Chime is Beating Out Most Banks in Customer Experience

Despite the backlash it faced last year after shutting down accounts and seeing a surge in customer complaints, Chime remains popular among consumers. In fact, according to a new survey from American Banker, the neobank is beating out the majority of financial institutions in customer experience. Consequently, Chime now has over 12 million customers with approximately seven million using it as their primary bank, compared to less than a million just five years ago.

What’s Chime’s secret weapon? Data analytics.

Neobanks, digital-only disrupters, and multi-national banks are investing in data science teams. Simultaneously, they are creating chatbots for their websites, utilizing AI to customize user interactions and applying machine learning to transform tasks from a time-consuming, manual process to a fully automated process.

Smaller financial institutions, by comparison, have difficulty moving past the more basic descriptive data analytics of canned ad hoc reports and basic queries. Add that challenge to their ever-present obstacles of compressed margins and shortage of resources to fill the gaps, and it becomes clear that community financial institutions need affordable weapons in their toolkit to level the playing field.

The challenge facing most banks is not a lack of data.

Banks have access to an abundance of information; every day an institution will send millions of data points through expensive networks and applications to process, transmit, and maintain daily operations.

But having this massive volume of data does not automatically correlate to having valuable insights. The value is found in being able to easily turn this cache of data into actionable insights that drive the institution’s ability to serve its customers and its community, streamline operations, and ultimately compete with larger institutions and non-bank competitors.

Banks can do this by leveraging a cloud-based, core-agnostic enterprise dashboard and analytics solution. By compiling and aggregating high-value, actionable data into an intuitive, interactive dashboard, financial institutions of all sizes have access to timely insights that empower teams, drive profitability and improve productivity at every level of the organization.

In short, data is community banking’s secret weapon in the continuous struggle to compete with larger, national institutions and neobanks like Chime.

Banks must focus on retention and improving the customer experience.

This is especially critical in today’s world of widespread digital access where consumers can easily compare banks online and open new accounts within minutes. KlariVis plays a vital role in enhancing these facets by organizing data in a way that is digestible and actionable.

KlariVis automates daily extract files from banks’ core and other ancillary systems. It brings those files securely into KlariVis, normalizes the data, creates the data joins, and then presents the information back to the bank in the form of business intelligence via interactive dashboards.

The platform empowers financial institutions by providing self-service access to these interactive data dashboards, allowing the entire organization to quickly interpret and act upon the high-value data that is important to serve its customers.

With KlariVis, community banks are turning data into actionable data.

To learn how KlariVis can support your financial institution, visit our features page or schedule a demo today with our team of former bankers.