What do customers think of Chime
Chime is one of the fastest-growing bank accounts in the U.S, with over 2 million bank accounts opened. They operate solely online and the bank uses the most up-to-date encryption standards and cybersecurity practices for keeping your online account safe.
Chime Bank started in 2013 as an alternative to the traditional bank experience that people seem to have grown tired of. Especially since mega-banks were largely blamed for many of the missteps that led to the 2008 financial crisis. We wanted to see how this bank is being received by customers, so we took 4 381 reviews about Chime and ran them through Gavagai explorer. Here is what we learned!
Here are 3 things we found interesting!
The topic “fees” occurs in 14% of the texts and frequently occurs along with the topics “pay” and “atm” in 22% of the cases. Other words commonly mentioned with the topic was “hidden” and “deposit”.
Topic “cash” has a grade of 4,18. This value is lower than the overall average grade of 4,58 and is the biggest negative driver in this project. “Cash” occurs along with the topics deposit in 43% of the cases and indicates peoples experiencing issues with depositing cash.
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The topic “simple” is one of the most mentioned topics and frequently occurs along with the topic app in 21% of the cases. It seems to express customers satisfaction over the simplicity of usage of the application.
What does this mean for Chime?
The topic “fees” indicates that customers are satisfied with the number of fees, but the occurrences found in relation to the topic contradicts one of the marketing strategies of Chime. Chime states “Say goodbye to ridiculous bank fees” but there are actually fees you have to pay when using Chime. Maybe a more transparent approach would help Chime drive the grades even further up.
Simplicity is key in this alternative online-only bank and the analysis seems to agree by showing that the topic “simple” is one of the biggest positive drivers in this project with a grade of 4,86 / 5. Even so, it’s important to keep up to date on factors that might cause customers to look elsewhere.
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