Chase Launching New Banking App: Finn by Chase

Finn by Chase has officially launched, click here to read our review.

Chase appears to be launching a new “bank in app” called “Finn”.

The “official” description is:

Finn by Chase Description

The Trademark Status and Document Retrieval system indicates that Chase first registered a trademark for Finn on February 28, 2017, and registered the logo on May 2, 2017.

Details

The feature set of Finn is rather novel. The usual features you’d expect (check balances, spending trends, find ATMs, transferring money – including transferring with Zelle, etc.) are supplemented by a rating system for purchases (whether it makes you feel “happy”, “neutral”, or “sad”), and a categorization system of “needs” and “wants” (in addition to how purchases code). A nice component is that Finn appears to let you view transactions based on a number of different rules; for example, if you just want to see your travel purchases rated as “sad”.

There is also an integrated automatic savings feature that comes with a plethora of options: you can save based on a schedule, based on when you spend too much, and based on custom rules (including any combination of rating and categorization, the latter encompassing both “needs” and “wants” and how purchases code).

The main thrust of Finn looks to be using these features to help you manage your money better.

Based on a video of the app, it looks like development of Finn has been completed, so I expect we’ll see it roll out in the next several weeks accompanied by more information.

Our Verdict

Frankly, I’m not entirely sure what segment of the population this app is targeting (aside from young millenials), and I have trouble envisioning the feature set as more useful – on the whole – than a typical banking application. In general, the “need” and “want” system seems pretty useful if you’re looking to trim your budget and haven’t found a different solution. But, I’m not sold on the “happy”, “neutral”, and “sad” rating system. Psychologically speaking, such ratings are useful for controlling your spending, but there’s an essential conflict between how a purchase makes you feel, and how the money you spent on a purchase makes you feel. I didn’t feel that the rating system accounted for that.

On the plus side, the app looks very snappy and responsive, with an intuitive layout (looking at you, Bank of America). It checks all my boxes in terms of good user interface design.

Integrating other institutions would make the app much more useful (this is usually accomplished using Yodlee), but it’s hard to tell if such a feature is currently offered or will be offered.

Your thoughts? Comment below!

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12 Comments
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Max
Max (@guest_427045)
June 25, 2017 12:09

Trying to get in on the beta-test of this, but am not getting anywhere with regular Chase support. Sirtheta, do you have a contact at Chase that you can reach out to to find out info on where we should go/email if we want to be a part of the beta for this?

Mike A.
Mike A. (@guest_426478)
June 23, 2017 20:47

I’d be interested to read the privacy policy that corresponds to the App. Why would Chase be collecting datapoints on emotional responses to purchases? It reminds me of British Airways testing a light-up ‘happiness blanket’ a few years back which supposedly would change color based on a passengers’ emotions during flight.
And the better question is why would anyone voluntarily give up that emotional data on themselves?
I agree with Doc that other than young millennials I don’t see who would use the new “features”.

NinjaX
NinjaX (@guest_426415)
June 23, 2017 17:59

haha. wow. omg. JPM Chase is so fukn dumb.

they need to hire a resident entrepreneur ASAP. fortunately, they are just like Amazon. they have so much damn money, they can sustain burn rate for a prolonged period of time.

we will see how they execute. TBD. nothing is really official from chase, but this app will crash and burn in its current form. there is nothing “disruptive” about this online only banking app. even worse is that JPM Chase is already a massive bank where there is absolutely ZERO value proposition from this app. nobody will fall for the “need” and “want” gimmick. im not talking about our community. normal pple would never even bother.

“To get started, SIGN UP FOR A NEW CHECKING ACCOUNT”? wtf. yea, maybe just for the sign up bonus then close the account. nobody will want this useless app that does nothing new.

for the record, MANY MANY online only banks and apps already help “millennials save and be smarter with their money”. Stash and Acorns is not a bank but same concept. Simple bank already runs this concept on their platform backed by BBVA. There is also Chime, GoBank, and Qapital.

too many players in the space and they all honestly do nothing.

J.
J. (@guest_426312)
June 23, 2017 14:35

what good is this when all their checking bonuses are for in branch.

Ivy
Ivy (@guest_426194)
June 23, 2017 11:00

This app sounds very non-essential.

Max
Max (@guest_426158)
June 23, 2017 09:41

Can you post or link the video please sirtheta?

NinjaX
NinjaX (@guest_426430)
June 23, 2017 18:37

damn. i so wanted to see it!

JC
JC (@guest_426145)
June 23, 2017 09:11

Reading the description of this product it sounds very similar to PNC’s Virtual Wallet. However, since i have never used PNC’s product I can’t tell you what the differences are and what is just marketing speak.

Personally, I don’t care for the name Finn as I would never refer to my bank account with a person’s name, but I am assuming that this is an acronym.

Michael G.
Michael G. (@guest_426234)
June 23, 2017 12:30
  JC

Virtual Wallet is just a checking & savings account bundle. Their desktop web experience is the big draw, not their mobile app (which is outdated)

This sounds closer to PayPal.

Dee
Dee (@guest_426142)
June 23, 2017 09:07

“but there’s an essential conflict between how a purchase makes you feel, and how the money you spent on a purchase makes you feel.”

wise words!

Jim
Jim (@guest_426237)
June 23, 2017 12:42

Meh. Sure, it sounds pithy, but I think the author is making up a semantic argument that doesn’t really exist.

In the end, how you feel about a purchase pretty much ALWAYS comes down to how much value you think you received for the amount of money you spent.