What is the real moat of Chime bank. I get that app banking is perceived to be cool, but i get the same experience from my BofA/chase app too. I hardly had to walk into bank office in last few years.
I understand they have got some overdraft fee discounts or earlier paycheck deposit by 2 days, and they seem they can be copied by competition.
What justifies their insane valuation.
#fintech #banking
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Executives and everyone in the company recognizes these issues and we are working hard to fix them. This includes
- Lot of investment in improving resilience and ensuring that the app and card transactions don't go down.
- Improving member experience and CSAT. Lot of projects in this area over 2021. Not sure how much I can share publicly. :-)
Overall, I'd say reddit threads might be little biased and twitter or play store reviews might be less biased. In any case, this is definitely an area everyone acknowledges we can do more on and have lot of projects going on this year to make big improvements.