Digital-only banks now capture approximately 25% of all new checking account openings in the United States, driven by higher interest rates on deposits, lower fees, and seamless mobile experiences. Traditional banks are responding by enhancing their own digital offerings and matching promotional rates.
Consumer surveys indicate that trust in digital banks has increased significantly, with 68% of respondents expressing comfort holding their primary checking account at an institution without physical branches. The shift is most pronounced among consumers under 40.
