Chase banks go digital

JPMorgan Chase & Co. just became techier in Arizona. The banking and financial services firm just renovated their first “digital first” bank in Chandler, providing customers with new technology options during their banking visits.

The digitally-centered bank is the first of its kind in Arizona. JPMorgan Chase & Co. regional and managing director Steven Wacker highlights the main features of the renovated facilities.

“They have been remodeled to provide a casual, collaborative floor space that has an inviting living room atmosphere,” Wacker said. “Private meeting spaces are also available along with video conferencing that will allow the customer to connect to a companion branch when necessary. Digital advice bars help customers learn and engage with our products and services such as home and auto lending.”

This shift in strategy comes at a time when people are constantly looking for a more efficient path to completing daily tasks, including banking. In their “Digital Everything” report, the company points out that according to a Deloitte study, 57 percent of millenials would change their bank for a better tech platform, and 76 percent of companies cite digital capabilities as “highly” important when choosing a banking partner.

Wacker emphasizes the significance of this shift in all aspects of their business. “More than 70 percent of customer transactions are done through digital channels, whether it’s via mobile, online or at the ATM,” he said. “ATMs can perform more than 70 percent of routine transactions and we expect that number to increase over the next few years.”

In the past three years, Chase has increased their digital banking customer population by 50 percent, from 32 million to 48 million – and they’re just getting started. Over the next three years, Chase plans to develop roughly 400 new branches in 20 new markets. This adds convenience for Chase customers and reduces inefficiencies for the company.

“We plan to roll these [digital branches] out to new locations throughout the year,” Wacker states. “Our full-service branches are still incredibly important when customers need advice or want to talk to someone in person. We will continue to open new branches where it makes sense. What’s important is that customers have choices.”