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Marketing Plan: Strategic Analysis Assignment
Breana Picchiottino
School of Business, Liberty University Online
BUS 330: Principles of Marketing
Professor Lexi Henegar
June 23rd, 2025
5. Market-Product Focus
This sector will explore JPMorgan’s marketing and product objectives for the next five
years while highlighting the target markets, points of difference, and positioning of their newly
innovated mobile cash deposit system.
Marketing and Product Objectives
Approximately 3.6 billion individuals utilize online banking with 91% claiming it as one of
their top priorities (Elad, 2025). In fact, 77% of all banking transactions are completed entirely
online. With the expansion of mobile banking, it raises the question of how innovation may
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continue to flourish. Reports have indicated that financial institutions must pursue rapid
innovation in order to distinguish their mobile platforms and remain competitive (Daughtery,
2025). Considering that 34% of people will switch banks due to better mobile and online
banking options, the possibilities to gain a competitive edge are plentiful (Stacker, 2024). With
such statistics in mind, JPMorgan Chase has worked to design the world’s first mobile cash
deposit system that aims to enhance security and better reach the unbanked and underbanked
communities. The following three sections will highlight the current markets and expansion
process.
Current Markets. Mobile check depositing systems have been around since mobile and
online banking took off, with all of JPMorgan’s top competitors such as Bank of America,
Citibank, and Wells Fargo offering the service through their respective mobile banking channels
(Zhen, 2025). Over 60% of financial institutions have credited the inclusion of remote deposit
systems for significantly transforming their online banking platforms (Worldmetrics, 2025).
More than half of financial firms estimate that remote deposits will completely replace in-
person deposits within the next decade with almost 100% of banking executives viewing it as a
crucial part of future banking strategies. Although mobile check deposit certainly is a popular
and growing use of online banking, other resources that appeal to consumers are 24/7 access,
monetary transfers between accounts, and online bill pay (Self Financial, 2024).
New Product. To capitalize on the growth of remote deposits, JPMorgan Chase has been
working to innovate and expand mobile deposits to include cash in addition to checks. Such a
system would utilize the serial numbers printed on the cash to ensure deposit and additionally
track what cash has been previously deposited. This innovation aims to not only provide
additional convenience for its users and enhance security measures due to additional tracking
but also find high levels of appeal among individuals who are unbanked or underbanked. In
regard to security measures, serialized tracking has been proven to aid in fraud prevention
(NetSuite, n.d.). Due to the uniqueness of the number, it is difficult for counterfeiters to produce
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fake bills that could overcome the detailed and precise tracking system. Additionally, such
tracking enhances traceability by keeping a complete history of the bill and its whereabouts. In
reference to the expansion into unreached groups, those who are reported as being part of the
unbanked and underbanked communities are more likely to entertain mobile banking and
payment methods than full bank users (Federal Reserve Board, 2016). Considering that
individuals who are underbanked rely more heavily on the use of their mobile device due to the
potential lack of other internet access points, they were reported to be 40% more likely to use
mobile banking (Electronic Transaction Association, 2022). Of those individuals who have no
bank, two-thirds were classified as households that rely entirely on cash only (Federal Deposit
Insurance Corporation, 2024). This data collection would suggest a high probability of success in
servicing these underserved communities.
New Markets. Although remote deposit technology has existed previously, the creation
of a mobile cash deposit system would lead the firm into an entirely new branch of the market
that has yet to be explored. JPMorgan Chase would lead the way in increasing innovations
within the online banking world. About 65% of financial institutions have been aiming to expand
remote systems to include other financial documents and ID scans (Worldmetrics, 2025),
however, none have focused their approaches on solely cash. Fortunately, serial tracking
systems for cash do exist including utilizing transaction identifiers for each bill and then scanning
the bill to connect the serial number and transaction identifier (World Intellectual Property
Organization, 2005). A separate system tracks serial numbers and compares them to those of
counterfeit bills which are kept in a separate log and aids in validating currency and identifying
individuals who attempt to use them (Google Patents, 2010). Applying these systems into their
mobile innovation would catapult the firm ahead of its competitors. Furthermore, unbanked
and underbanked communities represent a substantial market that is largely untapped by
financial firms (Electronic Transactions Association, 2022). Financially underserved markets were
reported to make up $1.3 trillion in wages which highlights the massive economic value that
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such communities hold. There exists a considerable incentive for the firm to find services that
will cater to such groups as they work to broaden their expansion.
