett, chief executive of Chase Consumer Banking, said in an interview. The app account, she said, “was built by millennials for millennials.”

Catering to them is seen as way to keep from losing business to big Internet and computer companies and financial rivals, such as Facebook Inc, Apple Inc and PayPal Holdings Inc.

At JPMorgan, the app could also show Chief Executive Jamie Dimon how he can take the bank’s consumer deposit business well beyond the 23 states where it has branches.

Dimon has repeatedly postponed his years-long dream to expand into new states by opening a cluster of branches to gather more customers. That would be expensive, would require approval of regulators and could be especially risky when people use branches less often.

JPMorgan is too big to win government approval to buy another bank to reach more depositors, Dimon has acknowledged.

Duckett’s team developed the Finn app after interviews with about 250 potential millennial customers since July 2016. It found that many yearn for a lower-stress way to control their spending than trying to set budgets that they often fail to obey.

The interviews led Chase to build the app with simple ways for people to sort their spending with emojis tagging what made them feel good or bad, as well as what was necessary or just desired.

For example, the bank found millennials generally do not want the app to display on the same screen as spending account balances that show how much money they have in their savings accounts, lest they spend that, too.

About two-thirds of Chase customers continue to visit branches at least once every three months. “This is for a different set of customers,” said Melissa Feldsher, head of Finn.

 Some of the features are similar to those that have been produced by fintech companies, such as Moven, which has supplied money management software for TD Bank to offer its depositors. But such efforts have not resulted in strictly online accounts of the scale that JPMorgan imagines.

Duckett said JPMorgan designed Finn from scratch, without relying on what fintech companies have created. “We always look at what is going on, but we lead with what customers were telling us,” Duckett said.

PayPal Rival, Klarna Launches In USA

September 2, 2015 by  
Filed under Around The Net

Payments firm Klarna debuted its U.S business on Tuesday and announced that Overstock.com, one of the biggest U.S. online retailers, would be its first major retail partner.

The company, which has grown throughoutn Europe and gained a 10 percent share of the Northern European e-commerce market, said it had partnered with around 10 U.S. merchants so far.

Sweden-based Klarna, founded in 2005 and backed by investors such as Sequoia Capital and Atomico, is now planning for rapid expansion in the United States, where it will take on rivals such as PayPal and Stripe.

“I would be disappointed if we didn’t have hundreds of merchants on the platform doing millions of transactions as early as in 2016,” Klarna North America CEO Brian Billingsley, told Reuters.

Klarna’s services allow online consumers to buy goods by entering easy-to-remember details such as an e-mail address and zip code. It also lets consumers pay after delivery with Klarna assuming the risk in the interim and paying the retailer immediately.

Klarna, which had net sales of $319 million last year, said it was currently seeing “significant growth” in its core markets in the Nordics and Germany.

Asked how much the group could grow in 2016, Klarna CEO Sebastian Siemiatkowski said it was to early to tell as the U.S business was still in its infancy.

“There is definitely a potential to quickly reach half a billion dollars in revenue in a very short period of time,” he said.

Klarna said the company would double in size if it was to capture half a percentage of the U.S market.

“And while of course our ambitions are much higher than half a percentage, it is definitely an interesting reflection of how extremely big the market is,” Siemiatkowski said.

 

 

Pandora Brings Mobile Advertising to SMBs

October 18, 2010 by  
Filed under Around The Net

In a bid to further expand its local ad revenue, Pandora has opened up its mobile advertising platform to small andmid-sized businesses (SMBs). That means that advertisers can now run both banner and audio campaigns across Pandora’s mobile applications, which the company says account for more than half of its 65 million users daily listening.

Those ads can be targeted by location, though at the moment, that targeting is based on the zip code users provide to the service as opposed to a physical location shared by a GPS-enabled smartphone. Still, the format represents a new challenger to terrestrial radio stations, and Pandora is actively targeting local businesses – think car dealerships, banks and local universities — around the U.S. that currently advertise there.

“We do research into who’s advertising in the radio and local newspapers and will give those advertisers a call and let them know what opportunities are available on Pandora,” said Pandora’s VP of Sales Brian Mikalis in an interview with Mashable. Pandora then works with the advertisers to develop campaigns, which come at no additional cost to the existing ads in Pandora’s web and desktop apps.

Without a doubt there are huge opportunities for Pandora in the small business market. Consider the fact that the company is also starting to get itself into automobiles where much of traditional over-the-air radio listening takes place.