The June 2025 report reveals that while three banks still dominate 40% of U.S. primary banking relationships, digital-only banks are rapidly gaining ground, especially with younger and lower-income consumers. Traditional anchors like branches and direct deposit are weakening, with Gen Z prioritizing mobile apps over physical presence. Product capture beyond checking remains low, representing missed revenue. Trust in primary FSPs remains high, but digital advice delivery lags—only 44% of community bank customers are satisfied versus 76% for Big Four customers—highlighting the need for improved digital engagement and personalization.

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