How Neobanks’ Steady Growth Will Shift Competitive Dynamics
Digital Bank Account Opening: A Competitive Reset
Incumbents Finally Gain Ground on Neobanks
Action: How to Get a Leg Up in Digital Account Opening
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Executive Summary
Digital account opening will nosedive by 20.7% year over year (YoY) in 2022 due to economic uncertainty, but it’ll bounce back slightly in 2023 before plateauing. The bulk of digital account opening growth will be driven by neobanks. However, incumbents will make a comeback in the lead-up to 2025, slowly tipping the competitive scale in their favor.
Key Question:How will incumbents and digital-only banks (those with no branches) be able to acquire new customers in the face of a possible recession?
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