The news: The number of US bank accounts opened digitally declined sharply last year against the backdrop of the coronavirus pandemic, per Insider Intelligence’s recent report, Account Opening in the Next Normal. Openings for 2020 clocked in at 10.1 million, or a 35.1% drop from before the pandemic.

This month, the bank is starting to deploy its integrated digital offering, potentially reaching half a million customers in July—a measured approach that reduces the risk of any glitches alienating too many customers.

This geographic breakdown suggests that Revolut’s user base and revenue abroad, including in the US, still has room to grow. However, expansion won’t be simple. After shuttering a limited beta offering in Canada, Revolut is planning a risky re-entry into that country. In the US, native neobanks like Chime and Varo will offer stiff competition.

This dual approach may be a measure of apprehension following the failure of its digital bank, Finn, in the US in 2019. Some of the issues that Finn faced in the US won’t be a problem in the UK. Finn wasn’t easily distinguished from Chase’s other account services, so there wasn’t enough appeal for customers to join the digital-only bank.

Lili, a US-based neobank that caters to freelancers by offering a blend of personal and business services on a mobile app, has reached the 200,000 user threshold, per Forbes. The neobank announced on Tuesday that its user base doubled in just six months while also unveiling a $55 million Series B funding round.

The company’s emerging banking play is similar to measures taken by US-based Venmo, which has evolved beyond P2P mobile payments into products such as cryptocurrency trading, mobile check cashing, and a credit card. Revolut is also straddling the fintech and neobank areas, with a lineup that includes investing, checking and savings accounts, and insurance.

The biggest US banks have reduced the gap between themselves and smaller competitors when it comes to customer satisfaction, according to J.D. Power’s 2021 U.S. Retail Banking Satisfaction Study. Big banks, which J.D.

The US-based neobank, which started out offering debit cards for teens before broadening its demographic focus, announced that it has nearly tripled its user base, growing from 1 million last summer to over 2 million in November, and recently reaching almost 3 million account holders.

This marks the latest instance of AI-driven capabilities on Truist’s product roadmap following the completion of the merger between regional players BB&T and SunTrust, making it the sixth-largest US bank by assets. The robo-advisor will be a wholly new addition to Truist’s digital offering, as it works to unify BB&T’s and SunTrust’s legacy commercial platforms.

An Insider Intelligence survey conducted in September 2020 found that mobile banking was a top three factor in bank selection by 45.4% of US mobile banking users ages 18 and older, putting it in second place behind fees. Bank branches fell from the No. 2 spot it held in 2019 to fifth place in 2020.

For example, a group of credit unions launched Bank Dora in September, a digital-only cooperative focused on underbanked customers in the US aiming to cut racial and economic gaps. Launching and improving digital services like mobile banking, digital wallets, and BNPL options is essential for FIs.

Many banks have moved away from using ATMs and instead direct customers toward mobile banking, credit and debit cards, and real-time payments. Banks are also cutting costs where they can to enhance their tech budgets. And digitizing means shuttering physical locations.

According to Insider Intelligence’s September 2020 US Mobile Banking Competitive Edge survey, fees are far and away the most important factor customers would consider before choosing a new bank. Other banks have lessened their reliance on overdraft fees, but PNC has taken one of the most active approaches to separating itself from controversial practice.