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.

Insurtech, Podcasts

Fabric’s Adam Erlebacher: ‘No one wakes up thinking about how to buy life insurance’

  • Buying life insurance via digital channels isn't just about getting a policy.
  • Firms like Fabric are using a collaborative planning process to nudge customers the right way.
Michael Deleon | September 09, 2019
Payments, Podcasts

Deep Dive: Beautiful design and functional innovation come to the physical card

  • The excitement around Apple Card has drawn the light to innovative physical card design.
  • Tearsheet's Sara Toth Stub describes what's going on in the physical world of fintech.
Zack Miller | September 05, 2019
Awards, Podcasts

Best Bank + Fintech Partnership Award 2019: TD Bank and Hydrogen

  • In Tearsheet's first Bank + Fintech Partnership Award, we're highlighting TD Bank's work with Hydrogen.
  • We talked to executives from both companies about the ingredients for success on this collaboration.
Zack Miller | September 04, 2019
Payments, Podcasts

Ingenico’s Eric Liebman on payment trends in the travel industry

  • Payments in the travel industry must take into account different types and currencies.
  • On the podcast, we discuss the challenges and opportunities for travel payments.
Michael Deleon | September 03, 2019
Artificial Intelligence, Podcasts

Flybits’ Hossein Rahnama: ’90 percent of digital transformation budgets are spent on managing IT complexity’

  • Banks struggle to provide automated recommendations.
  • Flybits wants to remove the IT complexity that eats away at their time and budgets.
Zack Miller | August 27, 2019
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