The Merger & Acquisition of First Republic Bank by JPMorgan Chase

Project Overview

First Republic Bank was a financial institution that served high-net-worth individuals and businesses for decades. The institution succumbed to the U.S. banking crisis of 2023 after a run of uninsured deposits, following the collapse of Silicon Valley Bank and Signature Bank. JPMorgan Chase & Co. bought First Republic Bank after the FDIC announced its closure.

Challenges

I overcame the following challenges during this project:

• Orchestrated the transition to JPMorgan Chase for First Republic customers, rebuilding client's trust in banks.
• Supported content and design strategies with minimal user research.
• Work with two distinct style guides and design systems.
• Managed inconsistent workflows and approval methods, complicating communication between teams.
• Balanced user and stakeholder needs in a highly regulated and fast-paced environment.

An additional challenge to this merger and acquisition was the demographic transition for First Republic’s client base. Service marked, “It’s a privilege to serve you®” First Republic had an established reputation for exceptional customer service. First Republic attracted a specific market of high-net-worth individuals and businesses seeking personalized services, tailored banking solutions, and white-glove treatment. These clients were in for a mildly rude awakening transitioning into an all-inclusive bank like Chase.

My Role

As the content lead, I was responsible for updating content on behalf of First Republic and Chase. My content strategy was designed to aid users during their off-boarding for Republic and onboarding for Chase. My content would reflect empathy for these clients through clear, concise, and informative language.

I had ownership of the following responsibilities:

• Content for Login, Private Wealth Management, Personal Banking, Business Banking, and FAQs on behalf of First Republic Bank.
• Content for Asset & Wealth Management, Consumer & Community Banking, and Commercial Banking on behalf of JPMorgan Chase.
• Coordinate content quality assurance and documentation across, product, marketing, and legal.
• Collaborate with marketing to ensure content consistency across communications and FAQ page.

Team

• Project Managers
• Legal, Risk, Compliance (LRC)
• Marketing Partners
• UX Designers
• Developers

Tools

• Figma
• Confluence
• Jira
• Evergreen
• User Interviews

User Research

User research for this project was not as planned and hands-on as I would have anticipated. While I was being onboarded to this project, I asked about user testing and was informed that the research team didn't get around to it. Weeks before our first sprint cycle began, I was informed that user testing was taking place and finalized content was to be put on hold.

User research was the only team allowed access to testing, which took place in the form of user interviews. This was unusual to me; my role in user testing typically entails active participation, where I'll engage users by gauging their preferences, circumstances, and body language. Unfortunately, the results from testing lacked substance; there were no recordings of the interviews or quantifiable data.

These were the research team's key findings from user interviews:

• The term "migration" elicited feelings of confusion and instability, as opposed to the word "transfer".
• Users felt anxious about money getting misplaced during account transfers.
• Users wanted guidance setting up banking services such as wires, account alerts, and bill pay.
• Customers who don't use online banking were at risk for missing critical updates due to communication gaps.

Content Strategy

The tone portrayed in the content for First Republic users transitioning to JPMorgan Chase was confident, empathetic, and informative. My content strategy aligned with the following goals:

Balance Time and Resources

The company lifecycle of First Republic was in decline while JPMorgan Chase was basking in company renewal. From a business perspective, allocating time and resources to the growth of JPMorgan Chase was more important than targeting First Republic. However, from a user perspective, it was just as crucial for First Republic users to feel supported throughout their client off-boarding.

Meet Stakeholder & User Needs

During the account transfer, legal considerations required us to manage client communication carefully. While it's common for business goals and creative priorities to appear divergent, we achieved positive outcomes by fostering collaboration and identifying shared objectives that satisfied organizational and user needs.

Rebuild Client Trust

The collapse of First Republic created significant uncertainty for its customers regarding their financial security. Transitioning to a new bank can be a daunting process, involving new credentials, legal agreements, and unfamiliar interfaces. To address this, I prioritized a welcoming and informative narrative in our content strategy. This approach aimed to rebuild client trust in banking institutions by providing clear and supportive communication during the transition.

