Data Snapshot: Large Banks Are Earning ‘Primacy,’ But Customers’ Minds Are Increasingly Elsewhere
- Date:February 18, 2025
- Author(s):
- Ian Benton
- Dylan Lerner
- Report Details: 5 pages, 2 graphics
- Research Topic(s):
- Digital Banking
- Mobile & Online Banking
- PAID CONTENT
Overview
While most Gen Y and Gen Z consumers say a top-five bank is their primary provider, 62% of adults regularly turn to fintech apps such as Cash App, Venmo, Credit Karma, and Credit Sesame for core banking and financial management tasks. One common reason: They didn’t even consider their bank as an option. This “silent churn” to fintechs threatens banks and credit unions of all sizes and shifts the definition for success from being the “primary” FI to the “first” FI they turn to when they think about their finances. This report is part of the Digital Banking Data Snapshot series, which examines how banks and credit unions can earn and maximize their hold on primary-FI status in a brutally competitive environment.
Book a Meeting with the Author
Related content
Data Snapshot: Finances Are Shared, but Digital Banking Isn’t
Financial institutions, with digital banking experiences built largely for individuals, are missing the financial reality of most Americans. Consumers’ finances don’t exist in a va...
The Key Step on the Bridge to Investing Maturity Path: Helping Customers Think Beyond Today
When it comes to cultivating the next generation of investors, most banks today land squarely in Stage 2 of Javelin Strategy & Research’s six-stage Bridge to Investing Maturity Pat...
What Lenders Can Learn from Fintech Chatbots
Javelin’s diagnostic analysis of AI-powered consumer-facing chatbots for 11 fintechs, non-bank lenders, and retail banks found that retail FIs consistently fail to provide personal...
Make informed decisions in a digital financial world