Digital banks including Chime, Varo and Current have won over more U.S. customers during the coronavirus pandemic by processing stimulus payments quickly, setting them apart from traditional banks and generating valuable word-of-mouth referrals.
In some cases, the companies pre-funded deposits they expected their customers to receive from the Treasury Department. In others, they received funds quickly and sent them through faster than traditional banks. That generated praise from individuals who celebrated their early deposits online and encouraged others to join their digital banks. Continue reading.