Chase has announced its acquisition of the booking services company RMV, which it acquired for $4 billion in December.
The acquisition includes the services of over 10,000 RMV accountants, and is aimed at increasing the amount of information people can access with their online banking, according to a blog post on Chase’s website.
“By combining the expertise of RMVA with the capabilities of our business analytics partners, we are enabling our clients to deliver better, more relevant and cost-effective online banking experiences,” Chase’s CEO Brian Farley wrote in the blog post.
“The acquisition of an industry leader like RMV will help us accelerate our vision of bringing all things online.”
The RMV acquisition will create new revenue streams and new ways to manage account balances, Farley added.
It will also allow Chase to continue expanding its reach, including offering online banking in new countries.
“The acquisition will allow us to grow our online banking offerings even further in new regions around the world, and to expand our offerings in the U.S.,” Farley said.
The acquisition was a major win for Chase, which has been struggling to meet customer demand for online banking and payment services.
As of July, the company had nearly 7.2 million customers with more than 8 million of them using its online banking service, according a report from research firm FIDO Global.
However, that number is expected to drop to 5 million by the end of this year, as consumers continue to move away from traditional bank-to-bank banking and towards digital services.
In a statement, Farly said: “With RMV we have the capability to deliver the most valuable online banking experience and the most effective online payment experiences.
It is a great fit for us to continue to grow in new markets and markets in which we are currently operating.”
Read more about Chase, the Chase acquisition, banking, business, banking news, internet, financial, financial services