Total digital account opening will sink in 2022 by 25.9% year over year (YoY), a faster slide than in any previous year in our forecast. Annual growth is set to hit 0.4% in 2023 and remain below single digits through 2026, creating an environment of fierce competition between incumbents and neobanks.
Key Question: How will incumbents and digital-only banks, aka neobanks, be able to acquire new customers in the face of a possible recession?
KEY STAT: Since 2019, total digital account openings surged by 30.0% to 6.4 million in 2021, and they’ll nosedive 25.9% in 2022 as the industry experiences a reset.
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