Chase announced that its all-mobile bank aimed at millennials and digital-first consumers, Finn by Chase is now available nationwide to iOS users and will be launched on Android by the end of the year. The banks did a limited launch in St. Louis, MO in October and has been modifying and refining the mobile app since.
“We started in St. Louis, launching intentionally in a geography where we did not have any Chase branches,” explained Melissa Feldsher, head of Finn by Chase. “We wanted to evaluate it as an end-to-end mobile experience. We validated that it works without branches and felt we were able to develop from there.
Finn by Chase has been developed in a very unbank-like way — quickly. It was less than 15 months from the start of research to the St. Louis launch; the development team had a work prototype in the hands of bank employees within 16 we
She said the team got a simple minimally viable product out into the market so they could develop and shape it from there. If this sounds more like a tech company than a bank, that’s intentional.
“We think of ourselves as a startup in the bank. Even where it is located is different — Hudson Yards is our office. You would think we were a tech company and not a bank; the types of talent we are looking to attract is the same type as going to a tech company. We are thinking nimbly and using agile approaches. The goal was to get things in the hands of customers rather than doing a big bang approach.”
The Finn team enjoyed support at the most senior levels of the bank, she added.
“We have had incredible support and were empowered to make decisions on what the product experience is through the go-to-market strategy. Without that support there is no way we could have moved the way we did.
With Finn By Chase mobile app, new tools and mobile features that help users analyze their spending and automatically save money when they get paid or when they shop at a specific store.
Through Finn, customers can do all of their banking from their phone, like open an account, make a deposit, or send money to friends with Zelle®. The Finn debit card, which customers can now activate through the app, continues to offer fee-free access to more than 29,000 Chase and partner ATMs across the country.
Source : forbes.com & finance.yahoo.com