A new Openbank survey shows customers appreciate accounts and recommend them to friends.

Banks, crypto companies, and Congress continue to grapple with regulating the space.

The news: We’ve covered the importance of life-stage banking, which demonstrates an understanding of customers’ most pressing needs and helps banks move past product-centricity. With its family-focused products, SoFi demonstrates what this strategy can look like in practice. Our take: SoFi is far from the only bank to have developed products aimed at solving target customers’ financial challenges. But its holistic approach to financial health could help it stand out when young parents are looking for the right fit for their families, especially considering its savings rate—which is well above many of its traditional competitors’. Customers' deposits are largely determined by banks’ rates, and are much more volatile than many banks assumed. Learn more by reading our article, “Customer deposits are more volatile than banks assumed: What banks can do to keep them.”

Traditional financial institutions are losing new business to digital competitors. But banks can still compete.