How Chime Became America's Biggest Digital Bank
For decades, it’s been a riddle in banking: how do you build a sustainable and profitable business serving low and middle-income consumers? Sixteen years ago, Chris Britt, then chief product officer at Green Dot, believed he’d discovered the answer—direct deposit of paychecks.
Green Dot was selling prepaid debit cards to cash-strapped Americans without traditional bank accounts, and Britt saw that customers who had their paychecks automatically deposited into their Green Dot accounts used the card to pay virtually all their expenses. With each debit card swipe, Green Dot pocketed part of the interchange fees–the 1% to 2% charge merchants pay to accept debit and credit cards.
“The people on direct deposit were clearly the whales of the business,” says Britt, 51, the cofounder and CEO of Chime, the nation’s largest digital-only bank with $1.5 billion in annualized revenue and seven million customers using its cards for $8 billion a month in transactions.
Read the full story on Forbes: https://www.forbes.com/sites/jeffkauflin/2024/05/03/exclusive-the-inside-story-of-chime-americas-biggest-digital-bank/?sh=4f40891cfb0d
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes newsletters: https://newsletters.editorial.forbes.com
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
Видео How Chime Became America's Biggest Digital Bank канала Forbes
Green Dot was selling prepaid debit cards to cash-strapped Americans without traditional bank accounts, and Britt saw that customers who had their paychecks automatically deposited into their Green Dot accounts used the card to pay virtually all their expenses. With each debit card swipe, Green Dot pocketed part of the interchange fees–the 1% to 2% charge merchants pay to accept debit and credit cards.
“The people on direct deposit were clearly the whales of the business,” says Britt, 51, the cofounder and CEO of Chime, the nation’s largest digital-only bank with $1.5 billion in annualized revenue and seven million customers using its cards for $8 billion a month in transactions.
Read the full story on Forbes: https://www.forbes.com/sites/jeffkauflin/2024/05/03/exclusive-the-inside-story-of-chime-americas-biggest-digital-bank/?sh=4f40891cfb0d
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes newsletters: https://newsletters.editorial.forbes.com
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
Видео How Chime Became America's Biggest Digital Bank канала Forbes
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
How Experts Are Approaching Bias In AISocial Impact And AI: How Change Makers Can Harness AI For GoodA Record $3.9 Billion Haul For The World’s 50 Highest-Paid AthletesCole Sprouse's Lessons On Reinvention In Hollywood | ForbesHow An Aussie Billionaire Went From The Housing Projects To Making Blackmagic Movie Cameras | ForbesMadison Beer | Live From ForbesMerge Or Perish: Why Billion-Dollar Fintech Companies Are Suddenly Facing A Bleak Future | ForbesKYGO Talks About His Favorite Song He's Ever Made | ForbesHow Conna Walker Carved Out Her Own Path With House Of CB | ForbesThe 10 Biggest Fintech Companies In America In 2022 | ForbesHere's How The World's Youngest And Highest-Paid Athletes Make Their EarningsHow Billionaire Toto Wolff Built Mercedes’ F1 Team Into An Auto Racing DynastyThis Entrepreneur Made A Job Site That College Students Are Using Instead Of LinkedIn | ForbesMattress Mack Wins Record-Breaking $75 Million on Astros World Series Bet | ForbesThe Biggest IPOs To Watch In 2022 | ForbesThe Frozen Food Startup Innovating Subscription Meal Delivery In The Time Of Coronavirus | ForbesHow An Entrepreneur Turned An Anniversary Gift Into A Multimillion Dollar Business | ForbesInside The 2022 Fintech 50 List | ForbesSupermodel Liu Wen Treats Every Job Like It's Her First - 30 Under 30 | ForbesThe World’s Youngest Billionaires 2022: 12 Under Age 30 | ForbesCould MrBeast Be the First YouTuber Billionaire? | Forbes