The news: JPMorgan Chase is making sizable commitments to its UK digital-only consumer bank that includes a hiring spree and a move into lending, per Reuters, citing an interview with Sanoke Viswanathan, who heads its international consumer business.
More on this: The fledgling digital bank, which operates under the Chase brand, will broaden its product lineup, Viswanathan said, with plans including:
Growth signs: Chase has brought in 200 staffers since its September 2021 rollout, per Viswanathan, who said the headcount stands at 800. Additionally, the bank plans to add several hundred more staffers in 2022, which will push its total above 1,000.
JPMorgan hopes to use its UK model in other European markets, the executive told Reuters, stating, “The idea is to be pan-European.”
The opportunity: The UK is a good proving ground for JPMorgan to sharpen its digital prowess in consumer banking and to formulate best practices that it can export to the US and across Europe.
Chase could take UK market share by incorporating features that are the most in demand from customers within that country, per our 2021 UK Neobank Emerging Features Benchmark. Sought-after features for UK customers include:
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