What’s going on here? Did Bank of America’s mobile banking platform tank?Īfter all, it was only back in January 2020 that I wrote that the bank (along with the other megabanks) dominated the Millennial market because of its mobile banking capabilities. Nearly 685,000 Americans consider Square Cash to be their primary checking account-even though it’s not a checking account. That’s more than double the number from October 2020. Almost 910,000 consumers-nearly 80% of whom are Gen Z or Millennials-named Dave as their primary checking account provider in July 2021. Roughly 1.43 million consumers now call their Current checking account to be their primary account, up from 712,000 in October 2020. Five percent of Gen Zers, 6% of Millennials, and 4% of Gen Xers consider PayPal the provider of their primary checking account-roughly equal to Chime’s share of primary status.
Surprisingly, despite its meteoric rise over the past few years, Chime didn’t gain much ground in primary account status over the past nine months-in fact, it even lost a little market share among Gen Zers and Gen Xers.
