Digital-Only Bank Account Holders Forecast: Here's what's driving digital-only bank account holder growth in the UK, US, and Canada—and which players will come out on top in each market

Digital-Only Bank Account Holders Forecast: Here's what's driving digital-only bank account holder growth in the UK, US, and Canada—and which players will come out on top in each market

Executive Summary

The coronavirus pandemic has ratcheted up long-standing pressures on digital-only banks, but it's also driving up account holder growth in unexpected ways for digital-only banks in the US, UK, and Canada.

Three Key Questions This Report Will Answer:

  • How quickly are digital-only bank account holder numbers growing in the US, UK, and Canada; and what are the biggest factors driving growth in each of these geographies?
  • What hurdles do digital-only banks have to overcome to further boost customer acquisition, and what strategies are at their disposal to do so?
  • Which individual digital-only banks stand to see the largest account holder growth in the US and UK?

WHAT'S IN THIS REPORT? In the first half of this report, Insider Intelligence looks more closely at the difference between direct banks and neobanks and the pressures and advantages unique to both camps; and also at the macroeconomic factors we expect to affect digital-only banks in all three geographies included in this forecast. In the second half, we will look at each of the included geographies in closer detail, including geography-specific factors impacting digital-only bank account holder numbers and factors unique to each of the five largest digital-only banks in each country (excluding Canada, due to limited data).

Here’s what’s in the full report

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authors

Maria Elm