Data Snapshot: Large Banks Are Earning ‘Primacy,’ But Customers’ Minds Are Increasingly Elsewhere

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.