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Chime seeks to empower healthy financial lifestyles
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Chime seeks to empower healthy financial lifestyles

News Desk
News Desk
January 31st, 2023
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It has been a whirlwind 18 months for CEO Chris Britt and the team at mobile bank account and debit card company Chime.

Since debuting on stage at Money20/20 2014, Chime has grown to more than 100,000 members, launched a new automated savings product, and attracted more than $11 million from a group of early-stage venture capital firms.

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CEO Chris Britt
Chime is able to offer these unique features because of their business plan, Mr. Britt explained. Instead of charging user fees, Chime generates revenue through its interchange with Visa.

“By encouraging people to put more money into their accounts, it helps them develop healthy savings habits,” Mr. Britt said.

“It creates aligned incentives. The consumer is motivated to swipe more and use it more regularly.”

The continued development of mobile technology has made it possible for Chime to provide several additional value-added features, Mr. Britt said. Customers can be instantly notified of every transaction. That enables fraud to be much more quickly detected than before.

“Compare that to the old school bank statement which reflects the old intelligence of the bank,” Mr. Britt said.

With one click a customer can report a lost or stolen card and block its use.

Chime also provides a full dashboard where all transactions are displayed by category.

“People say they want to use budgeting tools and closely manage their finances,” Mr. Britt said. “The best way for people to develop healthy financial habits is to use technology in an automated way.”

“A mobile-first bank account is like control on steroids.”

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