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Millennials Love Simplicity, Control and Incentives - And Chime Gets It

This post was sponsored by Chime as part of an Activation for Influence Central. I received complimentary products to facilitate my review.

Would you consider changing the way you managed your money based on an ad that popped up in your Instagram or Facebook feed sponsored by a no-name startup?  I bet you'd at least click into it.

Chime is targeting Millennials like you and me who are glued to our smartphones and are fed-up with or just don't understand the traditional banking system. They are going after individuals who want be more in control when it comes to managing our money and who want to live healthier financial lives; and they're simplifying the entire process of starting and maintaining a bank account.  The simplistic design of Chime's app, logo and website are exactly what we're into these days and it's apparent - Chime gets it.



Chime knows that we're sick of paying to withdraw our money from ATM machines.  They know we're tired of overdraft fees.  They get that we want more self-service features to be able to take control of our own money, but that we don't quite understand all of that traditional banking nonsense.  Chime also understands that, as a whole, we absolutely suck at saving money.

I have been banking with the same institution, which will remain unnamed, for about 12 years.  Since opening my account with them, a rewards system has come and gone, overdraft rules have changed for the worse and the fees and minimum balance rules have become extremely confusing. Nine times out of ten I'm not going to read the fine print when opening a bank account, or any account for that matter, and big banks completely take advantage of this.

It seems as though Millennials aren't as attached to our current banking institutions as our parents are.  In fact, for the most part I would say that we're the complete opposite.  At the drop of a hat, we'd switch banks if they offered some kind of incentive.  We're the "what's in it for me" generation and big banks and brands are failing to show how much they appreciate their loyal customers.

Unlike other banks, Chime has created an app that was designed for the tech-savvy generation which allows us to fully manage our money solely via our smart phones.  It's not an app with limited features.  There's no need to get onto a computer to complete transactions.  You can do it all on your phone.  I don't know about you, but hearing that immediately makes me question how safe the app is.

Safety, Trust and Pixie Dust Validation

Chime wants me to download their app, input all of my personal information, including my social security number, direct deposit information, and wants me to trust them with my money.  If I know anything about my generation, I know that we're not only on the hunt for simplicity, but we're also extremely skeptical.  We need some sort of validation from a trustworthy source before committing.

Chime discloses this on their GET STARTED page:

"To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. What this means for you: When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver's license or other identifying documents."

They also disclose this:

"Banking Services provided by The Bancorp Bank, Member FDIC. The Chime Visa®Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted."

If that's not validation enough for you, you might be interested to know that Apply Pay is now compatible with your Chime account. With the addition of Apple Pay, Chime members can enjoy the convenience, privacy and security of making mobile payments at retailers nationwide as well as within their favorite apps. By adding Chime to Apple Pay on their iPhone, iPad, or Apple Watch, members can also benefit from Chime's Automatic Savings and when they make purchases with Apple Pay.

Chime has also been featured by Apple as one of the top money management apps.

"In response to demand for more mobile payment options, the company also added a new person-to-person payment feature called Pay Friends.  Pay Friends lets members instantly send money to over 120,000 other Chime members.  Members can use Pay Friends to square up with roommates for their share of rent and utilities or split the bill when dining out without using multiple cards." (source)

Chime CEO Chris Britt says this: "Our number one goal is to help our members live healthier financial lives. We know our members prefer to manage all aspects of their finances on their phone, and with these new features they'll be able to save time and money when they make mobile payments with Chime."

Some of Chime's investors include Aspect Ventures, Crosslink Capital, Forerunner Ventures, Homebrew and PivotNorth Capital and SurveyMonkey CEO Zander Lurie.



My Favorite Chime Features

Automated Savings

The Chime app has completely made the act of saving money effortless.  Each time you make a purchase using your Chime debit card, the amount you pay will get rounded up to the nearest dollar, with the excess change going into your Chime savings account.  The Automatic Savings program is completely optional, but how does an additional 10% bonus on your round-ups sound?  Chime will pay you this every Friday.  To put this feature into perspective, if you use your Chime card twice a day on average, you can save about $400 a year without even thinking about it.

Direct Deposit

When you set up direct deposit through your employer, no matter which banking institution you sign up with, you're more than likely to receive your paycheck at least one day sooner than you would a paper check.  With Chime, you might be able to receive your paycheck up to two days earlier.

Notifications

Set up notifications on your phone and Chime will let you know each time a transaction has been made on your account.


Learn More about Chime for iPhone or Android

For me, for an app to be successful, or any product for that matter, it has to meet the needs of its target customers.  We have a need for transparent money management.  We have a need for an app that saves us time.  We have a need for Chime.

You can learn more about Chime, it's benefits, features and how to sign up here.



2 comments

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Sunny Doll said...


Very interesting blog. Alot of blogs I see these days don't really provide anything that I'm interested in, but I'm most definately interested in this one. Just thought that I would post and let you know.
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