Roxann Cooke is the consumer bank and wealth management regional director for JPMorgan Chase & Co., the holding company for JPMorgan Chase Bank N.A., which does business as Chase Bank. She spoke with PBN about the bank’s latest Rhode Island branch opening in the Olneyville neighborhood of Providence, as well as its expansion plans across the state.
PBN: Chase recently opened a new branch in Olneyville. How was this specific neighborhood chosen?
COOKE: Branches are critically important to our customers. We continue to open where it makes sense, including in high-growth areas like Olneyville. Most importantly, we want to meet our customers where they are, and give them choice and convenience. Since opening our doors in Olneyville just over one week ago, the response from customers has been overwhelmingly positive. Olneyville is a terrific community filled with families, small-business owners and lots of opportunity.
PBN: How does the latest Rhode Island branch fit in with Chase’s larger plans to expand its physical presence in the state?
COOKE: We continue to grow the number of households and small businesses we serve through our branch network. The first Rhode Island branch opened in Providence in 2019 and we’ve added nine locations since that time. Olneyville is our 10th branch, and we continue working towards our goal of 14 branches statewide over the next few years.
Not only do these locations offer convenience for our customers, but they also bring good paying jobs to the state. We’re hiring locally, making philanthropic investments and bringing all the benefits our firm has to offer to drive economic growth in Rhode Island.
PBN: Chase has also committed to economic development and local hiring as part of its Ocean State expansion plans. Tell me more about that.
COOKE: As banking continues to evolve, we are focused on the talent and skills of our people. Our employees are the key to JPMorgan Chase’s success – ensuring we deliver for our clients while building the workforce for the future. Each branch is staffed with about 10 employees, and we’ve hired more than 90 employees since we began opening branches. We expect that number to continue growing.
Economic development is a core part of our work, and we are committed to providing individuals, families and small-business owners with opportunities for growth. Ensuring people have safe, affordable options for housing is a critical part of economic development. We work with a number of incredible organizations, like ONE Neighborhood Builders, which is based in Olneyville, and HousingWorks RI, to support their efforts to develop and preserve long-term, sustainable housing solutions around the state.
PBN: Other banks have started decreasing their brick-and-mortar footprint amid the increasing shift to digital and mobile banking. What is Chase’s strategy behind increasing physical branches? How does that fit in with increasing digital and mobile bank demand?
COOKE: We are big believers in our branches. In fact, more than 1 million customers visit a Chase branch every day. It’s about human connection and providing personalized financial guidance to our customers. Our branches account for roughly 70% of deposits, which is consistent with pre-pandemic levels and fuels our growth around the state.
We continue to innovate for our customers, too, offering them services through the branch and through digital and mobile banking. We offer customers flexibility and choice so they can bank with us based on their needs.
PBN: What are the biggest challenges facing the industry, and Chase Bank specifically, amid the continued fallout of the pandemic?
COOKE: COVID-19 has caused profound shifts in consumer behavior, and we continue to enhance our digital offerings while tailoring our products and services to meet these evolving customer needs.
People are concerned about supply chain issues and rising prices, but many also struggle with financial security, affordable housing and maintaining or finding employment.
Our branches are open, and were throughout the pandemic, thanks to strict safety protocols, and [they] serve as hubs of information for people where they can seek and receive advice and support.
Serving as a resource for our customers and communities is more critical than ever and we are proud to be part of the Rhode Island community. We work hard to serve our customers, listen to them, understand their challenges and help them find ways to achieve their goals.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
