J.P. Morgan appears to be doubling down on the lure of its physical branch network.
It had 5,028 branches as of March and is in the midst of a five-year expansion program to enter new U.S. markets. Having both mobile apps and brick and mortar stores has been a winning combination so far, as J.P. Morgan, Bank of America and Wells Fargo have garnered a disproportionate share of new deposits in recent years.
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.and Goldman Sachs are pushing digital offerings under separate brands, J.P. Morgan's move is likely to make waves. The news was reported earlier in the Wall Street Journal.
The bank wouldn't disclose how many Finn accounts existed, but Rodriguez said that more than half of Finn customers also had Chase accounts.
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