To enlighten investors on the impact of these breakthroughs and the opportunities they should create, we began publishing Big Ideas in 2017. This annual research report seeks to highlight

In The US, Digital Wallet Users 
Are Surpassing The Number Of 
Deposit Account Holders At The 
Largest Financial Institutions
0
10
20
30
40
50
60
70
80
19
90
19
92
19
94
19
96
19
98
20
00
20
02
20
04
20
06
20
08
20
10
20
12
20
14
20
16
20
18
20
20
Deposit Accounts/Annual Active Users (Millions)
J.P. Morgan Chase Deposit Accounts vs. Cash App and Venmo 
Annual Active Users (AAUs)
J.P. Morgan Deposit Accounts
Cash App AAUs
Venmo AAUs
Acquisition
Washington 
Mutual
Acquisition
Bank One
Merger
Chase
Manhattan 
Bank, J.P. 
Morgan
Merger
Chemical 
Bank, Chase
Manhattan 
Bank
Merger
Chemical Bank, 
Manufacturers 
Hanover 

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[1] “Cash App vs. Venmo: Research White Paper by ARK Invest.” ARK Invest, 4 May 2020, ark-invest.com/white-papers/cash-app-vs-venmo/. 
Source: ARK Investment Management LLC, 2020
32
Digital Wallets
•
A primary driver of the explosive growth 
in digital wallets is lower customer 
acquisition costs.
•
According to ARK’s research, compared 
to the roughly $1,000 that a traditional 
financial institution might pay to acquire 
a new checking account customer, digital 
wallets invest only $20 thanks to viral 
peer-to-peer payment ecosystems, savvy 
marketing strategies, and dramatically 
lower cost structures.
1
Digital Wallets Can Acquire