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 2025 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 2025, from 14 percent to 49 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 to 2025
Data prior to 2023 were collected from previous editions of the same survey.
The source adds the following information: The survey included 308 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. 55 percent of respondents were from banks, 45 percent from credit unions. 80 percent of respondents are C-level executives, with the rest coming from the ranks of senior vice presidents and vice presidents.
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Cornerstone Advisors. (January 25, 2025). 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 to 2025 [Graph]. In Statista. Retrieved February 10, 2025, from https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/?__sso_cookie_checker=failed
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 to 2025." Chart. January 25, 2025. Statista. Accessed February 10, 2025. https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/?__sso_cookie_checker=failed
Cornerstone Advisors. (2025). 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 to 2025. Statista. Statista Inc.. Accessed: February 10, 2025. https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/?__sso_cookie_checker=failed
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 to 2025." Statista, Statista Inc., 25 Jan 2025, https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/?__sso_cookie_checker=failed
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 to 2025 Statista, https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/?__sso_cookie_checker=failed (last visited February 10, 2025)
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 to 2025 [Graph], Cornerstone Advisors, January 25, 2025. [Online]. Available: https://www.statista.com/statistics/1228261/opinion-on-challenger-banks-as-threat-for-banking/?__sso_cookie_checker=failed