in an interview. And despite the customer segment's infrequent branch visits, Chase's increased share of millennial customers is likely due to its work in building out its digital capabilities. The firm has improved on digital account opening, for example, cutting down the time it takes from Engagement in Chase's consumer banking operations — powered in large part by growth in digital — allowed the firm to soften the impact of lower interest rates.
interest rates twice during Q3 2019 — the first time in over 10 years — to prevent an economic slowdown, which squeezed bank margins. Previously, rising interest rates increased the profitability in Chase's lending operations for the past seven yearsthat the firm "delivered record revenue this quarter, demonstrating broad-based strength and the resilience of [its] business model despite a more challenging interest rate backdrop," specifically highlighting "healthy volumes" in its mortgage, auto loan, and credit card segments.
Chase's rising engagement is evidenced by the 2 million checking and savings accounts that have been opened digitally, and its enrollment in Credit Journey — its in-app credit score monitor — exceeding 18 million., Business Insider Intelligence's expert product suite tailored for today's decision-makers in the financial services industry, delivered to your inbox 6x a week. >>
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