JPMorgan Chase is piloting a digital platform called Story for property owners and managers that automates the invoicing and receipt of rent payments.
Story is an all-in-one property management digital solution for renters, managers, and property owners. Not only does the platform allow tenants to pay landlords digitally and directly, but it also allows property managers to throw decades-old software such as Intuit QuickBooks and Microsoft Excel away, according to Sam Yen
, chief innovation officer for JPMorgan Chase.“The vast majority of rent
payments are still done through checks,” Yen said, according to CNBC.“If you talk to residents to this day, they often say ‘The only reason I have a checkbook still is to pay my rent.’ So there are lots of opportunities to provide efficiencies there.”
The COVID-19 pandemic boosted digital payments. Today, digital payment apps, including Apple Pay, Zelle, and Cash App, are used by millions for everything like shopping, dining, paying friends back, and parents giving money to their children.
However, paper checks still rule the landscape when it comes to paying rent. More than 12 million property owners across the U.S. manage smaller portfolios with fewer than 100 units, and as a result, the majority of Americans still pay their rent the same way they did 20 years ago.
Story will “give property owners [and managers] much more visibility across their entire portfolio to see exactly what’s been paid and what hasn’t been paid,” Yen added.
The app is expected to roll out in full force in 2023, and landlords and tenants are not required to be JPMorgan Chase customers to use the app. Story will also offer valuable data and analytics for property owners and managers, including setting rent levels, screening potential tenants, and more.
Yen added that Story would allow renters to automate monthly rent payments, receive notifications from their landlords, and view past payments and lease agreements.
Story is a part of
JPMorgan Chase’s move to go beyond home loans to eventually capture “a significant portion” of the $500 million in annual rent payments, according to commercial banking CEO Doug Petno.The bank has also committed to advancing wealth building in Black communities and increasing the supply of climate-resilient housing for Black and Latino communities.