The news: Many consumers are opening new bank, credit card, and investment accounts and migrating some financial activities instead of switching entirely, per a J.D. Power study. Fifty-two percent of new checking and 48% of new investment accounts were additional accounts, and 65% of new credit cards were additional cards.

More on this: The real risk is a gradual consumer shift toward a competitor—often unnoticed by the primary financial institution (FI) until the customer switches their direct deposit.

The risk of silent switching comes from incumbent FIs and large challengers. Indeed, Chime had the highest share of new checking account openings, at 13%, according to the study. It outranked incumbent banks Chase and Wells Fargo, and was far ahead of fellow challengers SoFi and Cash App.

The threat: Chime and SoFi led with conversion rates (i.e., the number of consumers who considered opening an account and actually did so) at 77% and 75%, respectively, (SoFi led with 80% for investment accounts). About half of Chime customers are primary, far exceeding large incumbents and demonstrating superior customer retention.

The play: Chime’s marketing is known for lavish spending and sophistication: It noted in its IPO filing a content generation strategy that leverages organic search (including a custom GTP); a targeted paid media strategy that spans search, social media, TV, and affiliates; and a personalized referral incentives program.

Our take: FIs should carefully reconsider their approach to efficient customer acquisition and retention. Consumers may appear unwilling to make a clean break with their bank, but they try products offered by other institutions and slowly slip away if they like what they see. FIs that treat customers passively and view long-held accounts as secure relationships may be fooling themselves.