Total digital account opening will plummet in 2022 by 44.6% year over year (YoY), faster than in any of the previous years in our forecast. Annual growth is set to drop below single digits by the end of 2026, creating an environment ripe for competitive disruption.
Key Question: How will incumbents and digital-only banks, aka neobanks, be able to acquire new customers in the face of a looming recession?
KEY STAT: Total digital account openings in the US will sink by 44.6% this year, dragged down by the past year’s 61.9% drop in neobank account openings.
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