JP Morgan Chase exec talks Charlotte expansion plans, competing in Bank Town
As JP Morgan Chase opened another bank branch in Charlotte, one of its top executives discussed its expansion plans for the city and how it hopes to stand out in the crowded banking scene here.
The New York-based bank celebrated the grand opening of its Beatties Ford Road branch on Thursday. It now has opened 13 branches across the city — including one directly across from the Bank of America headquarters in uptown — and is continuing to build out its presence in Charlotte and other new markets.
Jennifer Roberts, CEO of Chase Consumer Banking, spoke exclusively with the Observer about what drew the bank to the Charlotte market, how it plans to address local competition and why bank branches are still an important part of Chase’s growth strategy.
Growing in Charlotte and beyond
In 2019, JP Morgan opened its first retail branch in North Carolina in Chapel Hill, with plans to add dozens more throughout the state over the next three years.
The bank moved forward with that plan despite the pandemic and has since opened 20 branches across the state, primarily in Charlotte and the Triangle. In Charlotte, the bank still plans to open seven more branches for a total of 20.
JP Morgan has no plans to halt its swift expansion through the state, or any other new markets, anytime soon, Roberts said.
“We are committed to that investment, we’re committed to that strategy and we’re going to deliver on what we said we were going to do,” Roberts said. Charlotte, and North Carolina, are part of that plan.
Despite the growing importance of digital banking, Roberts said that opening new branches remains an important part of JP Morgan’s strategy in Charlotte and other markets.
“The branch is still alive and vibrant,” she said, noting that JP Morgan branches still get thousands of visitors a day. “Being physically here and physically present gives our customers the confidence that we want to provide the right services for them.”
The new branches are designed for the shifting role that bank branches now play for customers, Roberts said.
At the newest branch on Beatties Ford Road, there are fewer teller booths and more places to sit and chat. That includes conference rooms, restaurant-style booths and an area with a large gray couch and TV screen that Roberts referred to as “the living room.”
People are more comfortable talking about money in a casual setting, she said. “When you’re in a more formal environment, it can be intimidating for lots of customers,” Roberts said. “We want people to feel comfortable coming to us.”
Lots of competition
JP Morgan has a strong presence in the Northeast. But an increasing number of Northerners are flocking South, Roberts said. “As that happens, we want to make sure we’re following our customers and being there for them,” she said.
Over 1 million customers in North Carolina already use some of the bank’s services or products, Roberts said, such as credit cards. JP Morgan often finds success in converting those customers into account holders, she said.
Roberts said the bank is undeterred by the competition in Charlotte.
“There’s a lot of competition everywhere,” Roberts said. “We compete with the other two large banks in pretty much every state that we’re in.”
JP Morgan Chase is the biggest bank in the U.S. by total assets. But in Charlotte, others loom large: Bank of America claims 62% of deposits in the area.
Truist and Wells Fargo also have double-digit deposit market share, well above their closest competitors. According to FDIC data, JP Morgan has just 0.04% of the deposit market in the area.
Ultimately, Roberts said, the bank wants to expand in growing markets where it thinks it can offer value. Charlotte fits that profile.
“Charlotte is thriving,” she said. “...We wouldn’t go to a place that we felt like we couldn’t be long term.”
The Beatties Ford Road branch
Roberts, who is based in Delaware, was in town to celebrate the grand opening of Chase’s latest branch, at 2023 Beatties Ford Road.
The branch will provide greater access to banking for members of the historic Beatties Ford Road community, the bank said in a news release.
Median income in the neighborhood, which hovers at about $25,000 a year, is lower than that of Mecklenburg County, where the median household income is $66,641.
The historically Black neighborhood previously has been designated both as an “Opportunity Zone” and a “Corridor of Opportunity,” government programs aimed at bringing more business to the area and improving the quality of life for residents.
The manager of Chase’s new branch, Nicole Byers, grew up in Charlotte’s West End. She hopes the branch will be a place where residents feel comfortable seeking financial advice.
Talking about money is “one of those things that people shy away from,” Byers said. “It’s exciting for me to be able to be here for people... to have them come in and sit down and talk about their worries, their dreams, what they want to do to get to the next level financially.”
Along with the branch’s opening, the bank announced a $750,000 “philanthropic investment” in Johnson C. Smith University to expand career pathway programs for students interested in financial services.
“Whenever we come into a (new location), we want to make sure that we’re part of the community and are serving all needs of the community,” Roberts said.
This story was originally published November 5, 2021 at 12:36 PM.
