Neo- and challenger banks have become more and more popular in recent years, attracting an increasing number of customers, particularly among younger generations. Traditional banks and financial institutions also started to acknowledge the potential of these new players in the financial sector. According to an annual survey carried out between 2020 and 2024 among executives at banks and credit unions in the United States, the share of respondents who saw neo- and challenger banks as a competitive threat for traditional banking increased sharply between 2020 and 2024, from 14 percent to 40 percent.
Share of bank and credit union executives who see challenger banks as a significant threat in the coming decades in the United States from 2020 and 2024
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Data prior to 2024 were collected from previous editions of the same survey.
The source adds the following information: The survey included 359 respondents from financial institutions, 92 percent of whom work for financial institutions in the 250 million U.S. dollars to 50 billion U.S. dollars asset range. 54 percent of respondents were from banks, 46 percent from credit unions. Nearly three-quarters of respondents are C-level executives, with the rest coming from the ranks of executive vice presidents, senior vice presidents and vice presidents.
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Cornerstone Advisors. (January 31, 2024). Share of bank and credit union executives who see challenger banks as a significant threat in the coming decades in the United States from 2020 and 2024 [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/
Cornerstone Advisors. "Share of bank and credit union executives who see challenger banks as a significant threat in the coming decades in the United States from 2020 and 2024." Chart. January 31, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/
Cornerstone Advisors. (2024). Share of bank and credit union executives who see challenger banks as a significant threat in the coming decades in the United States from 2020 and 2024. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/
Cornerstone Advisors. "Share of Bank and Credit Union Executives Who See Challenger Banks as a Significant Threat in The Coming Decades in The United States from 2020 and 2024." Statista, Statista Inc., 31 Jan 2024, https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/
Cornerstone Advisors, Share of bank and credit union executives who see challenger banks as a significant threat in the coming decades in the United States from 2020 and 2024 Statista, https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/ (last visited August 24, 2024)
Share of bank and credit union executives who see challenger banks as a significant threat in the coming decades in the United States from 2020 and 2024 [Graph], Cornerstone Advisors, January 31, 2024. [Online]. Available: https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/
