![]() ![]() ![]() ![]() Nearly a quarter of Chime customers said they chose the fintech as their primary bank because it offers 2-day early access to their direct-deposited paychecks, as well as to government stimulus and tax refund checks.Ģ) Spot Me. But there are three features of the company’s product offering that are key to its success:ġ) Early access to money. The fintech certainly offers a good user experience and touts no fees to attract low- to middle-income consumers. Chime’s Featurization StrategyĬonventional wisdom-and even some of the challenger banks’ own advertising-holds that fintechs win customers because they provide a superior customer experience and have better mobile banking tools.Ĭhime competes with a “featurization” strategy. Just half of Varo’s customers considers the fintech their primary bank, and across the rest of the digital bank landscape, the percentage is similar to Varo’s. Other challenger banks don’t have nearly as high a percentage. Number of primary bank customers Source: Cornerstone Advisors, Strateg圜orps ![]()
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