A 2019 survey by Cornerstone Advisors found that 44 percent of millennials banked with Bank of America, JPMorgan Chase and Wells Fargo; the main driver behind this trend is mobile banking features which big banks have more of than their smaller and digital competitors; the top four banks in the U.S. offer 16 of the 18 value add banking features, banks in the $50bn to $1tn range offer 10 features and the banks in the $10bn to $50bn range offer 7 features; small banks are trying to figure out ways to fight back so they do not lose customer share to big banks but this would force them to rely on a host of vendors and partners; APIs could help to ease the pain as many services offered can be connected through and API; focusing on a specific segment of customer can also help smaller banks to service their core clients better and also keep from losing them; big banks own a lot of advantages over competitors and that has only continued to increase in recent years; APIs could level the playing field but small banks might be too late by the time they get connected. Forbes