JP Morgan has unveiled its digital bank for the UK, Chase.
In Brief:
Chase is also the name of JP Morgan’s retail offering in the US.
It aims to become one of the biggest lenders in Britain.
It will launch its new digital bank next week.
What does this mean?
JP Morgan has been looking at digital retail banking in the UK for a while now, and has snapped up digital wealth platform Nutmeg. However, despite its research and the potential of the market, the bank seems to be taking a cautious view, with UK Chase CEO Sanoke Viswanthan saying, according to The Times, it will need to gather “millions of customers over time” to be worthwhile.
