Given the demise of Finn by Chase announced yesterday, American Banker talks with a number of industry insiders to get their perspective on what went wrong; there are other similar initiatives at other large banks so does this mean these efforts are doomed? One consultant suggested, “They failed largely because of an indistinctive digital banking offering”; another suggest banks need to offer something unique beyond traditional banks’ apps, “Establishing a separate brand and second app to do so has never worked out well for established banks.”; the CEO of UK challenger bank Monzo also chimed in on similar initiatives in the UK, “This has happened a dozen times over the last 10 years, I don’t think Finn is any different. It’s disappointing, but it’s fairly predictable.” Source.
