Why Do Consumers Love Fintechs Like Chime and SoFi?

Not long ago, consumers shopped for financial services by visiting branches of multiple banks and credit unions, collecting an assortment of brochures from a rack, talking to branch personnel, and comparing various value propositions. The decision was based on the human connection with the people at the branch, combined with the alignment of the products offered and the financial needs of the consumer. For today's consumer, shopping for a new banking relationship is far different. The increase in online and mobile banking options has empowered the consumer with far more alternatives, while making the decision-making easier. Consumers can browse, compare and purchase virtually any financial product or service from their computer or mobile device 24/7, without ever stepping foot in a branch.