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New account openings have been stable for the last six months and will likely support ad spend growth into next year. But credit tightening will test how long that growth can persist. Senior loan officers are reporting the longest stretch of elevated credit tightening since 2009.

Adding a consumer’s BNPL use had generally the same effect on their credit score as opening a new account. Affirm and FICO resolved those reporting concerns by aggregating separate loans together. Our take: Reporting BNPL loans to Experian is likely only the beginning of more expansive reporting from BNPL providers.

Nearly 21% of consumers who opened a new checking account in the past year cited deposit safety as a key factor when choosing an account, per our April 2023 US Account Opening Feature Demand survey. Getting through to them requires dedicating campaigns to features that promote safety and security. Close the deal with highly demanded digital account opening tools.

The card network launched an account owner verification tool in Europe and partnered with Algoan to boost financial inclusion

The bigger picture: Total US credit card account openings are projected to total 34.8 million in 2024, up 5.2% year over year (YoY), per our forecasts. This is a deceleration from a 7.6% increase this year.

Ads, articles, or posts on Instagram prompted 54.8% of Gen Zers to open a new checking account in the 12 months ended April 2022, per our Account Opening Benchmark survey. It had even more of an impact on Gen Z than Facebook did on total respondents; the latter is the most important channel overall, with 43.6% of total respondents opening a new account due to content on Facebook.

Consumers want a quick application process and immediate access to their new account. But an experiment found that banks can take up to two weeks.

Nearly 21% of consumers who opened a new checking account in the past year cited deposit safety as a key factor when choosing an account, per our April 2023 US Account Opening Feature Demand survey. Getting through to them requires dedicating campaigns to features that promote safety and security. Close the deal with highly demanded digital account opening tools.

But easy come, easy go: New account opening is relatively frictionless, making consumers much less inert should a better offer come along. Instead, banks should zero in on their target segments’ financial goals and create campaigns around them. For example, Bank of America has been focusing on wellness tools and financial advice, such as with its #BetterMoneyHabits ad series.

Retail banking and wealth: Firms will use generative AI to train models behind know-your-customer (KYC) processes for account opening. It will also power natural language models to fine-tune virtual assistants. SMB banking: The technology will efficiently comb through non-numerical loan application data like business plans.

In fact, credit card openings are approaching a 12-month high, per VantageScore. But Q3 could be the quarter we finally see a slowdown or outright drop in credit card account openings. Credit card spending is weakening: Consumer sentiment is on the decline, which may shift spending habits.

As might be expected, 95% of survey respondents cover social media management. 76% are responsible for digital channel management, including websites and/or online account opening. 51% handle marketing technology management (CRM, the Marketing Customer Information File, and/or marketing automation). 48% oversee data and analytics—a trend also seen in other industries as customer data and insights drives

Most digital bank accounts opened in the coming years will likely belong to Gen Zers opening their first bank accounts, according to our US Digital Account Opening Forecast 2023 report. Next year, 40.4 million Gen Z consumers in the US will be digital banking users, per our forecast.

Open banking, alternative credit models drive US credit card digital account opening growth. Amazon adds new BNPL option to strengthen digital wallet. Apple’s financial services marketing promotes an immersive lifestyle, not just products. US mobile wallet users prefer PayPal, especially for online purchases.

Ads, articles, or posts on Instagram prompted 54.8% of Gen Zers to open a new checking account in the 12 months ended April 2022, per our Account Opening Benchmark survey. By the numbers: During Q2 2023, BofA added 15,000 Instagram followers, the largest increase of any US bank in the publication’s top 100 ranking for that social media platform.

However, many are still getting the cold shoulder from those large banks, and their account opening times can be longer than startup-focused lenders. Some banks are requiring a minimum $10 million in account deposits.

Gen Z eclipsed all cohorts but baby boomers in opening a checking account in person over the past year, per our April 2022 US Account Opening Benchmark survey. Building loyalty by cracking the personalization-privacy-ethics question. Gen Z consumers stick with brands that offer personalized experiences while placing data privacy front and center. They also demand ethical brand values and action.

You can open accounts with Apple in one minute. You can do it in less than one minute and have an Apple Cash account. You can have it open and you can fund it instantly as well. Because then, for a bank account, based on our account opening benchmark that we did last year, funding in new checking account is top of mind for consumers. Gen-Zers, particularly.

Getting cash back is the leading motivator for opening a new credit card, according to 42% of adults worldwide, per January 2024 data from Kantar.