Chris Britt, CEO, Chime Harnessing AI for Enhanced Productivity and Customer Satisfaction 🚀

And AI is everything in the company right now. We recently had one of our partners, Sierra, Brett Taylor's company, and he came in and gave a speech to us, a session working session with the leadership team. And the way he described it is AI is basically giving all of your employees like an Iron Man suit, right? Just giving us all superpowers. And I just thought that was a really good way to frame the opportunity in terms of internal productivity. And so now we're using it. Everyone starts a task by thinking like, how could I make this happen faster with AI? We're seeing the impact. We're seeing much faster output of product development, not just on the engineering side though, like also across the company, whether it be for recruiting purposes, just using AI to make people's tasks work better. And then in the experience for our members themselves, we've seen great success. So we now have 70% of interactions from our members handled by our voice-powered AI bot. And it's a combination of LLMs and then it's sort of integrated through Sierra or Decagon, two of our customer service reps, but it uses a combination of LLMs. But the impact has been amazing because it's not, I think a lot of people assume like, oh, it's a great cost save and everyone's going to be more efficient, and that's absolutely true. But not only are we substantially reducing the cost to serve, but we've doubled satisfaction scores on the interaction because the systems can anticipate what you're calling about, get access to data even faster, and make you more knowledgeable about whatever question you have even faster than the best trained customer service agent that's out there. So it's a really exciting time. We think going forward the opportunity is to use this deep data advantage we have. We have all these primary accounts. We run our tech stack and we've reached enormous amounts of scale now with close to 9 million actives. So we see a world where you have this partner in your phone that helps give you advice on how to manage your money and be even more interactive, sort of like a co-pilot for your finances. We think we have the unique opportunity to do that, and that's what you should expect to see from us.

We were proud of, and it was just a seminal moment for our company, just a culmination of being at this for 13 years and so many different chapters of employees that gave so much to the company. So we went public on June 12th. I got all the investment bankers called me and thanked me for being one of the first ones to help open up the...

No, but my finance team, they negotiate pretty well. But you know, for us it was a natural step. We are creating a generational company here right now. We believe there's a generational shift that's happening in banking. I talked about the banks being focused on the highest income segment and actually serving that segment reasonably well, but there's this huge segment in the middle that doesn't get served too well. And if you look at brand awareness, unaided brand awareness, if you ask a consumer that makes up to $100,000 a year, what brands come to mind when you think of banking? Chime today for that population only trails BFA and Chase. We're the number three banking brand and we're not even a bank. So for us, it was a natural step for us to be a public company because we want to be and intend to be a generational company. It's a fundraising exercise for sure. It gives us a capital stack that gives us more flexibility. It helps with potential M&A that we want to do. It gives liquidity to investors. And yeah, it's also a great marketing moment for us. But to your follow-up question, we certainly could have stayed private longer. There's no shortage of private capital, late stage in particular, for companies that have broken out and scaled. But look, we had already raised close to $2 billion in the private market.