Source: EMARKETER Forecast, June 2023 - October 2023
Note: individuals 18+ who hold at least one account at an independent, digitally native digital-only bank that has either a banking license or operates on a licensed bank's platform (such as Chime or Varo in the US, Monzo in the UK, and Koho in Canada); account holders are not mutually exclusive; there is overlap between groups; Gen Z are individuals born between 1997 and 2012; millennials are individuals born between 1981 and 1996; Gen X are individuals born between 1965 and 1980; baby boomers are individuals born between 1946 and 1964
Additional Note: A digital-only bank is the brand with which the consumer engages, but may itself be a licensed bank (such as Ally Bank in the US, a legacy bank that moved into consumer banking with a digital-only product, and Monzo in the UK, which is a startup that has acquired a banking license, and Tangerine in Canada, a digital-only subsidiary of legacy bank Scotiabank) or may have a partnership with existing licensed banks (such as Chime in the US, Revolut in the UK, and Koho Bank in Canada, which operate accounts through partnered licensed financial institutions).
Methodology: Estimates are based on the analysis of survey and traffic data from research firms and regulatory agencies, historical trends, country-specific data and demographic and socioeconomic factors.