JPMorgan turned traditional banking on its head, and it's now using its credit card business to find new customers, sell products, and build branches

For years, the traditional approach in consumer banking was to get a customer's checking account and then look to sell them other products like mortgages or auto loans or investment advice.including the hugely successful Chase Sapphire cards

That was one of the insights to emerge from JPMorgan's annual investor day, held Tuesday at the firm's Manhattan headquarters. While executives didn't come right out and say it, the strategy emerged over a series of presentations given by senior officials. "As we dig into it — and card is by far the largest, then it drops down pretty significantly into mortgages and auto — there seems to be a demand from customers who really like their Chase products but haven't been able to bank with us because we haven't had the branch network," Smith said Tuesday."That's where we're seeing the acceleration of growth."over the next five years in new markets like Washington, DC, Philadelphia and Boston.

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Fonte: BusinessInsider - 🏆 729. / 51 Leggi di più »