In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks, as digital-only banks fall victim to economic uncertainty and intense fintech competition.

This sixth annual study ranks mobile app capabilities across 20 US financial institutions on 42 emerging features, weighted by consumer demand.

Incumbent banks remain firmly in the lead against neobanks on digital trust—but there are threats to keep their eyes on.

US banks are facing a consumer crisis of faith amid market turmoil. The trust-building actions banks take now will determine how their customer relationships fare in the future.

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.

Technology decision-makers within the banking industry will need to justify tech plans if spending growth is to remain steady.

It’s axed overdraft fees and charges for overdraft-protection services—as the number of big US players maintaining the old normal keeps dwindling.

Its plan to significantly reduce its presence in Mexico is just one example of how scale could be a double-edged sword for banks.

In an exclusive Q&A with Insider Intelligence, Michael Naggar talks about his role in evangelizing the adoption of Agile processes and how this transformation impacts Citi’s business culture.

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.

The banking giant topped a J.D. Power ranking of US customers’ satisfaction with retail banks’ financial advice—an offering with potential to keep branches open despite digital disruption.

Digital trust—the confidence that bank customers have in their providers’ digital channels—is a precious commodity for banks. As competitive and cybersecurity threats abound, trust will be their advantage to lose.

Buy now, pay later solutions are quickly gaining adoption as consumers look for new financing options and merchants aim to drive sales. But the industry is still unsettled as a number of firms are battling to lead the space, while card networks and issuers are looking to get involved too.