Managing Card Features & App Decommissioned

First Republic Final Designs

Final designs and content for First Republic emphasized changes to customers accounts during the transition to Chase.

Get the Latest on Your Account

Upon logging into their online account, users were directed to the home screen. Given the significant changes resulting from the First Republic transition, it was crucial to ensure users were instantly aware of these updates. A prominent, dynamic alert on the home screen presented key details regarding the latest changes to their accounts. To keep customers informed of critical updates to their accounts, they could select the "Get the latest" CTA within the message for more information.

Home screen and Your Account Status

View Account Number at JPMorgan Chase

To ensure users seamlessly access their transitioned First Republic accounts, we recognized the need to provide clear and consistent guidance, especially for those not enrolled in Chase online banking. Understanding that this transition could confuse users, we provided multiple touch-points to highlight the pre-assigned username access.

The home screen, chosen for its high visibility, displayed a dynamic message prompting users to select "View account number" and navigate to Chase's sign-in page. To prevent customers from becoming lost during this transition, a persistent reminder, the "See your accounts at JPMorgan Chase" bottom drawer, was strategically placed within the Your Account screen, offering another pathway to the Chase sign-in page. This approach aimed to minimize user frustration and ensure a smooth transition.

Home screen and Your Account Status

First Republic FAQ

To fill in gaps in communication, I collaborated with First Republic marketing partners to write the FAQ page. This FAQ page was designed to answer all First Republic customers questions regarding their transition to JPMorgan Chase. This page was also helped resolved the challenge of accommodating to users not enrolled in online banking.

The FAQ page was taken down when the merger completed. The finalized content for the FAQ page can be viewed here.

JPMorgan Chase Final Designs

Final designs and content for Chase highlighted important tasks that needed to be completed on behalf of customer onboarding.

Account Transfer Checklist

To ease the transition and minimize user confusion during the First Republic account transfer, the Account Transfer Checklist was designed to simplify onboarding for former First Republic customers. The Account Transfer Checklist was a scannable, step-by-step guide to setting up necessary Chase banking services. Each tile in the checklist displayed a high-priority banking service that users needed to set up at Chase. The tiles within the checklist varied depending on the type of relationship the user had with Chase: personal, business, or private banking.

Chase Consumer Account Transfer Checklist

The following segments were included in the Account Transfer Checklists across personal, business, and private banking profiles:

• Set up Wires
• Enroll in Zelle
• Account Alert
• Update Username
• Review Contact Details
• Enroll in Bill Pay

JPMorgan Private Bank Account Transfer Checklist

Chase for Business and JPMorgan Private Bank clients had additional titles personalized to their users needs, included:

• Fraud Protection Services
• ACH Services
• Enroll in Access & Security Manager
• Link Accounts

Chase for Business Account Transfer Checklist

First Republic Reminders

My content strategy went beyond the Account Transfer Checklist to ensure users were adequately informed while setting up their banking services with JPMorgan Chase. The First Republic Reminders were pop-up modals that contained content to ensure users sufficiently set up their banking services. These modals were triggered when newly onboarded users initiated their Global Transfers, Wires, and Zelle® services for the first time.

First Republic Reminder for Wires.

First Republic Reminder for Global Transfers.

First Republic Reminder for Zelle®.

Online Services Enrollment

Newly onboarded First Republic customers were assigned a Chase username during the account transfer. This predetermined username could be modified in Account Settings. These were the steps to get users enrolled in online services:

1. Enter the SSN of Tax ID.
2. Enter account, card, or application number (this was provided to customers prior).
3. Get your temporary username.
4. Complete two-factor authentication (2FA) to confirm identity.
5. Create your secure password.
6. Accept Disclosures & Agreements and complete online enrollment.

