June 18, 2019
Ever since its opening in 1871, JP Morgan has remained a valuable and reliable player among the top brands in the banking sector. So, when JP Morgan announced the launch of their digital-only bank, Finn, it was assumed that the innovative offering would be the new paradigm for incumbent banks; especially given that the bank designed it in-house by working closely with millennials for more than a year to understand their unique money management and banking-related behaviors/requirements.
They conducted trials for nine months in the state of Missouri (USA) before they rolled out the app. No wonder it came as a shock to the financial community when the bank shut down Finn within just a year of its launch. The question that has intrigued many in the industry remains – what went wrong? In this article, we try to analyze from our viewpoint.
Finn was targeted at youn ...