Traditional financial institutions regain ground from fintechs

After two quarters in which fintech challengers gained momentum in attracting new customers, traditional financial institutions regained ground during the second quarter of 2026, capturing the largest share of new account openings across multiple financial products, according to new research from JD Power.

The firm's latest Signals Intelligence for Financial Services report found that major national financial institutions led new customer acquisition in checking, savings, investment, retirement, credit card and personal loan accounts, suggesting established brands remain highly competitive despite continued pressure from digital-first providers.

The findings are based on more than 200,000 consumer responses collected between April and June.

Reputation drives consumer decisions

JD Power found that reputation has become an increasingly important factor in consumers' choice of financial provider. The influence of reputation on bank selection rose four percentage points from the previous quarter, joining promotional offers and recommendations from friends and family as leading drivers of new checking and savings account openings.

Chase led all financial institutions in new checking and savings account openings during the quarter, while Capital One posted the highest share of new credit card account openings. Fidelity remained the leading provider for new investment and retirement accounts.

The report suggests that established financial institutions continue to benefit from strong brand recognition, customer trust and existing relationships, even as consumers compare promotional offers and digital capabilities.

Credit card customers cited rewards programs and previous experience with a financial institution as primary reasons for selecting major bank issuers, while personal loan customers placed the greatest emphasis on convenience, monthly payments and prior relationships.

Fintechs remain formidable competitors

Although traditional financial institutions regained the lead in overall customer acquisition, fintechs continued to demonstrate strengths in several areas. SoFi and Chime posted some of the highest conversion rates for checking account inquiries, while Chime also led conversion for savings accounts, indicating digital-first providers remain highly effective at turning prospective customers into new account holders.

The investment market also reflected a more nuanced competitive landscape. While established firms such as Fidelity and Charles Schwab dominated overall investment and retirement account openings, fintech providers including Robinhood, SoFi and Acorns continued attracting significant numbers of do-it-yourself investors.

The report suggests that rather than replacing traditional financial institutions, fintechs continue to compete by targeting specific customer segments and emphasizing streamlined digital experiences.

For payments providers, banks and fintech companies alike, the research highlights an increasingly competitive battle for customer relationships. Interest rates, promotional offers, digital convenience, customer support and brand reputation all continue to influence where consumers choose to open new accounts.

Whether traditional financial institutions can maintain their renewed momentum remains uncertain. However, JD Power's findings suggest reports of big banks losing their competitive edge may have been premature, as established brands continue leveraging trust, reputation and broad product portfolios to compete with newer digital challengers.

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