#DigitalBanking / JPMorgan preps early 2021 launch for UK digital bank

Rumours of JPMorgan’s intention to launch a Chased-branded online lender in the UK have been circulating for a couple of years. Now a Q1 2021 target has been set…

[JPMorgan] is understood to have signed on with Amazon Web Services for its cloud needs and 10x Future Technologies for its digital infrastructure.

The bank will be following the lead of rival Goldman Sachs, which launched its Marcus brand in the UK in 2018 and now boasts over 500,000 customers… JPMorgan’s previous attempt at offering digital-only banking was short lived, with US mobile brand Finn lasting only a year before being shut down in June 2019.

In the UK it will be entering a crowded market, taking on digital challengers such as Monzo, Atom, Starling and Revolut, as well as the traditional high street giants.