JP Morgan Chase launches digital bank in UK

Karthik Subramanian

JP Morgan Chase has announced the launch of its digital bank in the UK which it hopes would gain enough user traction to be able to catch a large chunk of the neobank market in the UK which is getting famous within the latest generation of banking users.


Digital banks are the rage now as the latest generation of users is more comfortable transacting online and carrying out all their banking-related action online or through mobile apps rather than having to visit the branch every time. For the banks also, this presents a win-win situation as the digital banks do not need to have a huge number of branches and associated costs as well. Chase has started its operations on the digital bank by offering a fee-free current account that has inbuilt money management features along with cashback rewards as well.

Sanoke Viswanathan, CEO of the bank, said: “We’re offering people in the U.K. the opportunity to experience Chase for the first time with a current account that’s based on simplicity, a fuss-free rewards program, and exceptional customer service.”

Some special money management features are available with the digital bank including a feature to round off payments to the higher unit with the change being rotated automatically into an account that will earn annual interest. Similar features and reward programs have also been launched with the bank expected to branch out its services into lending and investments as the bank pushes to gain a large user base in the coming months. The idea behind this plan seems to be that once it completes its growth and expansion in the UK, it would continue to expand into the rest of Europe and Latin America as well as these are markets that are more conducive for digital banking as it would help the bank to reach the remote areas within these regions through digitalization.

The bank has also said that it is willing to spend millions of dollars as part of this strategic expansion to build a sustainable business and the bank is likely to take this slowly and steadily as far as growth and expansion is concerned. Digital banking is here to stay and the future is likely to be bright and so even the late entrants are likely to have a good chance for growth if they do things well.

  • Read this next

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.


    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.


    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    Executive Moves

    GCEX appoints Ignacio Corral and Helen Man to UK operation

    GCEX has announced the appointment of Ignacio Corral and Helen Man to its UK FCA-regulated operation based in London as the firm further expands its global business on account of increasing demand for its digital prime brokerage services.