JPMorgan Kills New App Service for Young People

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Explore Napa Valley, California with WSJ magazine and into Garay. Join WSJ magazine on intimate. Winery visits with globally, acclaimed winemakers and celebrated shafts enjoy stunning views, Michelin starred, restaurants, private sellers, and much more book the exclusive trip at Indy. Gory dot com slash WSJ magazine or call six four six seven eight zero eight three eight three. This is tech news briefing, im Tanya, Bustos reporting from the newsroom in New York, and J, P Morgan, scraps its new app service for young people just one year after making the app available nationwide the details after these Tyke headlines. Spotify lands in agreement with President Barack Obama and Michelle Obama's production company in which higher ground will produce podcast exclusive to the streaming service partnership comes after Spotify recently acquired a trio of podcasting companies for around four hundred million dollars part of a plan to spend as much as five hundred billion dollars. Total on such deals this year, and the journal says Spotify continues to expand into podcasting as an effort to keep users more engaged also where the company is seeking to differentiate from other services with exclusive content. China's granting five d licenses for commercial use to its biggest wireless carriers opening the next phase in the race to dominate the next generation of mobile tech. The ministry of industry and information technology said the country's three state owned carriers would receive licenses as would cable network giant China broadcasting network, now with the roll out of five G the global cellular equipment market is expected to grow two percent. Annually reaching one hundred sixty billion dollars by twenty twenty three. Google has made a long awaited acquisition to bolster its cloud computing business, a booming industry where it has lagged behind rivals. It is acquiring looker a business intelligence software, and big data. Analytics platform for two point six billion dollars in cash. The two companies were well acquainted alphabet earlier invested in looker through its venture capital, arm capital, g the journal says the move indicates Google will continue to pour resources into its Google cloud division, as it remains far behind rivals, like Amazon, and Microsoft, and cloud computing. The deal is expected to be completed later this year, pending regulatory approval coming up J, P Morgan kills an experiment to attract younger customers, what it means for new digital banking. Initiatives familia in those ambience. Earlier. Swift the inadequacy. Evo ski must sent this. Interim this guberntorable scheduling door in good. Get message gunman women this Lisa. What is that little sister dossier laptop zeal? J P Morgan began informing clients Thursday that it had shutting down banking brand thin. Fins closure is a quick about face for a product J P Morgan hoped would help lure in some new younger customers. Let's get more joining us in the podcast studio. Wall Street Journal reporter, David Benoit welcome back. Thanks forever. Of course. So I for those of us who didn't try it out. Can't now ask your date. I guess if you could I walk us through what Finn was because it was a bit of a digital hybrid. Right. Sure. So, so Finn would have been an online only Bank, so it would have been you, you download the app, and you go start in account in sort of like their various other options out there, right where you can transfer money in and out in get it only online really odd had some cool tools within about saving and some suggestions on, on how to use your money and budget. And then the, the extra the hybrid part here for for Finn was will you could also actually physically go to an ATM you go to a chase teller for some things and you could withdraw. In deposit money. And that's that was the big thing, you, there's a place where you could. You know if someone paid you in cash, or in check, which I think most people don't get millennials get cash. You could actually deposit it at an ATM and how it go into your county. That's a hard thing to do. Right. I guess it speaks to this shift, that's happening, obviously, especially younger people, they don't really finance the way the structure has been in place. So do we take this about face as big banks, having trouble circumnavigating this new space? I think everyone sort of experimenting a little bit in, in sort of testing things out. If Morgan certainly throws a lot of money around in technology in general, and I think he's willing to sort of drop things not work out the way they thought Jeep Morgan seems to have learned some things from, from their interactions with with Finn customers about and they've at the same time been improving their standard chase mobile app and expanding their branch network. And they just felt like we don't need this other. Brand over here. It doesn't mean they're going to stop trying to get millennials on their app in and you can actually now open up chase account, whether or not you have a branch near you. So there are other other ways they sort of trying to do it mentioned, how they're sort of a big player in this space. And there is such a aggressive spending on this kind of tech, our rivals faring as they try to restructure their whole being as well. Yes. So chases like one of the largest deposit banks in the country, they're second, most branches and deposits. So they're a massive organization. They touch him one into households what they talk about. Which is why they're allowed to sort of try this thing out, and then kind of quickly folded back into perspective. There are lots of other things Goldman Sachs's trotted out this Marcus checking and savings account, which is the difference between it and Finn was, we'll one didn't have that physical location. We talked about, right? But to Marcus and Goldman are paying you an awful lot of interest right now. So your money is making money for you. And that is a huge draw in his doing pretty well. We think with millennials. There are other options from places like acorns, which is, you know, building up trading in, in other ways investing, they're adding checking accounts on top of it. Everyone sort of trying to get at young people in how they use money and deposits in deposits is the key here for all the banks because they take your deposits, turn them into loans, which is where they make profit. I think that's a good note to end on David, thanks so much for the time. Thanks for having me. For more on the digital banking app world, you can head to wsJcom and followed David Benowitz coverage. That's it for the tech news briefing from the newsroom in New York. I'm Tanya boost does. Thanks for listening.

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