Taking risk on technology is crucial to competitive advantage: Banks are challenged to counter emerging threats, seize opportunities, and build an innovation pipeline. While digital organizations evolve, corporate labs, ventures, accelerators, and strategic investors lead the charge.

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.

Banks’ continued investment in marketing, led by the sales of products and solutions to the mass affluent, signals sustained growth in digital ad spending on the heels of a historic snap back in budgets since the pandemic—despite a looming economic downturn.

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.

The US bank bought fintech Long Game in an effort to “future proof” its core business and appeal to millennials and Gen Zers.

Seven major US incumbents are partnering to roll out a service that lets consumers share financial data with participating businesses.

Banking players may still be able to tie up as planned, but should prepare for heightened scrutiny from Biden Administration regulators.

Banking in a post-overdraft world: Regions is shaking up its mix of income sources after lowering its customers’ risks of incurring overdraft penalty charges.

US banking trade groups want the Consumer Financial Protection Bureau (CFPB) to pause its planned crackdown on the fees, arguing it could lead to overdue bills.

The US banking giant not only eliminated overdrafts, it introduced a lending alternative—charting a course for banks to jettison the controversial fees while continuing to serve those dependent on them.

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.

In an exclusive Q&A with Insider Intelligence, Dontá Wilson talks about why he sees “digital transformation” as a misnomer—and how “client transformation” is a better term for guiding banks’ digital strategy.

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. 

Meanwhile, the separate phased migration of legacy BB&T and SunTrust accounts to Truist’s combined digital platform will help limit the bleeding, should major glitches happen.

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.

The US neobank committed to help people boost their savings—its latest initiative to raise its profile as a trustworthy financial institution among customers.