New banks, Podcasts

The Challengers 2: Wells Fargo’s loss is Chime’s gain — Revolut’s one-upsmanship in user acquisition

  • Chime, Revolut and other challenger banks are ramping new account openings.
  • Are these numbers real? The real question is whether these new users stick around.
The Challengers 2: Wells Fargo’s loss is Chime’s gain — Revolut’s one-upsmanship in user acquisition

Welcome to The Challengers Podcast, brought to you by Tearsheet. Your hosts are Tearsheet’s Zack Miller and OurCrowd’s Josh Liggett.

Before we jump into our show. I’d like to thank our sponsor MX for supporting Tearsheet’s work. MX is the leader in actionable financial data. MX enables financial institutions and fintech providers to grow faster, reduce costs, and deliver exceptional customer experience. In doing so, MX is empowering the world to become financially strong. Founded in 2010, MX is one of the fastest-growing fintech providers, partnering with more than 1,800 financial institutions and 43 of the top 50 digital banking providers.

Chime (and Revolut) up the ante for daily user acquisition
Chime acquired 10,000 new accounts in 24 hours in the wake of a Wells Fargo digital outage.

These numbers sound high — is there a way to verify any of these challenger bank numbers? They may be high but the real question is who these people are and whether they stick around to move more of their banking to Chime?

Later in the week, Revolut announced it too was opening up 10,000 new daily accounts and it set a public goal for itself to reach 50k new accounts per day by the end of 2019.

As the challengers have removed friction from the signup process, it becomes really easy to open up a new account. It’s a question whether these people will stick around and move their current account activity over.

JPM Coin: What is it and what does it mean?
Josh explains why JPMorgan Chase’s new crypto coin isn’t even close to Bitcoin. And if it’s not, what is it? Is it just JPM’s version of a Chuck E Cheese token? It’s the AMEX Black Card by JPM.

Josh explains that JPM Coin is a stable coin, fixed at $1.00 and backed by JPMorgan’s $2.6 trillion. There shouldn’t be any wild price volatility.

What exchange is it on? None. It operates on JPMorgan’s own coin ledger, and can’t be moved off that ledger

Zack would have chosen a different name for the coin. Maybe Crypto Dimon.

Also, in this episode, Josh and Zack extend an open invitation to Uncle Jamie (JPM Chase’s CEO Jamie Dimon) to join the challenger bank discussion on the Pod.

Modern Marketing, Payments, Podcasts

Zelle’s Melissa Lowry: ‘Beyond awareness, we’re trying to show how we make everyday better’

  • Bank p2p payment app Zelle is trying to show people how it can be used more broadly.
  • VP of marketing and branding, Melissa Lowry shares what's behind the creative campaign.
Zack Miller | March 21, 2019
Online lenders, Podcasts

TS Lending Podcast 3: How SMB lenders scale — JPM Chase gets into POS lending — Amazon thinking about lending?

  • Dan and Zack talk about the techniques top SMB lenders use to grow at scale.
  • Also, decentralized credit scoring? Dan explains what it is and how it's being used.
Tearsheet Editors | March 20, 2019
Artificial Intelligence, Podcasts

The future of AI and ML in banking with Kony’s Bill Bodin

  • Kony has recently rolled out two new products that incorporate AI in different ways.
  • CTO Bill Boden joins us on the podcast to talk shop on AI and ML in banking applications.
Zack Miller | March 20, 2019
Online lenders, Podcasts

Using fintech to improve financial wellness with Salary Finance’s Dhiren Master

  • Employees with financial worries aren't as productive or engaged.
  • Salary Finance works with employers to help their people get out of debt and start saving.
Tearsheet Editors | March 18, 2019
Data, Podcasts

‘We’re experiencing the Industrial Age of Data Aggregation’: MX’s Brandon Dewitt on the future of banking data

  • Data aggregation is the underpinning of digital finance.
  • MX co-founder Brandon Dewitt joins us to talk about the future of finance.
Zack Miller | March 15, 2019
More Articles