News of Amazon in talks with JPMorgan Chase and Capital One to offer a checking account product has brought up a number of regulatory questions; key questions include who owns the customer, what is Amazon’s role in the accounts, who regulates Amazon in this instance and will Amazon need to become a bank; while details of the deal are not fully known regulators will be keeping a close eye on the partnership. Source.
Big banks like Citi and JPMorgan Chase are trying to beat fintechs at their own game with launches of new...
JPMorgan Chase is the only U.S. bank with scalable businesses in every payments vertical; the bank has been investing and partnering heavily the last few years into payments innovation; they see checking accounts as checking and payments accounts; they have made moves into digital wallets, p2p payments, order and pay ahead apps and recently partnered to allow customers to send an receive electronic payments and invoices; the bank sees payments and banking as one in the same and with the recent news of their heavy tech investment for 2018 more innovation looks to be on the way. Source.
CoinDesk reports that an internal memo at JPMorgan Chase states that blockchain lead Amber Baldet is moving on from the bank to start her own firm; Christina Moy, senior product manager of Quorum, will take over Amber’s position; JPMorgan spokeswoman said in a statement, "Amber is extremely talented and helped build the outstanding team we have today. We respect her desire to start her own venture and we wish her nothing but the best." Source.
The market turmoil has sparked banks like JPMorgan Chase and Bank of America to try for further easing of certain...
Business Insider takes a look inside JPMorgan Chase and how the company’s digital only bank Finn was shut down just...
Big banks like J.P. Morgan Chase and Wells Fargo have developed new mobile only banking apps in an effort to attract younger customers; “It’s about helping people start in banking and doing it in the way that fits their lifestyle,” said Steve Ellis, executive vice president and head of the Wells Fargo Innovation Group, to Business Insider; the banks are looking to get users at a younger age then keep them over the lifetime with additional product offerings; focusing on the consumer experience and new technology will help the banks to claw back some of the market that fintech companies have taken. Source.
JPMorgan Chase launched a new account for low income consumers that offers access to their mobile app, branches and ATMs...
Data storage startup Snowflake is adding Google’s public cloud to their support which already can service Amazon Web Services and...
While banks might have initially been slow to act when it came to embracing digital strategies they are now able...