JPMorgan Chase ‘Excited’ for Zelle, Millennial App Finn in 2018

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EXCLUSIVE—JPMorgan Chase will continue to expand its digital payment offerings in 2018, looking to acquisitions such as WePay to keep up its growth, bank CEO Jamie Dimon said during the bank’s earnings call today.

The bank acquired both services last year, and will use them to expand both its consumer and business payments systems. The acquisition of WePay is “a big step in our integrated payments space,” Marianne Lake, chief financial officer for the bank, said this morning. WePay’s software will allow Chase to integrate payments into the platforms of its small business clients.

On the consumer end, Chase will keep focusing on its new, “neobank” service Finn, which comes complete with its own debit card and own mobile app with deposit and savings capabilities. The app, which was launched in late 2017, is focused more on the millennial consumer.

“We’re pretty excited about it, actually,” Dimon said of the app, as well the bank’s other consumer digital offerings, during today’s call.

Dimon also cited the bank’s expanded partnership with mobile payment service Zelle during the fourth quarter 2017 call, adding that the service would “open up” to everyone this year.

“If you look at our digital [products], we’ve gotten better and better,” Dimon said this morning. “Zelle, Chase Pay… we’re not gaining share but we’re definitely gaining clients.”

Chase kept up growth in its mobile user numbers, with 30.1 million mobile active users in 4Q17 compared to the 29.3 million reported last quarter. Overall, the bank has grown its mobile users 13% year-over-year.

Wells Fargo, which also reported its fourth quarter 2017 earnings this morning, also grew its mobile users: the bank reported 21.2 million active customers, which “continue to exceed desktop active customers,” for the quarter, up 1% from 3Q17.

Learn more about mobile banking and payments at Bank Innovation 2018 in San Francisco on March 5-6. Request your invitation here.

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