TROY, Mich.—Competition for consumers’ financial relationships is accelerating—and increasingly shifting toward digital first players—as fintechs gain share across checking, savings and investment accounts, according to new data from JD Power.
The firm’s Financial Services Churn Data and Analytics report shows fintech brands are not only attracting new customers but converting them at higher rates than traditional institutions, signaling a deeper shift in how consumers choose primary financial providers.
In checking accounts, Chime continues to emerge as a mass-market force, joining JPMorgan Chase and Wells Fargo among the leaders in new account openings. But fintechs dominate conversion rates, with Chime and Current both converting roughly three-quarters of prospects into customers, outpacing traditional banks.
A similar dynamic is playing out in savings, where JPMorgan Chase leads in total openings, but fintechs again outperform in turning interest into funded accounts. Chime and Cash App post conversion rates above 75%, with Navy Federal Credit Union also ranking among the top performers—highlighting that credit unions can still compete effectively in targeted segments.
Investment behavior underscores a generational divide. Platforms such as Robinhood and SoFi are gaining traction among DIY investors—particularly those with less than $250,000 in investable assets—while higher-wealth, advised investors continue to favor traditional firms.
Credit cards remain a relative stronghold for incumbents, with Capital One, JPMorgan Chase and Credit One Bank leading account openings. Even here, however, fintech penetration is growing among lower-credit-score consumers, suggesting another potential entry point for digital challengers.
The study suggests “soft switching”—where consumers add new relationships without fully abandoning existing ones—is accelerating, especially among younger and less affluent customers. With more than half of consumers now turning to AI for financial advice, JD Power said institutions face mounting pressure to strengthen digital engagement and remain top-of-mind as customers increasingly spread their financial lives across multiple providers.