But, first, you just have to get used to the idea of a banking relationship that does not include brick-and-mortar branch locations. This includes the checking account, savings account, and Visa debit card services through its partner banks. As you might expect, digital banking solutions are particularly popular with younger consumers who grew up in the age of the internet.Ĭhime offers individual consumers a serious, customer-focused challenge to traditional accounts. As a result, more than 196 million Americans now use digital banking solutions, which is predicted to exceed 200 million in 2022. Today, online banking has developed to the point that many who initially opened an online account as a secondary instrument wonder whether they need to maintain their other accounts. While it may be difficult for some to develop trust in a banking solution that does not offer any face-to-face branch locations, most consumers appear to be willing to part with a physical presence in exchange for what they really want - a free, no-hassle banking experience. Still, it also serves the interests of lower-income consumers who have been turned down by traditional brick-and-mortar banks or (worse) had their economic struggles compounded by overdraft fees, minimum balance requirements, and extended delays on deposit availability. Today, digital banking represents a strong option for those looking to open a second or third account. Many turned to online banking institutions to solve one problem - enabling a more comprehensive range of touchless payments - and stuck around once they experienced the increased convenience, competitive interest rates, and the absence of annoying account maintenance fees.

Consumers became understandably wary of writing or receiving handwritten checks or handling paper currency and coins that came from no-one-really-knows-where. Once Covid-19 broke loose, however, the rise in demand for “touchless” payment solutions instantly gained a great deal of steam. Get Started with Digital Banking at Your Own Pace.The ‘Credit Builder’ Secured Credit Card.Why Consumers Might Be Interested in Digital Banking Services.Digital Banking with Chime: A Simplified Decision-Making Matrix.The Rise of Online Banking in the U.S.

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