2 years ago , an estimated seven million Americans, or 5.2% of the population, were unbanked due to a refusal to open or qualification for a checking account at a typical bank. While this figure may appear modest on a national scale, it represents an opportunity for so-called neobanks, which abandon conventional branch networks in favor of mobile and digital-first solutions. Because of their simplicity of use, some regard these types of banks, which are either imprints of traditional financial institutions or fintech start-ups, as the future of banking. According to data from our Statista Global Consumer Survey’s recent Brand Profiler special, Americans like one direct bank in particular.
Chime, a neobank created in 2013 and funded by U.S. Bancorp, the fifth-largest banking institution in the United States, is liked by 48 percent of respondents. Chime’s popularity could be due to its fee-free mobile transactions, which are often one of the revenue streams for competitors in the area. The competition for the runner-ups in terms of popularity is a lot closer, with only 5% separating the second-ranked Current and the sixth-ranked GoBank.
Neobrokers, fintechs that waive transaction fees for stock trading and lower the entry barrier to investing, are also among the top eight. What’s particularly striking is Robinhood’s enduring popularity. Despite its history of scandals, such as storing user passwords in plain text, claims of market manipulation during the short squeeze on GameStop stock in 2021, and an SEC probe in 2020 that was settled out of court for $65 million, 28% of respondents indicated they loved the company.
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