Chase has unveiled Finn by Chase, a new all-mobile bank designed to give consumers greater control of their everyday spending and saving and, it claims, happiness – through a completely mobile experience.
Finn features include the ability for customers to open accounts digitally via their mobile phone.
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Finn will target the millennial segment of the market, in particular in the more than 20 states in the US where the bank has no branches.According to Chase, the app was designed by working closely with millennials for more than a year to understand their unique money challenges and what influences their spending.
Research found that emotions played a large part in their decisions, but they didn’t have a way to understand the impact it had on their financial lives.
“When it comes to money, millennials told us they don’t want to feel like they’re being judged,” said Bill Wallace, CEO of Digital at Chase. “So, we designed Finn to put them in charge, no matter where or how they’re spending.”
Finn features include:
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By GlobalData- Rate purchases: Customers can rate transactions as something they “want” or “need,” and assign emojis for how those purchases made them feel;
- Automatically build savings:Customers save by setting personal autosave rules on their terms, such as saving $5 every time they go shopping, and
- Stop overspending:Finn only lets customers spend what they have.
“We continue to invest in technology that makes banking easier for our customers, and gives them the confidence they need for their financial future,” said Thasunda Duckett, CEO of Consumer Banking at Chase.
“Finn is yet another way we’re innovating for millennials by designing a product that lets them spend and save on their terms.”
Finn provides all of the capabilities of a traditional checking and savings account, but does it through a fully mobile experience. The Finn debit card gives customers fee-free access to more than 29,000 Chase and other ATMs
Finn by Chase debuts for Apple users in St. Louis and will roll out to additional US cities and Android users next year.
