Millennials Don’t Like Big Banks Which Paves The Way For Chime
Big banks just haven’t been able to regain the trust of the millennial generation. Studies show that four big banks are among the top 10 least-loved brands by those born between 1981 and 2000. A new bank start-up called Chime has a competitive advantage over big banks and is attracting millennials by offering powerful banking services using slick technology.
Chime came about to fulfill a need for the tech-savvy millennial generation according to “Chime Wants To Be A Well-Liked Bank For Millennials,” posted by Leena Rao on Fortune.com. This mobile-first bank was created in the smartphone era and offers powerful apps that customers can use to manage their money. No minimum balance, no monthly fees, and no overdraft fees are eye-catching benefits to start. Users can disable debit cards through their app, which is a convenient safety feature. A new automated savings program also rewards customers as they save money. With each debit card swipe, the transaction is rounded up to the nearest dollar and the change is automatically deposited into their savings account. At the end of the workweek, Chime alerts customers with a tally of their weekly savings. At the end of the year, customers get a 10% bonus based on total savings which encourages customers to save more.
Chime has innovated common banking services and targeted the population most comfortable with that technology – the younger generations who have grown up in a digital era. Many existing banks and established financial institutions are also working toward innovating with modern technology. Modern enterprise resource planning (ERP) solutions can connect internal processes and put key data in the hands of the decision-makers. A single, integrated solution makes it easier to manage financial and accounting transactions, business analytics, labor and logistics, and provides time-saving automations that streamline common daily processes. The time you save from pushing papers is more time you can spend with customers and advancing other technology agendas.
The banking industry is in the midst of disruption and faces stiff competition from new, mobile-based banks like Chime. Upgrading technology can improve efficiency and customer satisfaction. Contact AKA Enterprise Solutions for more information about using ERP to streamline processes and focus on satisfying your customers.