Yet another sign that the consumer bank of the future will look nothing like that of the past. Are banks, such as JPMorgan, moving quickly enough or will they eventually be supplanted by the innovators?
With customer flocking to its mobile app, JPMorgan Chase is planning to close around 300 branches by the end of next year. In a presentation from its investor day, the bank says that it will shut down around 150 of its 5,602 branches this year, and another 150 in 2016 as customers continue to shift to digital channels, particularly mobile, for basic transactions. The JPMorgan Chase app now has 19 million users, representing a 20% year-on-year rise. In 2014 the bank's mobile cheque deposit feature was used 45 million time, 25% up on the previous year, while the P2P payments service was used 30 million times, an 80% rise.