NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) said on Thursday that it is now offering a digital bank account for smartphones nationally after testing and refining the app in St. Louis since October.
The account, known as Finn by Chase, is geared especially to young adults who want to do their transactions on their phones, have no wish to go to branches and say they would like help saving money.
The national offer comes as banks large and small look for ways to use smartphones to compete for customer deposits inexpensively.
Citigroup Inc, (C.N) which has branches in just six U.S. cities, said in March that it will offer digital accounts nationally later this year. Citizens Financial Group Inc, (CFG.N) a regional bank based in Rhode Island, has said it will launch a national platform in the third quarter.
JPMorgan sees Finn as a supplement to offering standard branch-based accounts. Most people still want to have branches nearby even if they rarely go to them, according to research by consulting firm Novantas.