4 Trends to Watch in Online Banking

When doing your research on any subject, it’s helpful to look at the trends. Without knowing how to read the trends, we wouldn’t have trending topics, trendy restaurants, or that haircut with the shaved sides that’s so hot right now.

Since finding the right trends can be much more difficult, we’ve identified the top four trends to keep in mind when trying to find the online bank that’s best for you.


  1. You might have seen in the news how the biggest threat to certain job sectors isn’t outsourcing, but automation. Advances in robotics, machine learning and algorithms have been fueling rapid change in everything from assembly lines, to self-driving cars to financial management. But automation doesn’t have to be scary. In fact, we can put automation to work for us in simple ways that make a big impact down the road. If we asked you to round up every purchase you made to the nearest dollar and then transfer that amount from your checking to your savings account, you’d call us crazy. That’s not something any reasonable human person has the time or the patience for. Thankfully, Chime has put some very non-human computers up to the task on your behalf. Our Automatic Savings plan helps you build up a savings without spending a second thinking about it.

Mobile Accessibility

  1. More people access the internet via mobile devices than desktop computers. That may not seem like a big deal until you remember that the World Wide Web was released nearly 30 years ago (1989), and the iPhone has been around for less than 10 (2007). Crazier still, according to Pew Research1, 77% of the U.S. population owns a smartphone as of November, 2016. With more tiny supercomputers in people’s pockets than ever, the best online banks are putting more effort and energy into creating enjoyable mobile banking experiences.

Predatory Fees

  1. A certain large, traditional bank that shall not be named made headlines not too long ago when it was discovered that employees were encouraged to fabricate new accounts, without customers’ knowledge, to create more opportunities for fees to be collected. As a result, fewer people feel like they can trust in their bank. 22% of consumers have little or no trust that banks will provide unbiased advice, according to a 2016 study by Ernst & Young. We believe the only way to reverse this trend is to realign the bank’s interest with its customers’. That’s why we created our Automatic Savings plan the way we did: when we make money, you make money. The more you use your Chime Debit Card, the more money we make, and the more money you save. It’s the circle of life and the future for online banks. 

Difficulty Saving

  1. According to a GoBankingRates survey in 2016 found that nearly seven in 10 Americans (69%) had less than $1,000 in their savings account. That means that more people own a smartphone than have $1,000+ in their savings account. We’re firm believers in using the science behind “out of sight, out mind” for the forces of good. It’s the philosophy behind the two ways we’re currently automating savings for our customers.
    1. Save When I Spend: Automatically save money with every purchase. Every time you pay a bill or make a purchase with your Chime card, we round up the transaction amount to the nearest dollar and transfer the round up from your Spending account into your Chime Savings account. Each week Chime pays members a 10% bonus on their round ups for the week to reward them for saving and to help them meet their savings goals faster. Use your Chime card twice a day on average and you’ll save about $400 per year without thinking about it!
    2. Save When I Get Paid: Automatically transfer 10% of your paycheck to savings. Chime makes it easy to automatically start saving money with every paycheck so you can achieve your financial goals faster.  With the flip of a switch, Chime members can automatically direct 10% of every paycheck into their savings account. This simple action helps Chime members generate positive inertia that leads to better long-term savings habits.