JPMorgan Chase ran a pilot last year which offered bonus rewards to customers of their Sapphire credit cards if they closed a mortgage; JPMorgan experienced significant demand from the pilot with homes purchased doubling for those who owned the Sapphire cards; the bank is now expanding the promotion to other credit cards they offer; Business Insider shares more on JPMorgan’s market opportunity and the millennial demographic. Source
Chase will soon allow credit card customers to use voice authentication when dialing the call center, which will help to cut down on additional security questions; Chase will join TD, HSBC, Barclays and ANZ Banking Group in using voice authentication; the voiceprint is securely stored as a mathematical equation, and only works for verification with the bank’s system according to reporting by TearSheet; representatives can ask further authentication questions if needed, almost 30 percent of calls are requests for account access and improving efficiency will cut down on costs as well as time. Source.
The new account is aimed at consumers who may not otherwise have a traditional banking relationship; the account still comes...
The new express branches are meant to help customers with routine transactions like withdrawals and deposits; customers looking for further advice or a loan would be able to connect via videoconference or go to a typical branch; they are looking to serve millennials in a more efficient way and allow them to access bankers and wealth managers through a digital experience using iPads; removing some of the human intensive areas of the bank and making it more self serve will cut down on costs and help to serve the younger, digital customers. Source.
According to the 2020 Mobile Deposit Benchmark Report by Cornerstone Advisors JPMorgan Chase ranked as the best experience; 54 percent...
JPMorgan Chase co-COO Gordon Smith spoke at a conference hosted by Bernstein Strategic Decisions Conference where he discussed the bank’s...
Chase recently made the news after shutting down Finn, their mobile banking brand; the bank has now shared with the...
Chatbot providers Kasisto, Clinc and Finn AI have started to add coronavirus to their set of skills for banks to...
With AI and machine learning technology becoming better banks of all sizes have started to employ chatbots with more regularity; Crowdfund Insider takes a look at 5 banks employing the technology; banks include Bank of America’s Erica, Swedbank’s Nina, Capital One’s Eno, SEB’s Aida and Wells Fargo; in most cases the chatbots help with simple tasks like checking balances, paying bills and finding the closest ATM. Source.
Banks are starting to experiment with different customer service chatbots like Facebook Messenger and Twitter; with this move comes potential security risks and the question of risks for the customer; The Conversation points out that a research report by The Centre for Communications Interface Research (CCIR) shows that customers are willing to give up some security for convenience; chatbots will need to provide a sense of convenience and a sense of trust to ultimately be widely accepted by the broad consumer; additional research by the World Retail Banking Report shows that while consumers are accepting their banking life being digital they are still looking for face to face interaction with more complex problems; finding the right balance is the key as more banks move into fuller digital offerings. Source