Tanya Thourani has been reflecting on Chase’s entry into the UK’s current account banking marketplace:
Tanya asks:
Will you value a modern offering from an established financial institution or a more established offering from a modern institution?
Last month, JPMC launched a digital retail bank in the U.K, challenging the British rivals (Neo + Incumbents) on their home turf.
In UK, Digital banking has become mainstream, so why one more digital bank with thin margins and tough competition?
I wonder if the stability and trustworthiness of the banking provider remains a key consideration for consumers and is the driving force behind this launch….
Moreover, this has definitely heaped pressure on British incumbents such as Lloyds, Barclays, NatWest, and HSBC who are already battling low interest rates and upstart digital rivals.