Chime, for instance, has reached 12M customers in 2021 - a 50% increase year-over-year (YoY). Meanwhile, digital-first banks are hitting user growth milestones. Incumbent financial institutions are feeling the effects of millennials’ disruptive attitudes, with the share of primary bank customers dropping by nearly 7 percentage points in 2020 at banks such as Wells Fargo and Bank of America. Eight years later, millennials are even more comfortable with the idea of alternative financial systems, and this has opened the door to a variety of innovations, from alternative investment vehicles like cryptocurrency to point-of-sale lending alternatives.
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