JP Morgan’s UK banking arm, Chase, recently announced the overhaul of its app with a new design, laying the groundwork for its push into the investment space.
The new app’s home screen now features a ‘Spend’ section, where customers can access their current account, and a ‘Save & Invest’ section, which currently offers Chase’s savings account and round-up options.
However, the ‘Save & Invest’ section also has a tile dedicated to Nutmeg, the robo-investment platform that JP Morgan acquired in 2021.
The tile explains, “Investments from Nutmeg are coming soon! You’ll be able to sign up or link your existing Nutmeg account and see your investment pots here.
As with all investing, capital is at risk.” This suggests that the full integration of Nutmeg’s investment offerings within the Chase app is planned for the near future.
The app design explained
In an email to customers, Chase explained that the new design of the app should feel “faster and more intuitive to use.” Sanjiv Somani, UK CEO of Chase and Nutmeg, previously revealed that Nutmeg’s investment offering will soon be “fully integrated” within Chase’s app.
This is likely to happen early in 2023, given the prominent placement of Nutmeg within the app.
On the one-year anniversary of Chase’s UK launch in September 2022, Somani stated, “This is just the beginning and, as we broaden our product offering and fully integrate the investment products offered by Nutmeg, we look forward to playing a wider role in the financial lives of our customers in the future and supporting the communities we serve.”
Nutmeg offers a wide range of investment options, including ISAs (Junior, Lifetime, Stocks and shares), general investment accounts and pensions.
The mobile app that keeps on giving
This move by JP Morgan’s UK banking arm, Chase, indicates a growing trend in the banking industry towards offering more investment options through their mobile app platforms.
It will be interesting to see how customers respond to the integration of Nutmeg’s robo-investment options within the Chase app and how it will impact the banking industry as a whole.