In 2022, US consumers will collectively open 13.1 million new bank accounts via digital channels, per our estimates. We stack up the mobile account opening experiences of the 10 largest US banks (by domestic asset size) and the four largest US neobanks (by users) based on our analysis of 35 emerging features.

This benchmark evaluates four US neobanks across seven categories and weights their scores according to the results from a survey of US mobile banking users. It highlights the most in-demand mobile banking features that an incumbent, fintech, or neobank can offer to attract, retain, or monetize users.

Watch the on-demand replay of our webinar, The US Mobile Banking Benchmark, as we discuss top mobile features that customers crave, how demand for these features differs when cut by key segments, and how banks and neobanks are measuring up in meeting customer demand.

Digital-only banks—and neobanks in particular—have emerged as potent threats to incumbents, and many disruptors that could further shake up the US banking market loom large. But incumbents can still secure digital account holders by adopting digital best practices championed by challengers.

SoFi aims to become the AWS of banking services: The US neobank plans to acquire cloud-based core-banking provider Technisys and pair it up with banking-as-a-service (BaaS) subsidiary Galileo.

Through our exclusive interviews with heads of digital at 12 of the largest financial institutions and three top neobanks across the US, UK, and Canada, this report illuminates the biggest challenges and opportunities these executives are facing.

Chime was the most downloaded US mobile banking app in 2021, with 12.8 million downloads, up 16% from 2020. Other neobanks had a huge year as well: Current posted 67% growth in downloads, and Varo skyrocketed to 10th place with a 529% increase. That said, traditional banks took the rest of the top five positions.

Its fintech is out of stealth mode and is making acquisitions to build a neobank that will call itself as ONE. Its scaling potential makes it a threat to US banking players.

A US neobank is offering a simple onramp to crypto that targets Hispanic users. Could it pave the way for using digital assets in cross-border payments?

Neobanks are still relatively new, but the market is already looking a bit saturated. As the first neobank granted a banking charter by the OCC, Varo has a prominent position and competitive advantage in the US neobank space. Any difficulties it faces will hurt the credibility of neobanks globally.

The Europe-based neobank’s acknowledgment of an increasingly apparent reality and its soft retreat could indicate other foreign neobanks are struggling to crack the US market.

Capital One was the most downloaded US banking app between January and April 2022, with 5.0 million net new installations. Digital-only contender Chime took the No. 2 spot, with 4.7 million, while Chase came in third, with 4.1 million net new installs.

On the same day, it listed on the NASDAQ and launched US banking operations, aiming to challenge Big Tech and payments providers by tapping into immigrant populations.

Consumer appetite for sustainability is giving ESG-minded neobanks and fintechs a competitive advantage. Some of the most formidable sustainability competitors banks face include US neobank Aspiration, which markets itself aggressively and offers a wide array of ESG-focused products and services.

This fifth annual benchmark stacks up 23 US financial institutions against one another, evaluating their mobile app capabilities based on consumer demand for 42 emerging features.

The US challenger’s plan to mix decentralized finance with traditional banking in a “hybrid finance” approach could shore up its appeal to younger users.