The coronavirus pandemic is driving up user growth among digital-only banks, but it has also ratcheted up long-standing pressures on them. Neobanks are facing increasing pressure to monetize as lockdowns have swept through the US, the UK, and Canada.Meanwhile, incumbent banks' digital brands, known as direct banks, are dealing with competitive demands on the digitization front to retain market share against tech-savvy neobanks.
Digital-only bank account holder numbers will increase across the US, UK, and Canada during the forecast period — the steepest increase will be for the US at a compound annual growth rate of 19.8%, versus 12.7% in the UK and 9.8% in Canada. Chime will boast the highest number of account holders among US digital-only banks by the end of 2024, with 9.5 million. In the UK, Monzo will claim the top spot with 4.0 million account holders in the same period.Gives an overview of the key trends we expect to see across digital-only bank account holder numbers in the US, UK, and Canada — and the key international factors we expect to influence these trends.
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