ArticlesPricing

Products

See All Solutions →
By ProductEMARKETER PRO+Analyst Access Program
By Use CaseDetermine Market SizingDevelop StrategiesAllocate BudgetBenchmark PerformanceWin New BusinessDevelop Go-to-Market StrategyStay InformedThought LeadershipSee All Use Cases →
Advertising & Sponsorship
Boost your brand and generate demand with media programs.
Learn More →

Events & Resources

Learning Center
Read through guides, explore resource hubs, and sample our coverage.
Learn More →
Events
Register for an upcoming webinar and track which industry events our analysts attend.
Learn More →
Podcasts
Listen to our podcast, Behind the Numbers for the latest news and insights.
Learn More →

Topics

See All Topics →
Advertising & MarketingSocial MediaContent MarketingEmail MarketingVideoBrowse All →
Ecommerce & RetailEcommerce SalesMcommerceRetail SalesSocial CommerceBrowse All →
Financial ServicesBankingPaymentsFintechWealth ManagementBrowse All →
GeographiesAsia-PacificCentral & Eastern EuropeLatin AmericaMiddle East & AfricaNorth AmericaWestern Europe
HealthValue-Based CareDigital TherapeuticsTelehealthOnline PharmacyBrowse All →
TechnologyConnected Devices5GArtificial Intelligence (AI)Browse All →
More IndustriesReal EstateCustomer ExperienceB2BTravelSmall Business (SMB)Browse All →

Latest Articles

Explore our Research →

Luxury consumers lose faith in the economy

Article |
 Jul 17, 2025

TikTok deepens creator tools to boost engagement, diversify content, and reach new audiences

Article |
 Jul 17, 2025

Drugmakers add lower cost, direct online pay option for Eliquis patients

Article |
 Jul 17, 2025

Drugmakers pay telehealth partners millions as part of D2C drug push

Article |
 Jul 17, 2025

Amazon’s ad business benefited from longer Prime Day

Article |
 Jul 17, 2025

7-Eleven IPO plans questioned after Circle K owner drops takeover bid

Article |
 Jul 17, 2025

Bank of America just misses revenue expectations for Q2 2025, explores stablecoins

Article |
 Jul 17, 2025

Cash App releases parental controls for P2P payments, rolls out Timothée Chalamet ad for retail payments

Article |
 Jul 17, 2025

US retail sales surged in June, defying uncertainty

Article |
 Jul 17, 2025

Mastercard ups its premium offerings with the World Legend tier

Article |
 Jul 17, 2025
Browse All →

About

Our Story
Learn more about our mission and how EMARKETER came to be.
Learn More →
Our Clients
Key decision-makers share why they find EMARKETER so critical.
Learn More →
Our People
Take a look into our corporate culture and view our open roles.
Join the Team →
Our Methodology
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More →
Newsroom
See our latest press releases, news articles or download our press kit.
Learn More →
Contact Us
Speak to a member of our team to learn more about EMARKETER.
Contact Us →
EMARKETER
Spotlight

Canada Digital Account Opening Forecast 2022

How Neobanks’ Steady Growth Will Shift Competitive Dynamics

Report by Tiffani Montez  |  Nov 4, 2022
Download
Report
Share
Table of Contents
Executive Summary
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
Read Next
Sources
Media Gallery
About This Report
Demand for digital account opening will decrease in 2022 due to economic volatility. Growth will be slow in 2023 and stagnate by 2024.
Topics
Digital Banking
Financial Services
Canada
Table of Contents
Executive Summary
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
Read Next
Sources
Media Gallery

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?

Digital Account Openings in Canada, 2019-2026 (millions and % change)
E-Mail ChartDownload

KEY STAT: Total digital account openings surged by 64.4% to 1.1 million in 2021, but they’ll plunge 20.7% in 2022 as the industry experiences a reset.

Here’s what’s in the full report

1file

Exportable files for easy reading, analysis and sharing.

3charts

Reliable data in simple displays for presentations and quick decision making.

Table of Contents

  1. Executive Summary
  2. How Neobanks’ Steady Growth Will Shift Competitive Dynamics
  3. Digital Bank Account Opening: A Competitive Reset
  1. Incumbents Finally Gain Ground on Neobanks
  2. Action: How to Get a Leg Up in Digital Account Opening
  3. Read Next
  1. Sources
  2. Media Gallery

Charts in This Report

Digital Account Openings in Canada, 2019-2026 (millions and % change)Digital-Only Bank Account Holders and Penetration in Canada, 2019-2026 (millions and % of population)
Digital-Only Bank Account Openings vs. Traditional* Digital Bank Account Openings in Canada, 2019-2026 (millions)

authors

Tiffani Montez

Contributors

Tyler Brown
Senior Analyst
Caitlin Cahalan
Researcher, Financial Services
Brian Lau
Forecasting Analyst
Already have a subscription?Sign In

Access All Charts and Data

Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry

Become a Client
Unlock Unlimited Insights with PRO+
Schedule a Demo