Marketing Plan for JP Morgan Chase's First Banking Account

Marketing Plan for JP Morgan Chase's First Banking Account
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Marketing Plan for JP Morgan Chase's Chase First Banking Account
Situation Analysis
JPMorgan Chase is one of the oldest financial intuitions in the United States. With a history dating back over 200 years. JP Morgan Chase currently manages over 2.6 trillion client assets, operates in 100 global markets, and has over 250,000 workers (about half the population of Wyoming). JP Morgan Chase is a market leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management (Develop a Strategy | Chase for Business | Chase.com, n.d.). Over the years, the bank has managed to stay among the top players in the banking industry due to its dynamic marketing skills through the integration of innovation and market research. This study focuses on the marketing strategies carried out by the institution by analyzing the marketing objectives as well as the marketing mix.
JP Morgan Chase has developed an initiative to increase user services by offering a new bank account, Chase First Banking, that allows children ages 6-17 to have their first debit card with no service fees. The account is designed to help teach children the foundations of earning, saving, and spending through hands-on learning (Zigu, 2020). Owned by the parent or guardian, the guardian can set spending limits, transfer funds to the accounts, and monitor the account through the Chase Mobile App. Our goal is to perform a market analysis of the children’s banking services and find ways to increase the number of Chase First Banking account customers by improving the benefits and customer experience of the Chase First Banking account.
Marketing goals/objectives
A solid marketing objective in the banking industry will be able to be implemented from start to finish. The bank has analyzed the banking industry and specific services to children. It has been determined that the quality of service provided by the employees will affect both the children and their guardians. JP Morgan Chase has set one of its goals to provide exceptional client service. Customers can deposit directly to their respective accounts faster and safely (Shastri, 2021). The bank is one of the founding institutions that has granted its users the right to deposit electronically to their accounts without necessarily going to the bank. The increase in cardless payment systems has brought about another exceptional service. The bank has partnered with third parties like Paypal, Venmo, Apple ...