Deposit displacement is diminishing the importance of checking accounts in consumers' financial lives.
that help people save. Consumers have saved more than $5 billion in 2018 using services like Acorns and Stash--with some of those savings moving to institutions other than the consumers' primary banks. A quarter of Millennials have opened accounts with digital banks like Ally and Marcus. The top reasons why: To get better debit card rewards and better interest rates. The result: Consumers keep more than $125 billion in these digital banks.
Based on consumers' self-reported levels of checking account deposits, banks could lose about $100 billion in the wake of anWhat's important to note there is that three-quarters of all consumers who expressed an intention to open an Amazon checking account said they would keep their existing checking accounts open.Bank switching is on the decline because money movement is so easy, not because large banks have made banking convenient.
Banks--particularly the large ones--could try to stem this tide by charging for the transfer of money, but good luck with that. You can imagine the outrage on the part of consumers and a few high-profile politicians that would ensure if that happens. There's no question that the big banks have made banking more convenient. S&P's analysis of 15 advancedfound that the megabanks provide an average of 13 features. In contrast, banks with $50 billion to $1 trillion in assets offer an average of eight features, and banks in the $10 billion to $50 billion range offer just 5 advanced features.
While that does help the big banks attract new customers, the reality is that attrition is low across all banks. Easy money movement has eliminated the need for consumers to close out accounts--and diminished the importance of checking accounts.
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