As banks continue to trend towards reducing fees, the push for market innovation becomes a necessity in order to stay competitive and JPMorgan Chase is certainly aware of it as the multinational financial services company plans to roll out a mobile investing app that comes bundled with viable tools, such as free or discounted trades, a portfolio construction tool, market research and more.
Unlike other free apps like Robinhood, JP Morgan has the backing of its brand name, which allows the bank to tap into its expansive customer base.
“There are customers out there who may not want to trust their credentials or their money to an app of the month,” said Jed Laskowitz, a J.P Morgan veteran who runs You Invest. “We’re thinking about what’s right for our customers, helping them get invested, and stay invested and diversified.”
Related: 6 Personal Finance Apps to Reach Financial Goals
The move comes on the heels of the bank charging an exorbitant $24.95 for online trades just last year compared to its competitors. In June 2016, CEO Jamie Dimon dropped hints that no-cost brokerage trades or a free investing program were in the works.