Fact
Banks treat depositors as a cost center, not a customer to win
Immad explains why challenger banks exist: traditional banks make money on lending, so they view depositors purely as a cost (branches, signups, support) rather than potential. That blind spot is exactly what lets Chime, Mercury and others win.
“the reason like all of these challenger banks exist is because banks don't care about deposit customers. Like, that's like the fundamental issue in banking where like they think of depositors as like like cost center, because it costs them a lot of money to like have someone walk into a branch, like sign up for a bank, and then like worry about all this stuff. Where they make money is lending.”
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