JD Power’s Latest Report Says: Time to Ditch Siloed Banking Products
By W.B. King
Progressive FIs offering cross-market solutions tailored to consumer financial motivations are outpacing organizations pitching siloed products. This is among the takeaways from the JD Power Signals Intelligence for Financial Services report, released in third quarter 2026.
“The consumer financial landscape has shifted. Customers are looking for solutions across a wide range of financial needs, and they are increasingly shopping for additional accounts to help fill perceived gaps in their current mix,” the report noted. “For the financial institutions at the center of this trend – especially the big national banks – that means customer messaging cannot be siloed to one product anymore. Instead, financial institutions need to find a way to demonstrate to customers that there are cross-market solutions to their financial needs.”
Based on over 230,000 responses collected between July 2026 and September 2026, the report was authored by Jennifer White, managing director, financial services intelligence at JD Power.
Position of Financial Strain
Customers from Gen Y and Gen Z account for most new account openings across five product lines: checking, savings, credit cards, investment accounts and personal loans, the report shared.
The rate of new account openings “rose modestly” across all product lines from first quarter 2026 to third quarter 2026, the report stated. “Checking accounts saw the largest increase, followed by savings accounts. Major banks gained share over several product lines, with Chase (up 3.0 percentage points) and Bank of America (up 2.8 percentage points) getting boosts in checking accounts and credit card accounts.”
Among trends that White uncovered was a unique perspective on demographics. For example, new account openers across financial services products include a high frequency of consumers with subprime credit scores looking to open new checking and personal loan accounts.
“More than half (58.9%) of new checking account openers and 54.9% of new personal loan account openers have credit scores ranging from 400-659, which is below the prime threshold,” White noted. “This could suggest that new checking and personal loan customers are pursuing these new accounts from a position of financial strain.”
The report also noted that younger generations feel that “primary relationships” with financial institutions are antiquated. “With so many additional accounts being opened across all product lines, the idea of customers eschewing all other options – from traditional banks to fintechs – seems like a lofty ambition,” White stated.
Creating Tailored Offerings
Aside from checking, savings, investments and credit cards, FIs are fighting secondary accounts that “substantially outnumber replacement accounts” being opened to establish a new primary relationship, the report shared.
“Overall, 61% of new credit card account openings are additional accounts, compared to 13% that are replacement cards. While that seems intuitive for credit card customers, who often take advantage of balance transfer offers or perks like cash back, rewards or store discounts, the trend is also evident among other financial product lines,” the report continued. “In checking, 47% of openings are additional accounts versus 27% that replace an existing account, with similar splits across investment (47% additional vs. 25% replacement) and savings (46% vs.21%).
Financial institutions, White contended, still could consolidate their customers’ accounts by following this rule: Understand their customers’ financial motivations and then tailor offerings so that their next additional account stays in-house. “With so many emerging market dynamics at play, brands that can build those relationships with their customers are the ones that stand to truly thrive,” she noted.
