Here's How JP Morgan Chase Is Pushing Omnichannel
Brought to you by WBR Insights
Thousands of brands the world over are looking for ways to marry the digital and physical elements of their business into a single, cohesive customer experience. Omnichannel is widely thought to be the future of business, and those brands which can master it are the ones that are most likely to find success in the digital age.
However, many companies still view digital and physical as two separate entities - and there are lots of instances where these two elements are treated as if they are in competition with one another, leading the business to essentially become involved in a battle with itself. However, those brands which truly understand digital know that the two are complementary rather than adversarial.
One such brand is JP Morgan Chase - and it's turning its focus firmly towards omnichannel banking.
JP Morgan Chase
JP Morgan Chase learned the value of an omnichannel approach over digital-only through launching a mobile-based bank account called Finn.
Aimed at young, tech-savvy customers, Finn charged no monthly fee and was entirely accessible through its bespoke smartphone app. Although customers could use physical locations if they wanted to, the focus was firmly on Finn being a digital-only service.
However, JP Morgan Chase quickly learned that their customers valued access to their branch as well as digital tools. After only launching Finn in 2018, JP Morgan Chase is beginning to phase out the product and integrate it back in with their branch experience.
“We know the Chase brand is already among the most popular banks for millennials, so we’re leaning in on that, rather than continuing to build a brand from scratch,” said a JP Morgan Chase spokesperson. “They simply want a bank that gives them the tools to manage their money, along with access to branches when they need them. Given all this, we have taken some of the favorite Finn features, such as rules to automatically save, and have already integrated them into our Chase mobile app and have other capabilities we have yet to announce.”
JP Morgan Chase's approach to omnichannel centers around providing customers new ways to bank across multiple platforms and touchpoints. It is continuing to expand its digital offerings, while simultaneously investing heavily in growing its network of physical branches - something which flies in the face of the recent trend of widespread bank closures.
"Many early adopters of technology, particularly Generation Z and millennials, are considered 'born digital' and use digital channels for all of their banking," said Head of Customer Experience for Consumer Banking and Wealth Management at Chase, Marbue Brown. "But there are still about 68% of customers who want a variety of physical and online options, for example, using mobile devices to deposit checks remotely, using mobile wallets to make a purchase or authenticating their identities using devices enabled with near field communication technology, which is standard in contactless payment devices."
People want different contact points for different banking needs. 73% of customers are happy to use online or mobile banking for simple transactions such as balance transfers, paying bills, or checking their balance. However, when it comes to more detailed and complex financial matters - getting advice, arranging mortgages, opening new accounts, etc. - a massive proportion (77%) prefer to deal face-to-face with a flesh-and-blood human being.
With plans for 400 new bank branches in 20 previously unserved US markets - plus significant investments in digital banking, such as using QuickDeposit to empower customers to make remote deposits using their smartphones - JP Morgan Chase is making sure it has both sides of the coin covered.
The bank is also helping its customers manage their money better by offering interactive courses on setting and sticking to financial goals, as well as providing digital innovation and small business skills training - part of an ongoing effort by JP Morgan Chase to strengthen communities through education.
By embracing omnichannel and giving equal weight to digital and physical banking services - as well as understanding what customers want from the banks they choose to do business with - JP Morgan Chase is looking to put the failure of Finn behind it and move towards a far brighter future.
Omnichannel banking is set to be a hot topic at Future Digital Finance 2020, taking place in March at the Hyatt Regency Miami, FL.
Download the agenda for more information and insights.