>> JP Morgan Chase, the second biggest U.S. bank by branches, thinks it's found a solution to the millennial's problem. How to get an entire generation to stop shunning traditional banks in favor of cash services on Facebook, PayPal's Venmo, and Apple Pay. The answer? A new mobile app released for iPhones, Monday, called Finn by Chase.
Finn, as in FinnTech, the nickname for the virgining financial tech industry. Finn allows users to open up a bank account without ever stepping into a branch. And forget about checks and deposit slips, all banking is done with the fingertips. Users of overdraft, need not worry, why? The app tracks spending with alerts, so youngsters will always be up on what's in that account.
>> I'm Conway Gibbins, I know it looks like I'm in Silicon Valley, but I'm not. I'm in New York city one of the banking capitals of the world. This is the brains behind Finn. This is Chase's efforts to think more like a startup and less like a bank in order to try and win over a younger generation.
>> But will it connect with the target audience? Sure, the app has millennial friendly tweaks like sorting out spending habits with emojis, and necessary things like a debit card with access to 29,000 ATMs. But Chase is not only going out the millenials, it's going after the ones living in cities without a Chase branch.
Hoping it can score new revenues without building more costly physical branches. Others have tried to do the same, TD Bank partnered with FinnTech upstart moving last year. But the uptake was slow and the numbers of strictly mobile accounts, no where big as Chase is targeting. But the bank hopes by unveiling an app, quote was built by millennials, for millennials, it has finally found the secret to win over the next generation.