Digital account opening will nosedive by 20.7% year over year (YoY) in 2022 due to economic uncertainty, but it’ll bounce back slightly in 2023 before plateauing. The bulk of digital account opening growth will be driven by neobanks. However, incumbents will make a comeback in the lead-up to 2025, slowly tipping the competitive scale in their favor.
Key Question: How will incumbents and digital-only banks (those with no branches) be able to acquire new customers in the face of a possible recession?
KEY STAT: Total digital account openings surged by 64.4% to 1.1 million in 2021, but they’ll plunge 20.7% in 2022 as the industry experiences a reset.
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