According to the JD Power Financial Services Churn Data and Analytics report, fintech brands are making meaningful inroads in building market share across the full spectrum of financial services. The report tracks new customer acquisition and attrition rates across financial services and sheds light on the key demographic and behavioural details that define this industry-wide transformation.
Chime becomes mass market powerhouse
Chime, Chase and Wells Fargo have the highest share of checking account openings through the first quarter of 2026, holding their places from the last report in Q4 2025. These three brands rank highest among banks considered as well, but fintechs lead in conversion rates, with Chime and Current each with 76% and SoFi at 72%. Cash App follows closely with a 65% conversion rate.
When broken down by customer income, Chime leads in account openings among mass-market customers (14.2%), followed by Wells Fargo (8.1%). Chase leads the field among mass affluent (10.6%) and affluent (14.4%) customers.
With savings accounts, Chase leads on account openings in Q1, with 8.4% market share. They are followed by Chime (7.1%) and Bank of America (6.1%). Similar to the pattern observed among checking account customers, fintechs lead the way on customer conversion rate, with Chime turning 82% of leads into customers and CashApp converting 76%. Navy Federal Credit Union rounds out the top three at 75%.
Chime also leads among mass market savings accounts with a 9.4% account opening rate, but drops to 3.3% among mass-affluent customers and falls out of the top 10 completely for affluent customers. The lone fintech brand represented in all three income segments for savings account openings is SoFi, which claims 5.9% of mass market consumers, 4.1% of mass affluent consumers and 4.6% of affluent consumers.
Among investment accounts, several fintech brands – such as Robinhood and SoFi – rank among the top 10 choices for DIY investors. Robinhood is used by 13.5% of DIY investors, while SoFi is used by 7.8%. However, advised investors are far less likely to use these options, as just 2.8% of opt for Robinhood, while SoFi does not make the top 10 most used brands.
When broken down by wealth category, customers who have less than $250,000 in investible assets are more likely to invest with a fintech brand. For example, Robinhood is second in account openings among households with under $250,000 (9.2%), but is used by just 4.7% of households with $1 million or more in investible assets, and 4% of those with $250,000 to less than $1 million in investible assets.
Higher credit score customers prefer legacy credit card brands
Established players Capital One (15.9%), Chase (11.4%), and Credit One Bank (7.2%) lead the way in share of credit card openings.
Chime is far more likely to be used by customers with lower credit scores. Chime ranks third on the list of credit card account openings among people with credit scores between 400 and 659, with 5.9% of new account opening market share, but does not make the top 10 among customers with a credit score of 660 or better. Interestingly, Synchrony is utilized more by customers with a credit score of 660 or higher (7.5%) than by customers with scores between 400 and 659 (4.2%).
Retirement accounts still rely on reputation
One area of the financial services marketplace where fintechs have yet to enter the race for new account openings in a meaningful way is retirement accounts. The top three brands for account openings in the first quarter of 2026 are Fidelity (18.2%), Bank of America/Merrill (5.3%) and Empower (4.5%).
Winning in the age of digital disruption
Previous installments of the JD Power Financial Services Churn Data and Analytics report have explored the phenomenon of “soft switching,” noting that fintech brands have been wildly successful in breaking down centuries-old barriers in key financial services segments by offering easy-to-use platforms, lower fees and personalized support. Digging deeper into this trend, JD Power finds that customer attrition is occurring across the financial services landscape.
While the largest national and multinational financial institutions still claim the lion’s share of total assets and continue to innovate and build strong customer relationships across digital and offline channels, customer attrition rates in key segments of the marketplace should be cause for concern. At the moment, the evolutionary change taking place in the industry is still focused primarily among younger, less affluent customers, but the depth of changes taking place is significant and should serve as a warning call to incumbent brands that are losing valuable market share to fintechs.
Concurrent with the trend toward more experimentation with digital-native fintech brands, JD Power research has shown that 53% of consumers have recently consulted artificial intelligence for financial advice. Together, these data points start to paint a picture of a new world order for financial services in which customers are open to alternative sources of financial advice and show a willingness to start trusting technology with their financial futures. As that instinct grows, financial services firms will have to find ways to bolster their relationships and their marketing messages to become top-of-mind for all financial needs for a broad swath of customers.