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JPMorgan Chase (JPM) is borrowing some tactics from its upstart fintech competitors.

The lender is rolling out a new banking app, waiving service fees, and making it easier for 17-year-olds to open accounts as it tries to attract more of the 30 million young adults in the country making their first major financial decisions.

The move comes as part of a firmwide initiative JPMorgan unveiled in late March, pledging to help prop up the American Dream, which longtime CEO Jamie Dimon described as “alive” but “slipping” for many Americans.

“This generation is rapidly becoming the engine of the economy, and they are at a moment where they're choosing both financial tools and relationships, but there's a gap,” Matt Gromada, head of emerging growth segments at JPMorgan, said in an interview.

“They’re entering adulthood on a very different path,” Gromada added, noting that banks can do a better job courting this age group.

JPMorgan’s findings on Gen Z: A study conducted by JPMorgan, which surveyed 4,415 young adults between ages 18 to 24 across the US, found that most of this cohort is already earning a living. Only 40% of respondents said they were in high school or college, while another 20% said they started in school and then dropped out.

The study also found this group’s outlook on money is strained. 64% of respondents said they can’t build savings or rely on financial support to make ends meet. Half said achieving the American dream comes down to affording daily expenses without stress.

Despite prizing a good app, the survey also found this group of young adults still values the physical presence that fintech competitors don’t offer. About half say mobile tools and in-person access are equally important. Another 43% said they prioritize having convenient access to an ATM when picking their bank.

Context: Fintechs, including SoFi, Chime, Cash App, and PayPal’s Venmo, have for years leaned on offering easier banking products and low fees to acquire customers, particularly younger customers.

As traditional banks have struggled to keep up, Gen Z customers are, perhaps, the most unforgiving among all ages. A 2025 Deloitte study found that this age group has the highest risk of switching from their primary bank among all generations — even though their satisfaction with banking relationships is only marginally lower than that of older consumers.

“We can't just put our heads in the sand and say, ‘Well, that doesn't affect us,’” Dimon told analysts at JPMorgan’s February investor day when asked about the increasing competition the country’s biggest bank faces, from AI and investment banking to payments and even courting the next generation.

“That's what we said with Stripe when it came out. That's what we said with PayPal. That's what we said with Cash App, okay?”

David Hollerith covers the financial sector, ranging from the country's biggest banks to regional lenders, private equity firms, and the cryptocurrency space.

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