On Monday, JPMorgan Chase & Co.(NYSE: JPM) launched a new smartphone app to introduce their first offering of online bank accounts hoping to attract new depositors. This app is called Finn and users will be able to use their phone to open a bank account, issue checks, make deposits, set up savings plans, and track spending.
The debit cards will come by mail for access to cash from 29,000 ATMs. Apple users with zip codes in St. Louis will get a first test of the app.
JPMorgan plans to market the app in other cities in the U.S. and expect Android users to be tested on next year. Finn will offer mobile enrollment worldwide later this year for the standard checking and savings accounts. This app can reach to new customers and new markets specifically targeting millennials as the next generation of customers