The following report is from the Trends Journal:
JPMorgan Chase has hired 400 people to create a digital bank in the U.K., the financial giant has disclosed.
The new bank is being tested inside the company, using employees as customers, before opening to the public later this year. The bank will begin by offering checking and savings accounts, then move into loans and a broader range of services once the new bank is established, according to the Wall Street Journal.
The new digital bank will jostle for market share with online British entrants Starling Bank and Monzo Bank, which British regulators permitted after the Great Recession to increase competition in the country’s financial sector.
We’ve designed the bank from scratch to specifically meet the needs of customers [in the U.K.]Gordon Smith. JPMorgan’s CEO of consumer and community banking
JPMorgan considered trying to buy Starling Bank last year, insiders say.
Starling has about two million customers and £4.7 billion on deposit.
Starling set out to disrupt the banking landscape and the fact that big banks are now copying us shows that we are succeeding, so we welcome competition.
Big banks don’t have a great record of creating challenger brands or building software in a cost-effective manner.
They are copying our features but they are unable to copy our cost base and culture for innovation.
Anne Boden. Starling founder
TREND FORECAST: As we have long forecast, the world is going from “DIRTY CASH TO DIGITAL TRASH,” and China will lead the charge. (See our 20 October article, “CHINA: DIGITAL CURRENCY WORLD LEADER.”)
AUTHOR COMMENTARY
WinePress readers know that we have been emphasizing that one of the main goals of the lockdowns and government restrictions was to wreck the Monopoly money currencies and to heavily implement new digital currencies. This is why Sweden did not lockdown as their nation was already moving into digital currencies and biometrics.
This also explains why many banks are laying-off employees and closing branches. If the currency and bank is digitized, physicals bodies and buildings are not needed. More job losses, and landlords that are stuck with empty commercial real estate.
All of this is leading up to the final end game: the mark of the beast.
[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.Revelation 13:16-18
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