JPMorgan Chase & Co. announced Thursday it was shutting down its “Finn” app, which was launched last year to appeal toward young adults.
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The smartphone app allowed users to conduct transactions on their devices, including having “some branch access,” The Wall Street Journal reported.
Those who used Finn will have to download Chase’s app but their account numbers and passwords wouldn’t change. JPMorgan also said consumers will not have to pay monthly fees. Chase said in a statement that on Aug. 10, the bank will change Finn consumers’ checking account to Chase Secure Checking and their saving account to Chase Savings.
Finn was launched nationally in June 2018 with the goal of consumers being able to bank with Chase if they don’t have access to a branch.
Chase told Fox Business in a statement, “We learned a lot with Finn, especially about the power of the Chase brand and what customers want from the Chase mobile app, both in markets where we have a retail footprint and where we don’t. We know the Chase brand is already among the most popular banks for millennials, so we’re leaning in on that, rather than continuing to build a brand from scratch.”
Chase said it decided to take some popular features from Finn and integrate it into its regular mobile app.
JPMorgan is the leader of digital users, clocking in with more than 50.7 million active users, The Wall Street Journal reported.
Earlier this year, JPMorgan Chase & Co. announced it was planning to open 90 branches in the nine top markets in the U.S. Chase also said it will hire up to 700 employees for the branches. Last year, JPMorgan said it planned to open 400 new branches over the next five years.