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The news: BMO launched the BMO Escape Credit Card, a Mastercard credit card geared for travelers, per a press release. The Escape Credit Card will pack a $150 annual fee. New signees are eligible to earn up to 45,000 points after spending $5,000 within the first three months of their account opening.

The findings: One quarter of Gen Zers in the UK have multiple bank accounts but only use one regularly, according to a recent study by Intuit Credit Karma. What this means for banks: Account-opening incentives are working, and FIs should continue to offer them to boost customer acquisition. However, they should also add parameters that require customers to remain active banking users or keep accounts for a certain period of time in order to qualify. The real win for banks is converting customers into primary users following the sign-up bonus. This requires a shift in strategy from acquisition to engagement. Banks must build a digital experience so valuable that Gen Zers use their accounts regularly even after the initial bonus has been spent. This means focusing on things that matter to them: Superior digital experience: A seamless, intuitive, and fast app is nonnegotiable. Clunky interfaces or slow load times will send them straight to a competitor. Personalized value: Offer tools that help them manage their money better, such as AI-powered insights, easy budgeting features, and integrated saving goals.

The news: New account openings were down 5% across Wells Fargo, Citi, Bank of America, and American Express during Q2 2025, per The Wall Street Journal. Our take: Issuers are going to chase opportunities to increase their payment volume, which explains targeted efforts to boost luxury travel and dining rewards. But looking long-term, banks need to think strategically about loosening their credit guidelines.

The news: Over 78% of internet users globally use at least one fintech service monthly, with user penetration expected to surpass 80% by the end of the year, per Coinlaw data. Our take: Traditional financial institutions (FIs) must act now to stay competitive against fintechs鈥� continued popularity, particularly with younger generations. We鈥檙e already seeing fintech checking account openings outpacing those at traditional FIs. The threat will rise further as digital-only competitors start looking increasingly like banks in the products and services they offer and licenses they acquire. Customer-centric journeys are the key to traditional FIs staying relevant.

The news: The banking sector is evolving towards embedded finance and enhanced data-sharing, allowing customers to access financial products and services from any provider, on any platform. This unbundling trend, driven by fintechs, could marginalize traditional banks. The article draws a parallel to the music industry's digital disruption, where unbundling (like iTunes) and streaming (like Spotify) fundamentally reshaped its value chain. This transformation, catalyzed by companies like Napster, created diverse new models. The opportunity: Similar to how streaming music providers anticipate continued growth, banking customers increasingly seek unbundled services, with fintechs outpacing traditional financial institutions in new checking account openings as consumers hold multiple accounts for specific needs.

The news: To effectively engage Gen Z, banks must offer more than just basic digital experiences. This generation demands instant gratification, expecting rapid account openings, quick loan decisions, and frictionless onboarding. Gen Z also prefers visual learning, gravitating toward video explanations and gamified education for financial literacy. Despite their digital fluency, they still value human connection for problem-solving, requiring quick access to live help. Our take: Banks should move beyond traditional "channels" or "products" and design a responsive, omnichannel ecosystem that delivers education, trust, and personalization in real time, fitting seamlessly into Gen Z鈥檚 lives.

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.

Brokered deposits at US banks decreased for the fifth consecutive quarter in Q1 2025. This means that banks are reducing their dependence on this generally more expensive funding source in favor of lower-cost options. And targeted marketing efforts helped them achieve this. Banks employ a variety of strategies to attract and retain customers of their lower-cost deposit products such as seamless account opening, free checking accounts, early access to paychecks, and competitive rates.

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.

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

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

The news: Save A Lot introduced a new Hispanic-focused store format鈥攊ts second鈥攊n partnership with Leevers Supermarket as it explores ways to build deeper connections with Hispanic consumers. The takeaway: The rationale for opening these stores is clear: Hispanic consumers wield increasing buying power and account for an outsize share of growth in categories like CPG, beauty, and food and beverage. By targeting these shoppers with formats and products best suited to their needs, grocers can win lasting loyalty.

Britt also stated on the call that Chime鈥檚 goal is to become 鈥渢he largest provider of primary account relationships in the US.鈥� While there鈥檚 debate around whether fintechs are outpacing traditional financial institutions in primary account openings, they鈥檙e already outpacing them in checking accounts in general.

The details: The platform, Algebrik One, uses agentic AI to manage the entire lending process鈥攆rom digital account opening to loan decision-making and portfolio analytics. The technology enables the credit union to approve loans faster, fund them sooner, and more easily stay compliant with regulations.

Simply opening new accounts is not a strong measure of success. Remember: Fintechs have outpaced banks in checking account openings but have struggled to compete with traditional FIs鈥� account primacy. The real value of customer acquisition comes from what happens next, per The Financial Brand. That鈥檚 because:. New accounts often turn inactive shortly after they鈥檙e opened.

Millennials and Gen Zers accounted for 63% of global new account openings, per Amex鈥檚 Q2 2025 earnings report. These young adults are seeking experiences at breweries, gourmet markets, and wineries, more than any other category, per a Toast report. Increasing these businesses鈥� visibility across Resy, Tock, and Toast Table鈥檚 directories can drive traffic and sales volume.

Big life changes prompt new account openings: The top reasons customers open new accounts are moving (48%), starting a new job (43%), purchasing a home (24%), getting married (22%), and getting divorced (16%). This points to the importance of FIs being able to predict as many life-stage changes as possible. Remember: We recently covered how agentic AI can help FIs anticipate such changes.

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

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.

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.

This is up slightly from our January findings, which showed most new account openings among Gen Zers in 2024 were with fintechs. But traditional FIs aren鈥檛 out of the game: They鈥檙e strategically evolving their offerings to appeal to this crucial demographic. Digital-first enhancements: Traditional banks are bolstering their digital capabilities.