The founders of Chime saw a big opportunity in the financial services landscape: A younger demographic was on the lookout for a people-first, tech-driven approach to banking that didn’t include hidden fees.
But the challenge for Chime was considerable. You could have innovative technology, but how do you get consumers to trust a different approach to banking when you didn’t have many of the things that most people associate with banks – like cashiers and physical branches.
Chime exists to improve the financial lives of Americans. We offer features like getting your salary early, free overdraft, no fees, automatic savings, and ways to build credit that you can’t find anywhere else.
- Zach Smith, Chime, SVP of Product
Since establishing trust was a critical element for Chime’s approach to banking, they needed a way to build it from the customer’s first interaction.
In working with Visa’s research team, Chime saw first-hand how important Visa’s brand premium was to consumers in the USA. When offered a choice, consumers picked Visa twice as often as the competition.1 Chime’s people-first approach meant ensuring flexibility for members with how and where they spend their money. With Visa’s wide acceptance, Chime knew this partnership could protect this standard.
Having the Visa brand on your card instils a sense of trust that you’re going to be taken care of. Visa represents worldwide acceptance and credibility and that gave consumers the confidence to give Chime a try.
– Chris Britt, Chime, Co-founder and CEO
company growth from 2018 to 2019
people are now using Chime for banking
of Chime’s new users come from customer referrals
Chime has made use of a number of Visa products on their rapid journey from startup fintech to the clear leader amongst challenger banks. Some of the products they’ve used include:
Chime leveraged our experts and VisaNet insights to benchmark themselves against other digital banks.
Visa Direct allows Chime to send convenient, safe, real-time funds to financial accounts using card credentials.
With access to Visa’s network of payment product experts, Chime can innovate in identity and security, future-forward commerce, and in-store shopping.
Chime relies on many partners to operate, grow and innovate on new products. And it can be a challenge to get the level of urgency we want to move quickly. One of the things that’s always amazed me about Visa is their ability to martial the resources we need really quickly.
– Zach Smith, Chime, SVP of Product
1 Simmons Research National Consumer Connect Study, Spring 2018, (Nationally representative sample of 20,366 US adult credit and/or debit cardholders aged 18+); Simmons Research National Consumer Proprietary Research Study, Spring 2018, (Nationally representative sample of 2,000 re-contacts projected to a sample of 20,366 US adult credit and/or debit cardholders age 18+, commissioned by Visa).