Amazon is I Talks with JPMorgan Chase to offer a co-branded Credit card for small business owners; the credit card would have rewards points for purchases and they would also look to add business insurance plans; this is first time Amazon will look to have a credit card specifically for small businesses. Source.
News of Amazon in talks with JPMorgan Chase and Capital One to offer a checking account product has brought up a number of regulatory questions; key questions include who owns the customer, what is Amazon’s role in the accounts, who regulates Amazon in this instance and will Amazon need to become a bank; while details of the deal are not fully known regulators will be keeping a close eye on the partnership. Source.
JPMorgan Chase and the Center for Financial Services Innovation (CFSI) announced their 4th annual Financial Solutions Challenge to help improve the financial health of underserved communities; for the first time the competition will focus on entrepreneurs of color, women and individuals with disabilities; "The FinLab believes that diversity among leaders and teams also leads to more inclusive products and services with the potential to scale to millions of customers,” explained the press release that accompanied the announcement. Source.
The recent funding of Greenlight Financial Technology is part of a recent trend that has financial services firms as of all sizes focusing on education; according to the Center for Financial Services Innovation 57 percent of Americans are financially unhealthy; one of the biggest issues financial education has had is that it’s hard to define; companies have been trying to offer different types of education through online courses and other tools that help customers to better understand their full financial situation; fintech companies are not the only one’s offering such services, big banks like JPMorgan Chase and Wells Fargo have recently added focused products and tools to help customers. Source.
Codispoti is a JPMorgan executive who helped create the Chase Sapphire Reserve card; in this Business Insider Q&A she talks about her perspective on millennials, a new bank branch Chase is launching and the learnings from her time creating the Chase Sapphire Reserve. Source
Speaking at EthCC, an Ethereum conference in Paris, JPMorgan’s Amber Baldet talked about the concerns of private and public blockchain builders; “These problems really aren't so far apart, it's just that people are trying to solve the problems in different ways,” says Baldet as reported by CoinDesk; she doesn’t think public and private blockchain need to be so different, what everyone wants is the ability to interoperate; CoinDesk went on to interview Amber about building connectivity, feedback loops and more. Source.
JPMorgan Chase is the only U.S. bank with scalable businesses in every payments vertical; the bank has been investing and partnering heavily the last few years into payments innovation; they see checking accounts as checking and payments accounts; they have made moves into digital wallets, p2p payments, order and pay ahead apps and recently partnered to allow customers to send an receive electronic payments and invoices; the bank sees payments and banking as one in the same and with the recent news of their heavy tech investment for 2018 more innovation looks to be on the way. Source.
The company is calling their strategy the digital everything model, which includes new mobile features and back office operations powered by the blockchain; “We’re not going to lose our financial discipline because we have to make an investment that we have to do or want to do,” CEO Jamie Dimon said when asked about their approach to the tech investment; branch expansions, investments in big data solutions and more were also discussed during the investor call as reported by American Banker. Source.
As projected, OnDeck reported GAAP profitability when they announced their Q4 2017 earnings earlier this morning. They have been on...
Chase is starting a new marketing campaign by using GIFs across social media channels in an effort to get millennials to use their QuickPay product by Zelle; the campaign shows a shift by the bank to make campaigns more personalized and geared at a younger target market; Donna Vieira, chief marketing officer for Chase’s consumer bank tells TearSheet, “The channels, mediums and media you use; the copy and creative form like memes and GIFs. Clearly 15 years ago this would be nonexistent, but it’s how this audience communicates with each other, tells their stories and what they find engaging.”; Chase saw a 50 percent increase in p2p transactions in 2017 and a 15 percent increase in new enrollments for their app. Source.