The coronavirus pandemic accelerated digital finance trends.
Thatâ€™s according to Allison Beer, the head ofÂ Chase Digital, JPMorgan Chase & Coâ€™s (NYSE: JPM) digital banking and innovation arm.
Over her career in financial services at American Express Company (NYSE: AXP), in addition to other startups and nonprofits, the Yale University alumnus witnessed and acted on disruptive trends firsthand.
Digital banking is top of mind for Chase, she said.Â
â€œMy team spans everything from payments, to all of our digital products and channels,â€ she said of producing inclusive technologies alongside a diverse group of talent.
â€œThe focus for us is just what are the trends that customers are embracing, and how do we apply them to our business?â€
Disruptive Trends: In a Dec. 15 report on digital banking attitudes, Chase highlighted the pandemicâ€™s impact on financial wellness initiatives.
Most notably, eightÂ in 10 customers changed their approach to finance substantially as a result of COVID-19. Consumers are reviewing their finances frequently, in addition to spending less and saving moreÂ overall.
Though accelerated by COVID-19, that particular trend was permeating for a while, in light of the fintech revolution thatâ€™s increasingly engaged people in their finances.
Beer praisesÂ emerging fintech solutions, but saidÂ that in the end, consumers are looking for holistic, broad-based andÂ packaged solutions.
â€œWe can all be delighted by new innovations, but do they have the staying power? Is it really serving the primary needs of customers?â€
Consumers demand that trusted institutionsÂ like ChaseÂ provide low-cost, personalized financial experiences, Beer said.Â
â€œThereâ€™s a lot of self-service customers wanting to be able to do â€” digitally â€” things they werenâ€™t able to do before,â€ she said.
â€œFor any of us who are really trying to delight customers this year and next, we must focus on things like automation, making it incredibly easy for them to manage their finances.â€
Using intelligent methodologies, Chase will unpack customer data and deliver spending, saving, credit, and investing insights that customers can then act on, all in one place, she said.Â
â€œThe focus is removing any of those remaining barriers so that our products work seamlessly, together,â€ Beer said of Chaseâ€™s core differentiator. â€œCustomers can have access to all their information in one place.â€
As a case in point, Chase has aÂ mobile platform with which customers can monitor their daily spending habits and trends via â€œTodayâ€™s Snapshot,â€Â accept offers and manage loans, cards, accountsÂ and investments.
â€œWhat we have is the complexity of a full-breadth of financial solutions, and personalization is really key for that to be a full experience,â€ Beer said.
â€œThe Chase Mobile App is truly customized to you … and there isnâ€™t friction or features that are not relevant.â€
Upon entry, users are greeted with personalized spending insights and tips. From there, users can manage accounts or automate other aspects of their financial journey.
â€œFor us, itâ€™s about auto-paying, -saving, -investingÂ and really helping as many customers as possible take the friction out of managing their finances. In many ways, it sets them up for healthy financial habits.â€
Chase’s Platform For Digital Innovation: Given that four out of five Chase customers look to manage their finances digitally, Beer said the bankÂ is looking to ramp up its digital innovation.
â€œWhat weâ€™re hearing from customers now is that they want things to be easier,â€ she said. â€œOur focus should be on simplification, and continuing to make financial services work better for customers, and to really help them with the tools and advice that surround those financial services.â€
Chase is looking to exercise its foundational capabilities and make new digital investments in offering added solutions like Chase Business Complete Banking, a product that allows small businesses to better manage their business, and You Invest.
â€œThey can get a credit card, a checking accountÂ and start accepting payments, all with the same products. Similarly, we have our Chase First Banking, which allows parents to have the tools to help educate their kids on good financial habits,â€ Beer said.Â
Overall, at Chase, all communities of consumers and households can expect a clear shot at financial independence.
“Weâ€™re just very focused on making sure that we are serving every household in America,” Beer told Benzinga.Â
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