2021 Consumer Banking Technology Trends

By Rohan Amin, Chief Information Officer, Chase
December 20, 2020

Our world has shifted significantly this year and the impacts of consumer behavioral changes, including those related to banking, may be felt for years to come. I’ve often said that there has never been a more exciting time to be a technologist and next year that will still be true. Technology is always evolving and is helping to make our customer experience more insightful and convenient.

Today, many technologies are making a huge impact for consumer banking customers at scale. For context, Chase serves nearly half of all U.S households and has over 55 million digitally active customers.

For banks, technology is helping them keep their organizations and customers safe, while helping their employees better serve their clients. In 2021, we will continue to see the following technology trends accelerate:

Artificial Intelligence and Machine Learning

In the new year, we’ll be taking our application of artificial intelligence and machine learning to the next level as we broaden its impact across Chase. These two technologies will enable the bank to offer even more personalized insights to our customers when they use the Chase Mobile app.

From a business standpoint, artificial intelligence and machine learning will continue to improve our ability to detect and prevent fraud. It can also help us improve our underwriting by analyzing alternative data sources much more efficiently and effectively.

For certain employees, artificial intelligence will increasingly help them to be more effective at their jobs, providing virtual coaching and real-time guidance, resulted in improved customer service and a better customer experience. 

Building technology for everyone

Good technology needs to be available and convenient, which is why we spend a lot of effort to make sure that we can serve our customers where and how they want (in our branches, at our ATMs, in the Chase Mobile app, by phone or online). This omnichannel experience enables us to help our customers do everything from digitally opening a new account to disputing a credit card charge in a few clicks or starting a transaction in one channel and finishing it in another seamlessly. The pandemic also required us to adapt the ways our employees interact with our customers virtually, whether that’s through text messaging and video chats or through enhanced functionality in our mobile app to schedule a physical appointment in a branch.

We are also building more technologies that are free of unconscious bias, helping us serve all communities equally. This year, diversity and inclusion were at the forefront of public discourse in this country. As technologists, we have the power to problem solve and use technology to create digital banking features that help every single customer make the most of their money. 

Application Programming Interfaces (APIs)

APIs have enabled us to securely enrich our customer experience across our digital ecosystem by extending the Chase experience with trusted third parties.

This year, we collaborated with DoorDash and Lyft to extend Chase credit card benefits inside their respective apps. Teaming up with Tock, we enabled customers to pay for dining experiences using their Ultimate Rewards points.

We also required all apps and services to commit by July 30, 2020, to use our secure API to protect our customers’ data when they give permission to a third party to access their account information. This specific API creates a safe technology link for customers to share specific account information from only the accounts that they choose to connect without needing to share their Chase username and password. This enhancement will make it easier for our customers to have control over what account information they share and with whom.

Now and into the future, Chase will continue to build upon its API strategy to facilitate open banking, improve security and privacy, accelerate innovation and improve our customers’ experience.