American multinational investment bank JP Morgan is set to open its first digital retail bank in the UK next week called Chase. The digital-only bank will first offer accounts through a unique rewards program, before eventually expanding into lending, investment, mortgages, and more.
With the launch of 'Chase' in the UK, it is clear that JP Morgan is aiming to disrupt the British finance industry by posing a challenge to its legacy market dominators. It is rumored that the company has already invested £700 million on Nutmeg -- a digital wealth robot-advisor -- in an effort to bolster the launch of Chase.
“We will spend hundreds of millions before we get to break-even and get to a place where this is a sustainable business, and we’re not in a rush” said Sanoke Viswanathan, head of JPMorgan’s international consumer division. Clearly, Viswanathan is confident that the digital-only bank, which will be released as a slick mobile app this week, will be a sure success in the UK.
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