JPMorgan is challenging British rivals on their home turf with the launch on Tuesday of its long-awaited digital retail bank, Chase, as part of what the U.S. lender hopes will be a global expansion.
“We have been watching in which markets customers are really ready to do their banking primarily through digital channels, and the UK frankly leads the way in this respect” said Sanoke Viswanathan, chief executive of the new Chase bank venture.
“This is a business that we are building not just for the UK but hopefully for the rest of the world, and there is a great confluence of talent here across the different product functions, so it’s a great place to build a global headquarters for this new business,” he said. "With a strong technology platform, significant financial resources and a global brand name, JPMorgan could be a serious player in the UK retail banking space," Nic Ziegelasch, Analyst at broker Killik & Co said.
“The market structure in the UK is such that you have to generate economies of scale, there are profits to be made but if you are subscale or have a high cost infrastructure you’re not going to make it work,” Viswanathan said., which scooped up billions of pounds in deposits when it launched its Marcus digital bank in Britain in 2018 with a then-market-beating interest rate of 1.5% on savings.
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