- JPMorgan Chase is testing basic credit cards for its UK digital bank, Chase UK, which has amassed around £20 billion in deposits since launching in 2021.
- Chase UK has won awards for Best British Bank, Best Current Account, and Best Savings Account at the 2023 British Bank Awards.
JPMorgan Chase is reportedly testing a credit card product for customers of its UK digital bank, Chase UK, according to Bloomberg. Launched in 2021, Chase UK has rapidly gained momentum, collecting around £20 billion in deposits. This positions it ahead of other digital challengers such as Monzo and Starling. As the bank expands its services, it is currently trialing basic credit cards, with plans to roll out more options over time.
Bloomberg reports that JPMorgan executives have been testing the cards within their mobile apps as part of the bank’s strategy to meet a broader range of customer financial needs. These include daily banking, savings, lending, and investments.
Chase UK’s CEO, Kuba Fast, stated, "The growth in deposits is encouraging as we look to meet a broader set of customers' financial needs across daily banking, savings, lending, and investments."
JPMorgan Chase, the world’s largest credit-card issuer with $216 billion in outstanding loans, is simultaneously in discussions with Apple about taking over its credit card program from Goldman Sachs, reflecting its wider ambitions in the financial services space.
The digital bank’s smooth user experience and high-quality customer service have earned it awards such as Best British Bank, Best Current Account, and Best Savings Account at the 2023 British Bank Awards. Chase UK, already expected to turn a profit next year, is also integrating services from Nutmeg, its digital wealth management platform, which has over 200,000 customers.
This integration forms part of JPMorgan’s broader strategy to diversify its digital offerings and compete more aggressively in the UK market.
Edited by Harshajit Sarmah
ALSO READ:
Harshajit Sarmah
