Fintechs are outpacing banks in new checking account openings: Why that may not matter

The findings: Cornerstone Advisors’ recent survey of checking account openings as reported by Forbes revealed that fintechs still outpaced traditional financial institutions (FIs) in new checking account openings in 2024. 

By the numbers: Forty-four percent of new checking accounts were opened with digital banks and fintechs—down from 47% in 2023. By comparison, big banks and regional banks combined accounted for 43% of new checking account openings in 2024. These banks rebounded five percentage points from 2023, which Forbes’ analysis links to competitive checking account offers such as sign-up bonuses.

The analysis: When looking strictly at account openings, this study could reveal digital competitors’ advantage in attracting new customers to their platforms through mobile banking. And given fintechs’ growing ad spend, it could also mean their marketing is resonating with customers who are looking for specific digital offerings.

But these new accounts aren’t necessarily customers’ primary accounts.

• A smaller percentage of Gen Zers and millennials considered digital and neobanks as their primary FI in 2024 than in 2023. 
• And half of the banking customers who opened new checking accounts in 2024 already had at least two other checking accounts. 

This could mean customers are opening new accounts to sample specific digital tools—but never fully switch to them.

What it really means: Traditional FIs seem to be holding onto their primary banking customers, and even attracting new ones. But to prevent them from opening secondary accounts, FIs should be working toward expanding their mobile apps and digital offerings—or a super app.

To learn more about the emerging mobile banking features customers want most, read our “US Mobile Banking Emerging Features Benchmark 2024” report. 

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