ICYMI: Chime recently hit the 5 million account milestone – but not all of the customers Chime pulled in are fully engaged with the neobank:
Accounts are not the same as customers — customers can open more than one account, and many likely do, as new Chime clients that open a Spending Account are prompted with an option to also open a Savings Account. In fact, a recent survey of US consumers by Cornerstone Advisors cited by Forbes estimated that the total number of individuals banking with Chime was 1.6 million.
Not all of the customers Chime has pulled in are fully engaged with the bank, but it does appear to have more engaged customers than some competitors. Half of the customers surveyed by Cornerstone said they were with Chime because they "just wanted to try them out," as opposed to, for example, being interested in using Chime as their primary bank.
Fortunately for Chime, the news isn't all bad here, however: While only around 1 in 5 Chime customers said their primary bank is a digital bank, that portion is larger than among surveyed customers of BankMobile , Ally , and Aspiration . So, Chime may be dealing with a larger number of clients who are willing to do most of their banking with a digital bank, which could help it drive engagement among a larger segment of their customer base than competing neobanks can manage.
Chime is also facing the same challenge that almost every neobank of significant scale must tackle: profitability. Chime has achieved solid scale even if its total customer count is closer to the Cornerstone estimate of 1.6 million than it is to its 5 million account total.
its SpotMe overdraft protection feature to offer up to a $100 fee-free cushion for customers that overdraft; but in order to qualify for SpotMe, customers have to direct deposit at least $500 per month into their accounts.pass to Business Insider Intelligence and gain immediate access to the Banking Briefing, plus more than 250 other expertly researched reports.
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