Modern banking rewrites what’s possible

It’s the end of the month; you’ve pinched every penny, and suddenly, a bill goes through, and your account is overdraft. The bank says you should have watched your money, that the payment delay was out of their control, and oh, pay the fee before you get another one. We’re told this is how banks are, but what if they weren’t? This Thursday, our client exclusive Cassandra Report discusses the future of capital. Today, we’re highlighting three banks leading the way with an eye towards Gen Z’s needs.


Valued at $25 billion, alternative bank Chime has attracted a consumer base made up of young POC with lower incomes. Focused on making saving easy and helping build credit safely, Chime is helping its customers grow into smart, financially savvy consumers. Their strategy is building loyal users who trust Chime as they age into higher wages and financial freedom. By touting their principles to profit with members, “not from them,” their values backed by action will attract even more Gen Z and Millennials looking to invest in companies doing more than just turning a profit.


Hit with their own overdraft fees, Dave’s founders decided to focus on eliminating banking business models that hurt consumers. But they’re evolving beyond and leaning into customers’ habits through features like Side Hustle by Dave. After noting that many of their consumers had side gigs, they created their own marketplace allowing gig companies to help their customers get ahead. Soon to go public, and valued at $4 billion, Dave is identifying problems within finance and re-imaging banks to create modern-day solutions, an approach they predict big banks will struggle to mimic.


Fintech bank Current want’s to help Gen Z and Gen Alpha learn about money. With a unique Teen Banking feature, Current provides a much-needed update to the allowance experience. Through their app, parents can now set up connected teen accounts, allowing monitoring of spending and saving, and give teens their own debit cards. Given the way the economic upheaval of the pandemic has spotlighted the need for financial literacy, Current is leaning in and building tools for tomorrow’s money education. They’re building financial trust as education partners, and through it all, have gained a $2.2 billion valuation.