Chime CEO Chris Britt: At the end of the day the economy is still at full employment

Core Viewpoint - Chime has launched a new premium card that offers cash back and various perks, aiming to enhance its existing banking services and strengthen customer relationships [1][3]. Product Offering - The new Chime Card allows users to earn 1.5% cash back on everyday transactions and includes features like free overdraft protection and early access to pay [1][3]. - The card is designed to deepen customer engagement, with high adoption rates expected for new products due to Chime's strong relationship with its members [6]. Customer Engagement - Chime's average customer conducts 55 transactions per month, indicating a deep relationship with its users [5]. - The company has seen significant engagement with its services, such as 30% of members using the Myipay feature for on-demand access to paychecks [6]. Economic Context - Chime reports robust spending and transaction activity, with direct deposit customers spending more year-over-year [8]. - The company does not see disruptions in its business model despite economic pressures, as most spending is on nondiscretionary items [10]. Business Model - Chime's revenue primarily comes from interchange fees rather than net interest margins, making it less sensitive to interest rate changes [13]. - The company views modest inflation as beneficial, as it drives payment activity, which is central to its business model [12]. Technological Innovation - Chime is exploring the use of AI to enhance consumer experiences, aiming to provide personalized financial advice and improve customer service efficiency [15][17]. - The company believes it is well-positioned to leverage AI due to its deep customer relationships and data advantages [17].