Head of Financial Services on JP Morgan's New Digital Bank Chase

  • David Murphy, Head of Financial Services at EMEA & APAC at digital transformation consultancy

  • 20.09.2021 02:15 pm
  • #banking #chase #finance

“What will be critical for JP Morgan is to rapidly introduce products that can take share in the market. Starting from cloud first, they clearly have the capability. The question will be whether they want to deploy their balance sheet to do it.

“The key lesson learned from Goldman Sachs’ Marcus is that the fastest way to take share in a market is to introduce products that are priced to win. Without that, it will be a long hard slog to gain customers. Though JP Morgan has a strong global brand, Chase does not. This will take time to develop without a truly compelling, and probably market beating, product offer. 

With that said, the Nutmeg proposition could be Chase’s answer to an industry beating product.”

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