How Chime grew to 22 million users!

People love to talk about Chime. Every day, I hear credit union leaders focus on the speed of Chime’s digital account opening process.

And they’re right—I’ve seen people open new Chime accounts in under 3 minutes!

However, what I don’t hear as often is how effective Chime’s onboarding experience is. So, how does Chime onboard its members? Hint—it’s not just the 12 emails they send in the first 15 days.

In today’s article, we’ll dive into the key onboarding techniques that have helped Chime grow to 22 million users and explore how you can adopt similar strategies to compete.

Chimes’ key onboarding techniques

I recently opened accounts with a few credit unions to compare their onboarding processes. I didn’t even receive a follow-up after opening the accounts—you can read Why I don’t have money with my credit union. The difference compared to Chime’s onboarding experiences was striking. Let’s break down what Chime does right.

Email journey

When I opened an account with Chime, I received 12 emails in the first 15 days. These emails showcased their benefits and explained why I should do business with them. Chime clearly sets expectations both through email and in its digital banking app about how long it will take for the member’s physical debit card to be printed, mailed, and delivered. This level of communication makes a huge difference in how members feel about the service.

Digital banking

Chime continues to onboard its members within digital banking after the account is opened. If the account is unfunded, members receive a prompt to deposit money as soon as they download the mobile app.

On the digital banking home screen, members are given easy access to tools like 2 day faster paychecks, credit building resources, and $100 referral incentives—all designed to help members get the most out of their Chime experience.

Account funding

Chime streamlines the process by requiring funding in digital banking after account opening. This tactic shortens the application process and encourages new members to download the mobile app. In digital banking, members are prompted to link an external account through Plaid to fund their new Chime account. This gives Chime immediate access to important data like external account balances, transaction patterns, direct deposit status, and cash flow. These data sets form the foundation for Chime’s future cross-sell opportunities.

Direct deposit switch

Chime’s messaging around getting paid 2 days early with no fees taps into behavioral psychology. Who doesn’t want to get paid early? They make switching direct deposit easy by pre-filling deposit slips or automatically connecting to payroll providers via API. This step is crucial in Chime’s strategy to become a member’s primary financial institution.

Refer a friend

Credit unions have long relied on word-of-mouth referrals but scaling this through digital channels has been a challenge. Chime offers up to $1,000 for members who refer 10 qualified friends, $100 per referral. This incentive program taps into members’ social networks, turning them into an active sales force. If you want to grow your institution, it’s time to offer similar incentives and give your members the tools to refer their friends digitally.

How you can differentiate

Chime’s account opening and onboarding journey is nearly flawless. So, how can you stay competitive?

Start with the basics—at a minimum, implement a simple sequence of 7-10 onboarding emails for new members. If you really want to take things to the next level, here’s how to stand out:

Gamify new member onboarding

Gamification taps into members’ motivation and desire to complete key actions in exchange for rewards. You can guide members through a gamified onboarding experience by rewarding them for key actions like funding their account, activating their debit card, switching direct deposit, managing subscriptions, or referring friends. Dopamine is a powerful driver—use it to create a positive, rewarding experience.

Promote card-on-file

For too long, credit unions have relied on interest income while losing ground in the interchange battle to neobanks like Chime. A key strategy is to get your members’ subscriptions (e.g., Amazon, Netflix, Apple, Walmart) on your cards.

Next-gen card-on-file tools make it easy for members to manage their subscriptions with popular merchants. Consider running campaigns targeting specific retailers to increase your card’s usage and boost interchange revenue.

Leverage cross-sell

Chime uses transactional data to inform its cross-sell strategies, but your credit union has a deeper product set. Use the insights from members’ spending patterns to promote the right loan products to the right members at the right time. This competitive advantage is key in offering members personalized financial solutions.

Master indirect member onboarding

One of the biggest challenges with indirect members is that they don’t even realize their loan is with a credit union, and some believe credit unions have outdated digital banking services. This is your opportunity to win them over.

Educate indirect members about your mission, simplify the auto loan onboarding process, and streamline access to digital banking services. You can even gamify indirect loan onboarding by offering incentives like a reduced interest rate for opening a checking account and setting up direct deposit. This approach strengthens both member engagement and your cross-sell opportunities.

Conclusion

Fast and easy account opening alone won’t be enough to win members. To win primary financial institution status, you need a strong member onboarding journey that engages and rewards new members from the start.

By using the power of email journeys, gamification, and personalized cross-sell opportunities, credit unions can compete with Chime’s seamless onboarding process and build deeper, more meaningful relationships with members. If you want members with active checking accounts, double down on your onboarding experiences.

At Swaystack, we’ve taken these key lessons to heart and developed a fresh approach to 60-day new member and indirect member onboarding and activation. The time is now to drive increased account activity and boost your credit union’s revenue. Discover the difference gamified onboarding can make.