JP Morgan's 180 On Its Stand-Alone Digital Bank Underscores The Adoption Challenges Facing Crypto

JP Morgan is one of the largest, oldest, and most prestigious banks in the world. However, it does not let its pride get in the way of abandoning an initiative that had little chance of success, and that is what it did this week when it rolled up its stand-alone digital bank Finn. Announced to much fanfare in 2017, Finn was intended to be JP Morgan’s answer to a digital banking movement that threatened to upend the traditional financial sector. Aimed primarily at millennials, the no-fee banking app offered a small degree of branch access and use of Chase’s network of physical ATMs. However, customer adoption was tepid at best, and JP Morgan decided to close Finn and roll its customers into the parent company’s suite of banking products. According to recent figures released from a survey completed by Cornerstone Advisors, Finn only had 47,000 customers.