We reported earlier this week on JPMorgan’s secret digital banking project underway in London; this news comes soon after the announcement that their US digital banking offering, Finn, would be shutting down; it could be that JPMorgan has seen Goldman Sachs’ success with their Marcus brand in the UK, $8 billion and 250,000 customers in less than a year, and seeks to emulate it; while some of the UK fintech leaders are skeptical that JPMorgan can see the same success as Marcus, others say it is refreshing to see big traditional players getting serious about creating fully digital solutions. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.