JPMorgan to launch digital bank in the U.K

01.02.2021 | 10:11 Home / News / Fintech /
#JPMorgan Chase
JPMorgan Chase announced it will offer U.K. consumers a completely new banking choice when it launches a digital retail bank in the coming months.

Using the Chase brand, the bank will provide products and features tailored to meet the needs of customers in the U.K., delivered via an innovative mobile app, Businesswire.com reports.

“We are bringing Chase to the U.K. because we want to provide customers with a new banking choice – one that will enable them to benefit from a simple and exceptional banking experience, built on the significant capabilities of JPMorgan Chase. The U.K. has a vibrant and highly competitive consumer banking marketplace, which is why we’ve designed the bank from scratch to specifically meet the needs of customers here,” said Gordon Smith, CEO of Consumer & Community Banking and co-President of JPMorgan Chase.

Sanoke Viswanathan has been appointed CEO of the digital bank having previously been Chief Administrative Officer and Head of Strategy at J.P. Morgan’s Corporate & Investment Bank.

The digital bank is headquartered in London, and its customers will be served by a purpose-built customer contact center in Edinburgh. The business has already created 400 jobs in the U.K., and has more hires planned as it grows. A U.K. based subsidiary of JPMorgan Chase is licensed to operate the business. Its activities are regulated by both the Prudential Regulation Authority and the Financial Conduct Authority.

“Chase has a unique opportunity to make a difference for U.K. consumers, by combining the reassurance of an established and trusted bank with a seamless customer experience. The bank intends to offer a range of products starting with a new take on current accounts. Chase’s U.K.-based customer contact center will be central to the proposition, providing fast access and personalized service around the clock,” Businesswire.com writes.

“Our decision to launch a digital retail bank in the U.K. is a milestone, introducing British consumers to our retail products for the first time. This new endeavor underscores our commitment to a country where we have deep roots, thousands of employees and offices established for over 160 years,” said Daniel Pinto, JPMorgan Chase’s London-based co-President.

When considering entry into the U.K., the firm conducted extensive research to identify where it could make an impact for consumers and meet their needs. Even as digital banking has become mainstream, the bank found that the stability and trustworthiness of the banking provider remains a key consideration for consumers.



Banks.am recalls that JPMorgan CEO Jamie Dimon has recently stated that in the next ten years the market will see “very tough competition” between traditional credit organizations and fintech companies.

“Naturally, we should be scared to death. We have plenty of resources and smart people. We just have to act faster and more effectively. If you look at our work, you can say we have done a lot, but other people have worked well too.

I expect the competition to be very, very tough in the next ten years. I hope for a win, with God’s help,” said Dimon.

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