JPMorgan Chase and Digital Rivals Flock to Germany's Lucrative Market

JPMorgan Chase, BBVA, Santander, and Credit Agricole are launching digital banks in Germany, targeting the country's vast pool of deposits, estimated at nearly €4 trillion. Established lenders like Deutsche Bank and local savings banks will face competition, but real change in market shares is likely to proceed slowly. Digital banks have become cheaper to set up, and the breakeven level of customer deposits needed to capture has fallen dramatically. Germany's digital banking market is expected to become increasingly competitive.