Chase VP Explains Liquid's Impact On Prepaid Market
Chase's latest effort to win over customers that find traditional checking to be too expensive is called Liquid. But the company might be better served calling its new prepaid product the "Simple" card, or the "Flat" card.
That's because what makes Liquid different from other cards in the market, according to Chase VP Jonathan Wilk, is the simplicity of its fee structure. It doesn't cost money to deposit a check into a Liquid account, and there are no fees for making cash deposits — instead, there's just one fee, a flat $4.95 monthly charge to keep the account open.
In an interview with PYMNTS.com, Wilk explains how the Chase Liquid card complements Chase's existing line of financial products and services, why the card isn't just for underbanked consumers, and what future features we can expect to see added to Liquid in the short term.
Listen to the interview with Jonathan Wilk below.
Head of Product and Marketing
Jonathan Wilk is the Head of Product and Marketing for Consumer banking at Chase. He is responsible for checking, savings, debit, and reloadable cards, as well as the marketing, branding and advertising of these products.
Wilk has significant experience in financial services and marketing, and a track record of launching innovative products and promotions with strong consumer appeal. Most recently, he led the launch of Chase LiquidSM, Chase’s first reloadable prepaid card.
Previously, Wilk was the global head of Treasury Services products at Bank of America, where he managed liquidity, payments and receipts, eCommerce and card products. Before that, he was the senior executive in charge of driving consumer and small business deposit and growth and profitability through products and pricing. He also led strategy for the consumer bank, covering deposits, payments and credit cards.
Wilk spent the early part of his career in management consulting at Booz-Allen, Mercer Management Consulting (now Oliver Wyman), and Diamond Technology Partners.
Wilk holds a Master of Business Administration in Strategy and Finance from the J. L Kellogg Graduate School of Management at Northwestern University and a Bachelor of Science in Business Management from Pennsylvania State University.
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