The Online Bank Insurgency Of 2020


They say Nero fiddled while Rome burned, and that may be an apt analogy for today’s banks.

According to a study from Cornerstone Advisors, just 20% of bank executives think online (or digital) banks are a significant competitive threat.

They might want to rethink that.

A July 2020 survey of US consumers from Cornerstone Advisors found that 14.2 million Americans—6% of US adults with a checking account—now consider a digital bank to be their primary bank—a 67% jump from January 2020.

Chime leads the fintech pack with more than 4.3 million consumers calling it their primary bank, followed by Dave with just shy of 3 million primary bank customers.

Source: The Online Bank Insurgency Of 2020

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