The news: MX Technologies recently surveyed 1,000 US consumers to study what drives banking customer retention and attrition. Our take: The MX Technologies report underscores that consumers are highly motivated by value, convenience, and a seamless digital experience. In addition, they know what they want for their finances and are willing to look to competitors to get it. To win and retain customers, FIs should proactively use data to anticipate customer needs at key life stages and offer relevant products before those moments arrive.

The news: Fintech giant Chime beat Wall Street estimates in its first quarterly revenue reporting as a public company, driven by strong demand for its digital banking services, per Reuters. Our first take: Chime's impressive debut as a public company is a powerful statement about the shifting dynamics of consumer banking. For years, traditional banks have dismissed challenger banks as a fringe trend. But Chime's financial performance proves there's a huge, profitable market for digital-first financial services. In addition, Chime’s focus on short-term liquidity tools and early pay access has positioned it as a valuable financial partner, especially as consumers are faced with pressing economic concerns.

We explore key takeaways that can help banks stay competitive despite rising costs.