Wall Street giant enters competitive British market
If successful in the UK, JPMorgan's digital retail bank Chase could expand into continental Europe and globally. Chase/Handout via Reuters
“We have been watching in which markets customers are really ready to do their banking primarily through digital channels, and the UK frankly leads the way in this respect” said Sanoke Viswanathan, CEO of the new Chase bank venture. JPMorgan will tempt customers to sign up for the fee-free accounts with introductory offers, including 1% cashback on debit card spending and 5% interest on small change rounded up from their purchases and set aside in a separate savings pot.
“The market structure in the UK is such that you have to generate economies of scale, there are profits to be made but if you are subscale or have a high cost infrastructure you’re not going to make it work,” Viswanathan said.
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