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A number of incumbent banks are known to be developing new digital-first products in a bid to keep the new wave of challenger banks at bay and now it appears that the latest to make that move is J.P. Morgan.
Meanwhile, for the few people I’ve spoken to who have heard about the project there’s speculation that J.P. Morgan is developing a competitor to “Marcus,” the digital bank launched by Goldman Sachs that focuses on savings and offers a competitive interest rate. That would also put it up against challenger banks such as Atom, Tandem and savings marketplace Raisin. However, one source tells me they’ve heard that J.P. Morgan’s skunkworks project could in fact be a much more ambitious cloud-based banking platform on which numerous products can be launched.
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