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Spotlight

Canada Digital Account Opening Forecast 2022

How Neobanks’ Steady Growth Will Shift Competitive Dynamics

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About This Report
Demand for digital account opening will decrease in 2022 due to economic volatility. Growth will be slow in 2023 and stagnate by 2024.
Table of Contents

Executive Summary

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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Table of Contents

  1. Executive Summary
  2. How Neobanks’ Steady Growth Will Shift Competitive Dynamics
  3. Digital Bank Account Opening: A Competitive Reset
  1. Incumbents Finally Gain Ground on Neobanks
  2. Action: How to Get a Leg Up in Digital Account Opening
  3. Read Next
  1. Sources
  2. Media Gallery

authors

Tiffani Montez

Contributors

Tyler Brown
Senior Analyst
Caitlin Cahalan
Researcher, Financial Services
Brian Lau
Forecasting Analyst
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