Chime reaches 5 million account milestone

This week's highlights: Stripe reaches $35 billion valuation after $250 million funding round, Revolut targets Gen Z with new children's spending card, HBO swept the Emmys – but SVOD is likely to change that, and much more

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WEEKEND ROUNDUP Chime hit the 5 million account milestone – but still has a ways to go US neobank Chime recently hit the 5 million account milestone, but these figures may not be communicating the full picture. Accounts are not the same as customers — customers can open more than one account, and many likely do, as Chime clients who open a Spending Account are also prompted to open a Savings Account. Additionally, Chime customers aren't using it as their primary accounts and much of the neobank's success has been with low- and medium-income consumers drawn by features like Chime's lack of fees and early wage access. Business Insider Intelligence's Gregory Magana has the full story. Business Insider Intelligence Daily is just a preview of Business Insider Intelligence. Get started, risk-free today to unlock research reports, briefings, industry forecasts, exclusive data, and more. BRIEFING HIGHLIGHTS Stripe reaches $35 billion valuation after $250 million funding round Stripe raised $250 million that it plans to use to expand internationally, add more product offerings, and improve its enterprise capabilities — all of these efforts could help it recruit larger clients. Read More → Revolut targets Gen Z with new children's spending card Revolut is launching a spending card for children, linked to parents' Revolut accounts. This could be a good strategy for neobanks looking to upsell their product suites to the next generation. Read More → HBO swept the Emmys – but SVOD is likely to change that HBO won the most 2019 Emmys out of all networks nominated, with 34 total wins. However, it could become harder for HBO to maintain that dominance as Netflix, Amazon, and Apple invest in high-quality original content for their platforms. Read More → Monzo suspends subscription service five months after launch Monzo is suspending its premium service, Monzo Plus, due to negative user feedback, making identifying a sustainable business model imperative to reaching profitability. Read More → Google has launched a second version of its Android (Go edition) Google's updated Android (Go edition) OS will boost its ability to encourage loyalty among manufacturers and entry-level smartphone users and, in turn, grow use of the internet and its software and services. Read More → Amazon Care is the company's next big step into healthcare Amazon is piloting a virtual care platform, Amazon Care, with select Seattle employees — part of a growing trend of employers experimenting with digital health to shave down member costs. Read More → American Express launches a bank transfer payments offering in UK American Express is adding a pay with bank option for all UK consumers — not just Amex cardholders — which could raise its profile in the UK and help it refine the offering before expanding it elsewhere. Read More → Apple gives third-party developers more direct access to Siri Third-party developers now have more direct access to Siri, which could erode an advantage of Apple's services but will benefit the voice assistant in the long run. Read More → YouTube is overhauling creator verification standards YouTube signaled that some smaller creators will see their verification checkmarks disappear as it overhauls its verification standards. Previously, any account with over 100,000 subscribers could request to be verified – now verification rests on authenticity and prominence. Read More → Amazon's new Alexa feature can visually identify consumer goods Amazon added a feature to the camera-equipped Echo Show device that enables it to visually identify consumer goods. Amazon designed the feature — aptly named "Show and Tell" — to help blind and low-vision users identify groceries. Read More → Did a friend forward you this newsletter? Get it daily by clicking here. RESEARCH IN FOCUS Fintech and Financial Inclusion Historically, the US banking industry has discussed financial inclusion solely in terms of corporate social responsibility (CSR) - but two forces have flipped the conversation from CSR to a genuine business opportunity. This report explores the business opportunity for incumbent banks looking to tap the growing opportunity presented by the financially underserved, highlights through case studies how innovative players are utilizing technology to capture share in this market, and outlines recommendations for how banks can enter the space as well. Learn More → AI in Banking The aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023, with the front and middle office accounting for $416 billion of that total. This report identifies the most meaningful AI applications across banks' front and middle offices, while also discussing the winning AI strategies used by financial institutions so far, and provides recommendations for how banks can best approach an AI-enabled digital transformation. Learn More → The Global 5G Landscape The spread of 5G is pivotal for the connected world — its technical upgrades will supercharge adoption of transformative technologies and strengthen the value of old ones. 5G will serve as the backbone of the fourth industrial revolution, and the global pacesetter for the new standard could become the same for connected technologies. This report compiles 5G snapshots of the United States, South Korea, and China – with each providing an overview of the market's telecoms space and details on what is contributing to its development. Learn More → Do you already have Business Insider Intelligence access through your company? Check here. CHARTS OF THE WEEK Supply chain and logistics companies heavily rely on inefficient communications methods. Banks are prioritizing cybersecurity, cloud, and API tech to stave off digital challengers. Incumbents and startups' best chance of getting UK consumers to adopt open banking services is to team up. Business Insider Intelligence Daily is a free newsletter highlighting topics the Business Insider Intelligence research team finds interesting. Published around 5pm ET Monday through Friday. 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