One of the most popular articles from last week’s news roundup discussed how consumers are diversifying away from their primary bank and opening extra checking and savings accounts at other institutions. JD Power research suggests these secondary accounts are growing because customers want tools that better fit how they spend, save, and manage their money.
Fintechs are gaining many of these new customers, especially the younger and mass-market segments. Features like savings “buckets,” real-time balances, and clearer information about when funds are available are attracting customers who expect faster and simpler banking experiences.
Do you know which customers are adding secondary banking relationships elsewhere? Do your deposit products match how younger customers want to manage their money today?