The Online Bank Insurgency Of 2020

OBSERVATIONS FROM THE FINTECH SNARK TANK

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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