Target Markets
The target market for JPMorgan Chase’s mobile cash deposit system will include their
already expansive platform of digital users as well as those who are part of unbanked or
underbanked communities and those who may have concerns regarding safety and security.
Considering that the firm already reported 67 million active users across their digital platforms
in
2023 (JPMorgan Chase & Co., 2024), they are well positioned to introduce a new service offered
to their existing client base. When recognizing the unbanked community, which represents 4.5%
of the US, it is important to note that while a small percentage their economic potential is
promising (Goodstein, 2024). Roughly 3.5 million individuals without banks rely solely on cash
with the vast majority of these people being Hispanic. Continuing with a closer look at the
demographics most unbanked, data shows White and Black people trailing Hispanics. An
examination of education shows individuals with college degrees barely surpassing those
without a high school diploma in terms of being unbanked and relying solely on cash. Income
again displays a high amount of variation with top numbers belonging to individuals who make
fifty thousand or more annually while second place are those making between fifteen and thirty
thousand. When considering the underbanked community, 19 million individuals are in question
as over 14% of US households are underbanked and reliant on nonbank products (Federal
Deposit Insurance Corporation, 2024). Such significant amounts of variation and volume present
in the data suggest that the firm’s creation of this system would bring in a broad range of
consumers. Lastly, 35% of individuals have expressed security and fraud concerns through
online banking platforms (Self Financial, 2024). Over 54% of individuals report being the victim
of fraud through online platforms which correlates with the heightened level of concern. If the
firm focuses on marketing the enhanced security delivered through the serialized tracking
system it may appeal well to the groups who have concerns about fraud and security.
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Points of Difference
The points of difference, or what distinguishes JPMorgan’s mobile cash deposit system
from its competitors, are detailed below.
First-of-its-Kind. All competing firms have advanced online banking platforms and
mobile deposit systems fit for check acceptance (Zhen, 2025), however, none have one that
specializes in remote cash deposits making this technology unique amongst competitors.
Convenience Without In-Person Visit. Rather than having to visit an ATM or physical
branch to make a cash deposit, this system provides convenience for the consumer in a manner
yet to be attempted by opposing financial institutions by expanding the services available to
them through online platforms which is something highly sought after by consumers (Self
Financial,
2024).
Robust Anti-Fraud Detection. Although all financial institutions remain vigilant to detect
and prevent fraud, a serial tracking system that would work specifically with cash transactions
has yet to be implemented within banks. Providing a system that boosts tracking and
traceability (NetSuit, n.d.), would bolster anti-fraud detection for cash transactions.
Financial Inclusion for Cash-Reliant Communities. Cash-depent individuals who are
grouped into unbanked and underbanked communities are notoriously underserved by financial
institutions (Goodstein, 2024). Expanding the mobile banking options available to those
individuals who rely on cash would provide a prime advantage to the firm as it takes the lead in
expanding into unreached markets.
Positioning
The future of cash banking is mobile as JPMorgan Chase' s invention brings increasing
innovation to the online banking world. Enabling users to deposit cash anywhere without
needing to visit a branch or ATM without compromising their safety and security bolsters
consumer confidence and convenient services. The firm’s approach would utilize similar
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technological innovation that is currently emerging within financial institutions but expand its
use to cash further enabling them to increase financial access in underserved markets. All
characteristics combined strive to achieve a positioning with clients where they embrace a
digitized future that still prioritizes security and service.
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References
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Elad, B. (2025). Online banking usage statistics 2025: Adoption, user insights, etc. CoinLaw.
coinlaw.io/online-banking-usage-statistics/
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Federal Deposit Insurance Corporation. (2024). FDIC survey finds 96 percent of U.S. households
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Zhen, S. (2025). What are mobile check deposit limits? Know before you bank. MyBankTracker.
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