Big Banks Roar Back, Steal Customer Growth From Fintech Rivals
By CU Today Staff —
TROY, Mich.— The largest U.S. banks regained momentum in attracting new customers during the second quarter of 2026, reversing recent gains by fintech challengers as brand reputation, convenience and customer trust re-emerged as key factors in account selection, according to new research from JD Power.
JD Power's Signals Intelligence for Financial Services report found national banks captured the top spots in new checking, savings, credit card, investment, retirement and personal loan account openings after losing ground to fintechs in recent quarters. The findings are based on more than 200,000 consumer responses collected between April and June 2026.
Chase led all institutions in new checking and savings account openings, capturing 11.2% of new checking accounts and 10.5% of new savings accounts during the quarter. JD Power said reputation has become the leading factor influencing new account selection, rising four percentage points from the previous quarter, followed by promotional offers and recommendations from friends and family.
While traditional financial institutions regained market share, fintech firms continued to perform strongly in customer conversion and self-directed investing. SoFi and Chime posted the highest checking account conversion rates, while Chime also led savings account conversions. In investing, Fidelity and Charles Schwab remained the dominant providers overall, but Robinhood, SoFi and Acorns continued to attract significant numbers of do-it-yourself investors.
The report also found national banks strengthened their position in credit cards, with Capital One, Chase and Bank of America posting notable gains in new account openings. Better rewards programs and prior relationships with the brands were the primary reasons customers selected those issuers. Wells Fargo led the personal loan market, followed by Upstart and SoFi, with borrowers citing convenience, monthly payments and previous experience as the top reasons for choosing a lender.
JD Power said the latest results suggest the "great unbundling" of financial services may be slowing, with established banking brands demonstrating renewed strength in attracting new customers despite continued competition from digital-first providers.
The firm said the competitive landscape remains fluid, however, as both legacy institutions and fintech companies continue investing in promotions, digital capabilities and customer experience in an effort to win new business and retain existing relationships.
Originally reported by CU Today.