JP Morgan Chase & Co. (JPM) is in 50% of all U.S. households, and the company continues to deepen relationships with its customers, says Gordon Smith, the CEO of Consumer and Community Banking at JP Morgan Chase. He was speaking at the 33rd annual BancAnalysts Association of Boston Conference, held at the Langham Hotel.
The upbeat report from Smith is reflected in the third quarter year-to-date financials. The JP Morgan Chase Consumer & Community banking division is up 18% year to date; Consumer & Business Banking is up 31%; Mortgage Banking is up 9%; and Card, Merchant Services & Auto are up 21%.
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JP Morgan Chase is doing well in the JD Power & Associates tallies of success: JP Morgan Chase is the number one credit card issuer in the U.S.; the number one U.S. co-brand credit card issuer; the number two mortgage originator and servicer; and number three non-captive auto lender.
Chase has also led the banking industry in deposit growth for three consecutive years, Smith said. “If you look at the core metrics of what we’re doing with customers, there’s really strong growth,” said Smith, who added the company has been increasing its credit card market share while maintaining a strong ranking in customer satisfaction.
As the nation continues to climb back out of recession, Smith said that consumers and small businesses are borrowing more, resulting in continued growth in the core loan portfolio. “The growth in our core businesses is now outstripping the runoff,” he said. “We’re seeing it in our mortgage business and credit cards.” Lending is also increasing to those sectors as demand increases, Smith said.
Like other banks, JP Morgan Chase is seeing more customers turn to online banking. Among its plans are a “next-gen QuickPay” system, which will improve smartphone customer abilities to pay person-to-person.
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