Personal Finance News
Chase Details Latest Young Adults Banking Solution Efforts
Chase has announced that it is accelerating its efforts to tailor its products to meet the banking needs of young adults.
About Chase’s Young Adult Survey and Efforts:
The U.S.’s largest bank is looking to expand by bringing more young adults into the fold. This week, Chase released the results of a survey it conducted and pointed to some of the ways it’s working to address the feedback.
Starting with the survey, nearly half (49%) of young adults said that strong mobile banking tools and in-person access were of equal importance. To that point, 43% of respondents stated that ATM availability was a priority when choosing a bank. Meanwhile, broadening out from banking to personal finance in general, 64% of those surveyed said that they had trouble building their savings.
In response to this, Chase highlighted four pillars to serving young adult customers:
- Having compelling and easy-to-understand products
- Offer practical financial education resources
- Provide convience via digital experiences and in-person support
- Back it all with Chase’s strength and security
Among the ways the bank is exemplifying these pillars, Chase has expanded its monthly service fee waiver to all customers aged 17 to 24. This applies regardless of whether they’re students. Additionally, 17-year-olds can now open accounts in-branch. Elsewhere, Chase pointed to its Freedom Rise credit card (which it launched in 2023) as an option for young adults.
Chase also says that it has created a new app experience after collaborating directly with young customers. These updates are “designed to make everyday money management faster and easier.” For example, the refresh makes Zelle more prominent, features a reimagined wallet feature, and includes insights meant to help customers stay on track.
Finally, through Chase Money Skills, young adults (and other customers) can gain guidance about their money decisions. Learning modules include saving, improving credit, protecting your money, and more.
What They’re Saying:
Discussing these new efforts from Chase, the bank’s head of emerging growth segments Matt Gromada said, “Young adults are telling us exactly what they want from their bank: make it easy, keep it safe and be there when it matters. We’re doing a lot of listening—and we’re building alongside them.”
Meanwhile, Chase’s head of product for consumer banking Steve Goodman noted, “Today’s young adults don’t fit the ‘college student’ storyline. Nearly 30 million are new to banking and building independence, and only about 40% are in school. We’re accelerating investments across Chase to reflect how they live and earn—and to deliver the right support as needs evolve.”
My Thoughts:
I’ll say that I like where Chase’s head is at on this one. To me, the four pillars they point out ring true and will certainly resonate with customers. However, while I can appreciate the power that comes with Chase’s large footprint, I’m not sure they’re the best option for all young adults. For one, while it’s great they’re waiving fees for those 24 and under, there are plenty of other institutions (mostly online but also smaller, physical banks) that don’t charge such fees at all.
Setting that aside, I am interested to see how Chase’s efforts here play out. In particular, I’m curious about these app updates. I look forward to seeing more from the country’s biggest bank.
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