Have you used the Chase app? What kinds of features in a mobile banking app would you want to see?
Read the article about Chase mobile apps and compose at least 2-3 slides containing at least 4-5 bullet points as a summary of your opinions of this article. Here are some questions you may consider answering, or describe other related content, in your bullet points.
Have you used the Chase app? What kinds of features in a mobile banking app would you want to see?
Do you use any other mobile apps that you believe are working for your banking payment needs?
Describe what services Chase is offering. What is the difference between a banking app and a payment app?
How do other payment or pay-sharing apps figure in this industry trend?
Tell how well Chase has marketed its features and how it stacks up against other competitors.
11/18/2017Why Mobile Payments Are Still So Hard for J.P. Morgan – WSJhttps://www.wsj.com/articles/why-mobile-payments-are-still-so-hard-for-jpmorgan-1510655402?mod=djem_jiewr_MK_domainid1/3Many U.S. companies from startups to Apple Inc. have struggled to gain traction in thefast-growing world of mobile payments.The country’s largest bank is no exception.J.P. Morgan Chase & Co., run by chairman and CEO James Dimon, has madenumerous splashes to promote its mobile offerings, including a television spot featuringa ping-pong playing Serena Williams. But the payoff has yet to come.Banks view mobile commerce as one of their biggest opportunities, but they still largelytrail technology firms and non-banks such as Visa Inc. and PayPal Holdings Inc.Still, banks are pushing to expand offerings to have them in place for theday when the general U.S. consumer flocks to paying with their phone as much asmillennial consumers have begun to do or those in other countries such as China.J.P. Morgan’s newest focus is on Chase Pay, which is designed to make it easier forcustomers to pay with their smartphones in stores and online. The bank has spent about$100 million on it, according to people familiar with the matter.While J.P. Morgan doesn’t disclose financial details about Chase Pay, a May survey fromBernstein Research ranked it ninth among U.S. mobile wallets with only 6% of onlineshoppers saying they’d used it in the previous year, a fraction of the 61% who said theyused PayPal. DOW JONES, A NEWS CORP COMPANYDJIA▼23358.24 -0.43%Nasdaq▼6782.79 -0.15%U.S. 10 Yr▼0/32 Yield2.344%Crude Oil▲56.68 2.79%Euro▲1.1792 0.19%This copy is for your personal, noncommercial use only. To order presentationready copies for distribution to your colleagues, clients or customers visithttp://www.djreprints.com.https://www.wsj.com/articles/whymobilepaymentsarestillsohardforjpmorgan1510655402MARKETSThe bank has spent $100 million on its latest attempt to capture a market now dominated bytechnology firms and non banksJamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., spoke recently during a New York event.PHOTO: MISHA FRIEDMAN/BLOOMBERG NEWSNov. 14, 2017 5:30 a.m. ETBy Emily GlazerJPM -0.34%PYPL -1.70%
11/18/2017Why Mobile Payments Are Still So Hard for J.P. Morgan – WSJhttps://www.wsj.com/articles/why-mobile-payments-are-still-so-hard-for-jpmorgan-1510655402?mod=djem_jiewr_MK_domainid2/3The bank is now reframing its plans as more of a long-term play. J.P. Morganexecutives still project that Chase Pay could at a minimum enhance its customers’credit-card, debit-card and merchant relationships. Still, the app isn’t widely used yetand the rollout with merchants has fallen behind schedule, according to people familiarwith the matter.“We’re trying to get Chase Pay embedded in as many places as possible,” Mr. Dimon saidat an industry conference in September. “We’ll see how it pans out.”It’s a far cry from J.P. Morgan’s announcement of the product at a large financial-technology conference two years ago in Las Vegas. The payment app’s struggles alsocontrast with the rapid migration the bank’s customers are making to mobile for varietyof basic banking functions like watching balances and depositing checks.With payments, J.P. Morgan has been challenged by two factors: competitors havemoved quickly while potential customers have moved slowly. Most Americans stillprefer using their cards, along with cash and checks.While Chase Pay works through the bank’s cards too, there hasn’t yet been enough of animpetus to switch, analysts say. “Customers aren’t out there asking for a new way topay,“ says Brendan Miller, a principal analyst at Forrester Research Inc. “Too many ofthese players are focused on the payment, not the things that are going to drive theconsumer to buy.”Other countries, notably China, have taken to mobile payments more quickly. There,payments are often integrated into text messages, and analysts estimate the size of themobile-payments market is 30 times or more the size of the U.S. business.In the U.S., rivals to J.P. Morgan have stressed other approaches, including Bank ofAmerica Corp. , which have avoided their own branded mobile wallets.Meanwhile, J.P. Morgan joined a group of large banks in June in connecting theirexisting smartphone apps to an industry consortium that developed a money transfernetwork known as Zelle to compete with PayPal’s Venmo. That effort replaced largeparts of J.P. Morgan’s earlier mobile payment effort, Chase QuickPay, which now worksthrough Zelle, even though the bank still uses the QuickPay name.The bank’s payment business, run by consumer-bank head Gordon Smith, is alsocompeting with smartphone makers like Apple and Samsung Electronics Co. , and creditcard networks like Visa and Mastercard .“We said from day one that changing customer behavior would be tough,” J.P. Morganspokeswoman Trish Wexler said, in regards to Chase Pay. “But we’re Chase, and ourcustomers expect us to lean into the future and learn what we can now so we’re readywhen they are.”J.P. Morgan is laying the groundwork by signing on large retailers including Wal-MartStores Inc., Best Buy Co. and Starbucks Corp. J.P. Morgan initially announced other bigretailers through an industry consortium, including Target Corp. , but didn’t roll outChase Pay with some of them after the consortium dissolved.Chase Pay faces even more competition than it has seen so far. Wal-Mart, while stillaccepting Chase Pay, has been developing its own parallel wallet dubbed Walmart Pay. Inearly 2018, stores including West Elm and Pottery Barn will start accepting both PayPal
11/18/2017Why Mobile Payments Are Still So Hard for J.P. Morgan – WSJhttps://www.wsj.com/articles/why-mobile-payments-are-still-so-hard-for-jpmorgan-1510655402?mod=djem_jiewr_MK_domainid3/3and Venmo for the first time. Meanwhile, a July survey from Morgan Stanley analystsfound that PayPal was accepted at 377 of nearly 500 top online merchants while ChasePay was accepted at only four.In July, J.P. Morgan and PayPal announced a partnership slated to roll out in mid-2018that will make it easier for J.P. Morgan customers to add cards from Chase Pay toPayPal’s app. The deal would also let the customers use Chase reward points to pay forgoods and services through PayPal.J.P. Morgan is
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