US Digital Account Opening Forecast 2023

Traditional Banks Dominate as Consumers Search for Stability

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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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

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First Published on Sep 6, 2023


Caitlin Cahalan


Eleni Digalaki
Principal Analyst
Jennifer Pearson
VP, Research

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