Chase, Apple Pay

Chase Launches Robust Digital Banking Services, Own Wallet Platform Coming Soon

March 6, 2015         By: Michael Cheng

Chase has unveiled plans for enhanced digital services and a new online banking experience.

With more than 5,000 branches and 16,000 ATMs across the United States, the financial institution recently reported increased engagement rates from its customers.

The company’s digital offerings have allowed it to reduce service costs and boost efficiency through various online channels.

Chase’s strategy takes a simple, transparent approach to customer experience. A fresh dashboard redesign allows individuals to see all the critical banking information they need on the website. Digital transaction options are also only a few clicks away.

Additionally, Chase plans on releasing its own mobile wallet platform, called Chase Pay. Its early integration with Apple Pay has so far seen greater customer engagement and points to Chase customers as comfortable with mobile interaction, so its no surprise that Chase would want to strike out on its own. So far the company has seen early success and positive feedback from its Chase Pay pilot program.

Eileen Serra, CEO of Chase card services, said the following during the Investor Day event:

“While the wallet market is very fragmented today, we believe we need to be everywhere; we don’t want a Chase customer not to be able to use their card in any wallet. So we’re supporting the different wallets that are out there, we’re also building out our own capabilities as well because, again, what’s most important to us is that consumers have choice and they are the ones that make the decision on where they want to use their cards.”

Chase Pay supports the latest payments technology and features. For consumers, the checkout process has been simplified. No additional login credentials are required while making payments, and reissued cards are updated automatically.

Tokenization ensures sensitive customer data is never passed to the seller, greatly reducing the risk of identity theft and security breaches.

For merchants, the new platform offers access to the company’s estimated 50 million ready-to-use customers, as well as a range of customization options for branding.

Chase is also looking to modernize its ATMs as part of its “branch of the future” initiative, adding new features such as mobile queuing for quicker cash withdrawals, large tablet-like touchscreens, and integrated NFC support.

 

There’s a major movement towards improving how Chase’s banking customers interact with and manage their money at all touchpoints, and this financial institution is doing it through clever incorporation of technologies that consumers use every day.