Account Access flow.

Results & Impact

JPMorgan Chase’s acquisition of First Republic Bank was a significant move in the banking industry. Here are some key outcomes from the experience:

Strengthened Position for JPMorgan Chase

JPMorgan Chase significantly solidified its position as one of the largest banks in the United States. The acquisition of First Republic resulted in a substantial increase in customer acquisition, retaining over 90% of total customers, and 75% of online users.

Expanded Wealth Management

The acquisition bolstered JPMorgan's wealth management business due to First Republic’s known focus on high-net-worth clients. Within 9 months, private banking enrollment increased by 33%, and business banking enrollment increased by nearly 50%.

Stabilization of the Market

JPMorgan Chase's acquisition of First Republic Bank helped restore confidence in the market and prevent a potential domino effect. The involvement of a major financial institution like Chase, alongside the support of the FDIC, signaled to the market that regulators were taking decisive action to address the banking crisis. This helped to reassure investors and depositors, reducing the likelihood of further bank failures.

Takeaways

During my onboarding, my manager warned me that this project was the equivalent to “hair on fire”. Music to a content writer’s ears, right? Let’s recap some challenges faced in this project:

• Understand and implement opposing style guides and design systems.
• Manage inconsistent workflows and processes.
• Rebuild clients' trust in banks.
• Lead content strategy with limited user research.
• Balance user and stakeholder needs in a regulated environment.

I was under the impression that I was only leading content on behalf of JPMorgan Chase; I didn’t know I would also be in charge of writing content for First Republic. This required familiarizing myself with two distinct style slides and design systems. A lot of the First Republic team had been let go, meaning the majority of my support was coming from JPMorgan Chase. Luckily, drawing upon my experience in agile environments helped me facilitate multiple work streams across teams.

Integrating workflows for First Republic and JPMorgan Chase teams presented initial obstacles. Due to disparate work platforms and internal processes, communication across teams sometimes got muddled, slowing down tickets, reviews, and approvals. Ensuring effective communication between First Republic and Chase teams through defined protocols would have contributed to a smoother integration process.

To help customers rebuild their trust in banks, we implemented several pathways for First Republic users to access their Chase accounts before the migration. My content strategy for First Republic informed users of changes to their accounts, updates regarding their transfers, and how to set up their accounts with JPMorgan Chase. I collaborated with marketing partners to set up the FAQ page, which addressed common concerns for First Republic customers and began rebuilding client trust. On the JPMorgan side, I implemented content strategies such as the Account Transfer Checklist, First Republic Reminders, and Online Service Enrollment. These strategies accommodated onboarding users, ensuring they felt cared for, informed, and empowered.

In my opinion, this project underscored the importance of user testing. Mergers and acquisitions are a heavy lift for colleagues and customers. The lack of insight, communication, and collaboration toward user testing impacted sprints, design reviews, and legal approvals. Performing user testing helps me feel more connected with my audience and content strategy. Luckily, this wasn’t my first merger and acquisition rodeo; I drew from experience to help navigate current circumstances. This ultimately benefited customers and the business.

Finally, legal stakeholders were often hesitant to share sensitive information with users during the transition to JPMorgan Chase. Information such as the amount of money transferred, how long it would take accounts to transfer, and which segment of JPMorgan their accounts would transfer to. I always advocate for user transparency, but due to legal stipulations, most customer information remained under wraps until the transfer was complete. In future projects, it’s important to note that working with legal stakeholder’s decisions may sometimes feel counterintuitive, but ultimately, it shouldn’t detract from creating a resonating user experience.

The integration of these financial institutions revealed a lack of structured planning, contrary to what one might expect for such a significant undertaking. The presence of disparate workflows, the limited emphasis on early user testing, and the constraints of legal stipulations presented unexpected obstacles in prioritizing a user-centric approach. Moving forward, a key priority would be to advocate for integrated planning, with user research playing a central role in future transitions.