The consumer and community banking division at JPMorgan Chase surpassed $1 trillion in deposits in 2021, up 51% from 2019.
But while the New York-based bank is the biggest in the U.S., serving more than 66 million households, customers should feel the bank is unique for them, Jennifer Piepszak, co-CEO of consumer and community banking at JPMorgan, said during its "Women on the Move" leadership day in October 2021.
"We say that in order to be the bank for all, we need every one of our customers to feel like we're the bank for them," Piepszak said. "It's the bank for me, not just the bank for all."
To pull it off, JPMorgan relies on a strategy for each business unit but also on making connections between the businesses, said Piepszak, who is joined in the effort by co-CEO Marianne Lake. The emphasis on connections creates plenty of overlap for the two women, both of whom are considered potential successors to JPMorgan CEO Jamie Dimon. Piepszak oversees consumer banking, business banking and U.S. wealth management, while Lake handles cards, mortgages and auto lending.
"We spend a lot of time working at the center, on the digital experiences, personalization, and how we can make all of these experiences much easier on behalf of our customers," Piepszak said.
In 2021, the work yielded a No. 1 ranking for Chase Business Banking on J.D. Power's business customer satisfaction survey. The business bank also was No. 1 in primary market share and the top provider of Paycheck Protection loans. Business deposit clients, meanwhile, have jumped 21% since 2019.
The wealth management business has grown to more than $700 billion of assets under supervision. The unit also is building on its online and self-directed investing services to create a hybrid channel called Personal Advisors. Targeting mass-affluent clients, the channel blends digital investment tools with access to human advisers by phone or video.
On the consumer side, the bank has seen 8% growth in households since 2019. The bank also is launching a new "pay-in-four" service for people with Chase debit cards.
"We continually invest in experiences to ensure Chase customers can pay with confidence and ease in every venue, every time," Piepszak said.
It's also getting easier for customers to find Chase branches. Last year, Chase became the first bank with branches in all 48 lower states. And it is on track to meet its 2019 commitment to open 400 new branches in 25 states and the District of Columbia.
"Our goal is not to have the most branches, but to have the right branches, in more communities, serving the financial needs of our customers," Piepszak said.
Despite pressures from inflation, the consumer and community banking division managed to drive down its cost per account by 12% between 2017 and 2021, according to JPMorgan's 2022 investor day presentation. The decrease was attributed to branch consolidations and a shift to digital and self-service tools. More than 65% of Chase's new accounts in 2021 were opened digitally.
In addition to the overall branch growth, Piepszak has overseen the rollout of a new branch model designed to boost access to financial services for Black, Hispanic and Latino communities. The branches, called community centers, are part of the bank's $30 billion commitment to racial equity, announced in 2020.
The centers — in places like Miami's Little Havana, Chicago's South Side and the Crenshaw neighborhood in Los Angeles — include extra space for community events, financial health workshops and skills training, Piepszak said. Totaling more than a dozen so far, they also include storefronts that can be used as pop-up spaces for small businesses.
The racial equity commitment includes recruiting for a more diverse and equitable workforce, Piepszak said. "Today, banks are realizing the vision that the best way to serve communities is to have employees and leaders who reflect those communities. Making tangible commitments and keeping them goes a long way toward building trust and earning the right to do business with everyone in America."
Piepszak, who is on the board of the American Bankers Association and the United Way of New York City, sees herself and Lake as part of the change. Twenty years ago, Lake and Piepszak saw no one like themselves rising to the top, Piepszak said. "Today we help lead the company. That in itself is progress."
