Report

U.S. Deposit Account Opening: Trends Among New Checking, Savings, and Money Market Products

The way U.S. consumers open financial accounts is complex and ever-evolving.
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December 8, 2022 – U.S. consumers rely on myriad FIs and technology enablers to manage their money. But in a market with over almost 10,000 chartered banks and credit unions—and a rapidly growing nonchartered challenger bank space—U.S. consumers have unparalleled diversity in choice when selecting where to open financial accounts. Where and with whom those consumers entrust with holding their money, however, is the burning question.

This Impact Report covers account opening trends associated with checking, savings, and money market accounts, outlining consumer adoption rates, the types of FIs winning accounts, FI selection drivers, and friction associated with digital account opening across the U.S. It is based on a study among 3,008 consumers in the U.S., Canada, and the U.K. conducted by Aite-Novarica Group in Q3 and Q4 2022.

Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.

This report mentions Apple, Aspiration, Bank of America, Chime, Consumer Financial Protection Bureau, Daylight, Google, PNC, U.S. Bank, and Wells Fargo.

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