US Digital Account Opening Forecast 2023

Traditional Banks Dominate as Consumers Search for Stability

Report by Caitlin Cahalan  | UPDATED: Dec 22, 2023
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Executive Summary
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Table of Contents
Executive Summary
Digital account openings at traditional banks will far outpace those at neobanks through 2027.
Digital account openings at traditional banks will grow modestly, with megabanks winning the lion’s share.
Digital-only banks stabilized after a brutal 2022 but face mounting competition from payment fintechs.
Sources
Media Gallery
About This Report
In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks, as digital-only banks fall victim to economic uncertainty and intense fintech competition.
Topics
Banking
Digital Banking
Mobile Banking
United States
Table of Contents
Executive Summary
Digital account openings at traditional banks will far outpace those at neobanks through 2027.
Digital account openings at traditional banks will grow modestly, with megabanks winning the lion’s share.
Digital-only banks stabilized after a brutal 2022 but face mounting competition from payment fintechs.
Sources
Media Gallery

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?

US Digital Account Openings at Traditional vs. Digital-Only Banks, 2020-2027 (millions)
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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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Table of Contents

  1. Executive Summary
  2. Digital account openings at traditional banks will far outpace those at neobanks through 2027.
  1. Digital account openings at traditional banks will grow modestly, with megabanks winning the lion’s share.
  2. Digital-only banks stabilized after a brutal 2022 but face mounting competition from payment fintechs.
  1. Sources
  2. Media Gallery

Charts in This Report

US Digital Account Openings at Traditional vs. Digital-Only Banks, 2020-2027 (millions)US Total Digital Account Openings, 2020-2027 (millions and % change)
US PayPal, Venmo*, and Apple Pay* Users vs. Digital-Only Bank Account Holders**, 2019-2027 (millions)

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First Published on Sep 6, 2023

authors

Caitlin Cahalan

Contributors

Eleni Digalaki
Principal Analyst
Jennifer Pearson
VP, Research