Fintechs Captured 28% of New Checking Accounts
A July 2026 study found younger consumers are increasingly choosing online-only banks over traditional institutions.
Updated on Sept. 29, 2026 in Banking
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Do you trust online banks or fintechs more than traditional banks for your checking account?
Fintech firms and online banks secured 28% of new checking accounts opened by Millennials and Gen Z as of July 2026. These digital-first providers currently hold 20% of all existing primary checking relationships among these younger generations.
Why it matters
Younger consumers are prioritizing providers that offer real-time data and tools to help them avoid unexpected fees. This shift highlights a growing preference for digital-first financial experiences over traditional branch-based banking.
A JD Power survey of 23,386 U.S. adults found fintech firms captured 28% of new checking accounts, with online satisfaction scores reaching 701 for Gen Z compared to 617 for regional banks. The study identified 14 performance indicators driven by awareness of budgeting tools.
The players
JD Power
This data analytics and consumer intelligence company conducts recurring studies on customer satisfaction across various industries.
Chase
This is a major national bank that ranked highest in customer satisfaction among national banking institutions for both Millennials and Gen Z.
American Express
This financial services corporation ranked highest in customer satisfaction among online banks and fintechs for Millennial consumers.
OnePay
This fintech provider secured the top ranking for customer satisfaction among online-only banking platforms for Gen Z users.
The details
Millennials and Gen Z account for 67% of all new primary checking accounts, with online banks scoring higher in satisfaction than national or regional counterparts. Institutions increased satisfaction scores by boosting customer awareness of financial-education and budgeting features.
Timeline
June 2026: The study began collecting survey responses from U.S. adults.
July 2026: Data collection for the banking study concluded.
September 2026: The findings regarding banking satisfaction were published.
Market Landscape
This trend represents a sustained migration of younger depositors away from brick-and-mortar regional banks toward digital-first fintech platforms. The shift forces traditional institutions to compete on real-time feature accessibility rather than legacy branch locations.
Consumers who actively engage with their bank's digital financial-education tools often experience higher satisfaction and better fee management. Regularly reading bank emails remains a key behavior associated with 90-point higher satisfaction scores for retail customers.
The takeaway
Younger users are effectively reshaping the banking industry by choosing providers that offer immediate financial transparency. Improving awareness of your bank's existing budgeting features can help you avoid unexpected fees and improve your personal financial management.
Further reading
For more on evolving consumer preferences, visit our Banking section.
Live Poll
Do you trust online banks or fintechs more than traditional banks for your checking account?
