Don't miss ADWEEK House at Cannes, June 16-19. Join us as we celebrate our 45th anniversary and explore the industry's now and next. RSVP.
Chime is a banking app with a serious social following. At nearly 1 million Instagram followers, the Chime app stands out from other banks in its loyal fanbase. But the decade-old brand is looking for wider name recognition, which is why it recently selected AKQA as its integrated marketing agency.
The partnership looks to redefine financial services, user experiences and lead the digital transformation of the financial sector, according to AKQA.
“It feels like the right type of partnership because they’re a very innovative brand and we share that common commitment to innovation,” Tesa Aragones, AKQA North America president, told Adweek.
Aragones will work with Chime CMO Vineet Mehra, who joined the brand in May 2022, to make Chime’s financial services accessible to everyone.
“It’s this idea of community building,” Mehra told Adweek. “The days of just advertising your product and thinking people will just accept it are over.”
Mehra, who has held CMO and CGO roles at Walgreens, Good Eggs and Ancestry, said that AKQA isn’t just an advertising shop, but one that understands the importance of community-powered brands to build culture.
“That was something really important for us—a more modern take on how to build brands in a world where community and culture are so connected,” Mehra said, adding that AKQA also understands innovation and creating an amazing experience for customers to help build a brand.
A commitment to inclusivity
Both Aragones and Mehra said that Chime and AKQA share a passion for inclusivity and accessibility. What that means is that they want to ensure that the next generation of financial companies is accessible to all, regardless of background or financial status.
Chime has a history of championing those who have had financial troubles. It was founded in 2012 following the recession that decimated the bank accounts of many people. Chime introduced features like fee-free banking, SpotMe overdraft protection and early pay. And the app continues to offer incentives. In 2022, traditional banks charged $9.9 billion in overdraft/NSF fees, nearly half of pre-pandemic levels, while Chime provided members with $5 billion in tax refunds up to five days early. Those innovations made others in the financial sector change how they do business.
In addition, while many banks rely on fees, Chime’s revenue model centers on transactions and member usage, aligning profits with member success. Chime’s core mission is to enhance accessibility, transparency and fairness in financial services, particularly for the over 60% of Americans living paycheck-to-paycheck, often underserved by traditional banks.
“I want to build one of the country’s most iconic community-powered brands,” said Mehra, who added that Chime relies more on its community to build its brand, which has led to a referral rate five times higher than any bank. “Our community is so important because they trust us because we’ve had their backs right from the very beginning.”
More community and innovation, fewer actors
The community drives Chime’s activity. With three times more Instagram followers than Chase or Bank of America, Mehra said that Chime has a community that wants to power the brand. And those community members have a stronger pull than most celebrities or actors.
“I have a rule that no more than 20% of our ads can have actors in them. So the vast majority of what we do in the world are actually our members participating with us because they want to. We get tons of emails, ‘Can I be in your next commercials?’ It’s a really powerful thing,” said Mehra.
Chime, with innovation at its core, wants a fresh perspective from AKQA to make its marketing efforts even more innovative. The agency will work with Chime’s in-house creative team in partnership. There was no formal pitch for the business, but the brand did bring in several companies before AKQA was chosen. Chime works with a wide roster of partners, vendors and agencies, including Barrett Hofherr, depending on the brand’s needs.
The AKQA collaboration will lead to new work being released later this year or early next year.
Aragones said that she hopes the partnership will not only raise awareness for Chime, but will make a difference in the industry.
“In talking about the products and services, we’re also hoping together to make a bigger impact for society as a whole,” said Aragones.
Mehra said that Chime and AKQA have an opportunity to build upon a brand that continues to rise.
“What AKQA is coming in on is a brand and a product that’s already extremely successful, so this is about taking us to the next level, taking our brand to the next level, and really taking this opportunity to build a once-in-a-generation brand that revolutionizes and democratizes how people manage their money and doing this in a fair way and helping people progress with their financial future,” said Mehra.
Details of the deal were not disclosed, but Chime Financial’s projected 2023 spend is $182 million, with $98 million in traditional media and $84 million in digital, according to COMvergence.
