We needed to do something
We needed to do something in the peer-to-peer space as far as our customers were concerned,” explains Julieann Thurlow, President and CEO of Reading Cooperative Bank, which tested Chuck before it went live. “When we looked at the data, our customers were using Venmo and when we convened a focus group, they basically told us, at least most of the millennials in the room that were using Venmo at the time, that even if we had Zelle, they would continue to use Venmo.” One key differentiator between Zelle and Venmo is the sociability of the platform. In Venmo, users see all of their friends' public transactions on a live payments feed which includes like and comment features. Zelle transactions are private between the two parties. Venmo and Cash App allow users to hold funds in their platforms, while Zelle moves money between existing bank accounts. Transferring money from your Venmo or Cash App balance to your...