The trend: Multi-banking happens when consumers maintain their accounts at one bank while also opening a new account at another bank, chasing better rates or a more appealing digital experience. This trend is likely to accelerate when regulations around open banking take effect in the US.
Lessons learned from the UK’s open banking rollout: Based on UK data, open banking may not necessarily prompt consumers to leave financial institutions (FIs) for their competitors. Rather, it may just make it easier for them to have a clearer understanding of their finances while multi-banking.