While JPMorgan Chase's idea to launch a digital challenger bank was good, Finn lacked the right execution. Here's why:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.JPMorgan Chase has closed its digital bank, Finn, merely a year after launching it nationwide in June 2018, according to
There wasn't a significant difference between Finn and JPMorgan Chase's conventional mobile banking app. Finn was built on top of the same back-end infrastructure as the bank's conventional mobile banking app. As such, the two looked very similar, potentially not giving customers enough differentiating features to push them to open an account with Finn.
Finn couldn't compare with market-leading features offered by other challenger brands. One reason digital challengers attract customers is that they offer market-leading services. Goldman Sachs' Marcus, for example, offers US customers an interest rate of 2.25% — one of the leading rates in the country — and hasThe bigger picture:
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