In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks. Even Gen Zers—the main source of account opening growth—will largely opt for trusted institutions. Neobanks will be left in the dust, especially as fintechs and Big Tech siphon away customers.
Key Question: What trends are influencing digital account opening at traditional and digital-only banks?
KEY STAT: Account openings at digital-only banks will likely never fully rebound to their 2019–2021 levels due to economic uncertainty and competition from other fintech challengers.
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