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Canada鈥檚 banking landscape is evolving, with digital account opening growth continuing to slow over the next four years. To capture what growth remains, banks must focus on delivering the most in-demand offerings.

Issuers can tap these models to reach a new customer segment and boost their credit card account openings

US financial institutions (FIs) will face low digital account growth over the next few years. But some customer groups will have higher growth potential than others, and FIs must understand how to build relationships with them.

Our third annual study reveals which account opening features US consumers value most, based on our exclusive survey.鈥�

To overcome account opening headwinds, credit card marketers can explore credit card subscriptions, net worth data collection, and wallet-first cardholder experiences.

Omnichannel account opening: 35% of banks support new account openings through unauthenticated apps, but only 18% show a customer service number in the app compared with 65% on mobile web. Per U.S. Bank鈥檚 website, users can open a new account from the mobile app in under 5 minutes.

In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks, as digital-only banks fall victim to economic uncertainty and intense fintech competition.

Growth in digital account openings for credit cards is slowing, thanks to tightening standards and changing generational behaviors. But issuers are utilizing new tools to keep it afloat.

We covered a recent Forbes analysis showing how fintechs are outpacing banks in new checking account openings鈥攁nd we found that multi-banking is behind that trend. Gen Z favors cashback and discounts, driving adoption of credit cards (46% for rewards, 36% for convenience).

What intrigues them about digital competitors: Meanwhile, fintechs are outpacing banks in new checking account openings, per a separate Forbes and Cornerstone Advisors study. And though these may not be customers鈥� primary accounts, it still means they associate fintechs with what they want鈥攇ood digital experiences to fill gaps within their overall banking journeys.

US consumers will open 5.2 million new bank accounts digitally this year. Our exclusive consumer survey data reveals which emerging mobile features banks should invest in to win over customers.

US cash-back credit card issuers will need to work harder than ever to attract customers in 2025 as credit card digital account openings are set to grow just 4.0%, per our forecast. As the post-pandemic boom in account growth ends, they will face headwinds, including increased credit card delinquencies and tightened lending standards.

Cardholders will also get a $200 resort credit upon account opening and on their card anniversary each year. They can also get a complimentary night stay (up to $250) annually if they spend $25,000 or more on the card. Will it work? While cardholders can quickly make up their annual fee from the card鈥檚 resort credits, this card will likely only appeal to the most loyal MGM travelers.

And that鈥檚 at a time when banks鈥� digital competitors are outpacing FIs at certain account openings.

Offering secured or subscription credit cards can help issuers attract these customers and bolster account openings

And that鈥檚 after already topping our rankings for its account opening features in 2022, which demonstrates the bank鈥檚 ongoing commitment to push digital boundaries. Can it work? So far, Fifth Third saw a 2.3% year-over-year increase in household growth, with 6% growth in the Southeast region. This improvement in customer acquisition makes sense, because:.

Demand for digital accounts will decrease YoY in 2022 due to economic volatility, with growth tapering off in 2023 and stagnating by 2024.

On today鈥檚 podcast, we are talking about digital account-opening trends, who鈥檚 opening bank accounts digitally, and what they want or expect when going through that process. Here鈥檚 a look at what we鈥檙e talking about this week: 鈥� In our 鈥淗eadlines鈥� segment, we discuss how in-flight deposits and Gen Z will drive account openings in 2023 and to what extent new account openings are the result of high deposit rates and an incentive-laden environment. 鈥� In 鈥淪tory by Numbers,鈥� we examine how being able to set up direct deposit when consumers open checking accounts is extremely important and the importance of deposits being protected. 鈥� In 鈥淔or Argument鈥檚 Sake,鈥� we suppose there鈥檚 a new US banking regulation requiring all banking products to be applied for and opened online. We debate (nicely) how the industry dynamics would change if everything in banking were digitized and moved online. Tune in to the conversation with host Rob Rubin, managing principal of financial services consulting at EPAM Systems Alex Jimenez, and our analyst Tiffani Montez.

In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks. Even Gen Zers鈥攖he main source of account opening growth鈥攚ill largely opt for trusted institutions. Neobanks will be left in the dust, especially as fintechs and Big Tech siphon away customers.

Credit card digital account openings are normalizing after pandemic-driven fluctuations. Recessionary factors and Gen Z鈥檚 shifting behaviors are slowing growth, but it will stay positive as issuers tap digital innovations鈥攍ike open banking and alternative credit models鈥攖o convert more consumers into cardholders.