How Chime secures data and powers growth with Momentive
With Enterprise Feedback Management by Momentive, Chime streamlines data collection while protecting highly regulated financial data.
With its mobile-only, no-fees, customer-centric business model, Chime is the biggest challenger in the mobile banking space. So how does a company with more than 8 million customers fuel its momentum and keep up in the highly regulated financial services industry? With a commitment to research, cross-functional data, and Enterprise Feedback Management by Momentive.
A long-time SurveyMonkey user, Chime originally used a mix of individual and team plans to get insights from existing customers, develop product and marketing strategies and understand how to successfully compete in the market.
As Chime grew, Head of User Research Chuck Liu began fielding more and more internal requests for in-depth data and analysis. He wanted to streamline how teams collected, shared and collaborated on data and ensure that as Chime’s scope of research expanded, its data would continue to meet compliance and security requirements.
Today, Chime has the resources it needs as it continues to shake up its industry. With Enterprise Feedback Management, Chime is able to protect customer data while empowering its employees with critical customer feedback that drives business decisions.
“Financial services is a highly regulated industry with a lot of moving parts. The best way to succeed is by knowing exactly what we’re doing. And that starts with research.”
Driving company-wide growth
Chime combines its “research-first culture” with Momentive insights to understand its customer base, market potential, industry competitors and opportunities for growth. “Financial services is a highly regulated industry and has a lot of different moving parts,” explained Liu. “The best way to succeed is by knowing exactly what we’re doing. And that starts with research.”
Chime’s marketing team relies on Momentive market research to uncover brand sentiment and evaluate co-marketing and co-branding opportunities, including a major partnership with the NBA’s Dallas Mavericks that was clinched in less than a business day. On the product side, the team focuses on learning what’s top of mind for customers, what’s worrying them about their finances and what challenges they’re facing.
Across the company, having these reliable insights from Momentive helps Chime rapidly sift through priorities with an eye for growth. “The executive team, product managers, designers, engineers, all of us get together and use the Momentive data to set our entire roadmap and strategy,” said Liu.
“We need to be able to scale our organisation to hundreds of people and maintain not only the data quality but also the data security.”
Safeguarding data for long-term success
Cross-functional value is only part of Chime’s approach to data and research: there’s also the matter of security. When Chime upgraded to Enterprise Feedback Management by Momentive, it gained access to richer account controls, complex data analytics and robust compliance and security features. The latter was especially important because any data that Chime collects needs to meet the highly regulated compliance mandates for financial service providers.
“When it comes to personally identifiable consumer information,” Liu said, “if a financial service company faces a breach, it’s game over.”
With access to single sign-on, PII management, the ability to track all user activity, sentiment analysis and more, Chime can factor in data security to its long-term plans. “We need to be able to scale our organisation to hundreds of people and maintain not only the data quality but also the data security,” Liu said.
The compliance and security features from Momentive give Liu peace of mind when it comes to ensuring that the company is in tune with every mandate. They also bolster Chime’s number one value: being “member-obsessed”.
“We use Momentive in a way that not only helps us achieve our goals for the team but also to live them too,” said Liu.