JPMorgan is shuttering its banking app for millennials after 1 year. We got ahold of the internal memo announcing its demise.
- JPMorgan Chase is shuttering Finn, its mobile-banking app designed for millennials, a year after its nationwide launch.
- The bank announced the move Thursday to employees in an internal memo to employees from Bill Wallace, head of digital, consumer and community banking.
- In the memo, which was seen by Business Insider, Wallace said the Finn team would continue to work on projects for Chase's other digital platforms. He added that some popular Finn features would be integrated with the Chase Mobile app and Chase.com.
- Read the latest JPMorgan news here.
Less than a year after its nationwide launch, Finn - JPMorgan Chase's mobile-banking app designed for millennials - is being shuttered.
JPMorgan sent out notices to Finn users Thursday announcing that "Finn is going away" and alerting them that their accounts would be rolled over to a traditional Chase Mobile account.
The bank also notified employees Thursday of Finn's demise in an internal memo from Bill Wallace, head of digital, consumer and community banking.
In the memo, which was seen by Business Insider and confirmed by a company spokesman, Wallace said the Finn team would "continue to work on other innovations for Chase," including features for website and Chase-branded mobile app.
He also said successful Finn features, such as rules that help customers automatically save, would be integrated into Chase's other digital offerings.
"Now, many of the features our Finn customers have loved will be available to every other Chase customer," Wallace wrote in the memo.
JPMorgan in 2016 famously cracked the credit-card code with millennials, launching the Chase Sapphire Reserve, which became an instant phenomenon and helped ignite an all-out rewards battle among credit-card companies.
But solving digital-banking for the younger generation proved more challenging, and Finn's run was short-lived. After work-shopping the concept with millennials for over a year, JPMorgan announced the new app in late 2017, rolling it out in St. Louis before launching nationwide in late June of last year.
Here's the full memo from Wallace:
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