On June 6, JPMorgan Chase announced it would be closing its digital-only bank Finn, a little under a year after it was launched. Digital banking is a tough business, and we’ve seen far more examples of failures than successes over the past two decades. The closure of Finn does bring up some important lessons for other digital bank startups or digital offshoots of the major bank brands. Watch below to learn more.

To learn more about what’s happening with key digital banks around the globe, what headway they’ve made, and whether they’re a significant threat, check out Forrester’s “Disrupting Finance: Digital Banks” report.