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Chime SWOT & PESTLE Analysis

ID : 52862653| Apr 2021| 21 pages

COMPANY PROFILE -Chime

Business Sector :Financial Technology Services

Operating Geography :United States, North America

About Chime :

Chime is an American technology neobank that offers banking services through its diverse mobile platform. It provides various services such as its track account services, daily transactions, and savings, instant money transfer through their Pay Friends service and more. The company is headquartered in San Francisco, California, Chime had 6.5 million accounts, up from 1 million the previous year. Chime was founded back in 2013 by Chris Britt and Ryan King. The founders focused on a new approach to banking that didn’t book profits taking advantage of customer’s financial mistakes. Infact it took pride in helping clients financially. Chime attracts its customers through its overdraft protection called “Spot Me” and their early deposit system which allows customers to get their paycheck up to two days. In response to the pandemic, Chime announced a pilot program in fiscal 2020, to provide users a 1,200 advance on the Economic Stimulus Payment via SpotMe for those whole e-filed tax returns with the IRS. Chime has surpassed a record, 5 million FDIC-insured bank accounts in only five years according to Forbes. In early 2021, the company tripled its transaction volume and revenue and it opened 400,000 new accounts during the pandemic.
Chime’s unique selling proposition lies in being one of the Most Innovative Companies in 2019. Its mission statement reads, “We believe everyone deserves financial peace of mind. We’re building a new kind of bank account that helps members get ahead by making managing money easy. It’s your money. It’s your life. Chime in.”

Chime Revenue :

$ 200 million– for the fiscal ended 2019

Competitive Analysis of Chime

SWOT
PESTLE
The SWOT analysis for Chime is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Strong valuations making it one of the most valuable American fintech start-ups
2. Strong hold on US customer base
3. Acquisitions as a step towards expansion.
4. No-fee services enabled by low-cost technology and no branches
1. Failing to compete with traditional banking key features
2. Frequent outages leaving customers stranded in middle of transaction
OpportunitiesThreats
1. Setting up full-fledged banking operations will bring in more customers and increase transactions
2. Partnering with leading brands of domains to offer certain perks to customers will also attract new accounts
3. Challenger banks’ growth as primary bank
1. Entry of European neo-banks in US will impact Chime
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Chime

Strength

This section is available only in the 'Complete Report' on purchase.

Weakness

1. Failing to compete with traditional banking key features: Chime is one of the leading neo-banks with big market share in the United States. It has also seen rise in its customer base. Users can sign up for free and create a free account to use. However key banking features are missing. Customers if using banking application wish to have all features inbuilt. Chimes have been working on these features but are yet to be introduced. Few such features are like personal loan, car loan, mortgage loan, trading services, investment assistant, standing instruction management etc. Although Chime provides free over-draft services, in traditional brick and mortar banks, all these services are available under the same roof along with helpful banking staff. In regards to the customer support operations, Chime has fixed working hours. As neo-banks do not have operational branch, customer support should have been 24*7. Competitors from Europe like N26 and Revolut Ltd. who are entering the US market offer these key facilities and can impact Chime’s business.

The remaining section of “Weakness” is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • N26
  • Varo
  • Revolut
  • Simple
  • Goodmoney

Major Brands :

  • SPOTME
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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Chime Analysis Report

1. Chime is now worth $14.5 billion, surging past Robinhood as the most valuable U.S. consumer fintech - https://www.cnbc.com/2020/09/18/chime-is-now-worth-14point5-billion-surging-past-robinhood-as-the-most-valuable-us-consumer-fintech-.html#:~:text=like%20segment%20winners.-
2. Pros and Cons of Internet Banking - https://www.chime.com/blog/pros-and-cons-of-internet-banking/
3. Are Chime Accounts FDIC insured? - https://chime.zendesk.com/hc/en-us/articles/224459628-Are-Chime-Accounts-FDIC-insured-
4. Pulse of Fintech H1 2020 - https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/09/pulse-of-fintech-h1-2020.pdf
5. Panorama of the French neobanks - https://home.kpmg/content/dam/kpmg/fr/pdf/2019/09/en-etude-neobanque-s1-2019.PDF
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Chime SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2021). Chime SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/chime/ [Accessed 21 Apr, 2021].

In-text: (SWOT & PESTLE.com, 2021)

Copyrights and Disclaimer

Chime SWOT and PESTLE Analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.

Copyright of Chime SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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