JPMorgan has launched its new Chase digital-retail bank in the UK. It's a smart move, according to experts.
. Finn lasted two years and was plagued by customer uncertainty and a lack of internal communication.
Britain's retail banks are like boats, according to Gwera Kiwana, an analyst at the fintech consultancy 11:FS. Legacy banks are cumbersome cruise ships, slow and massive with fuel to last. Challengers resemble speedboats that are nimble but require regular refueling. Kiwana compares Chase's offering to a luxury yacht:"Capable of going a long distance, relatively quickly in both style and comfort.
"It's not enough just to offer table stakes like a good app and features like round-ups," Kiwana added."The most competitive banks are able to quickly develop truly digital financial products that exceed customer expectations by solving real problems and building their organizations around how customers consume products."
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