Study Finds New Digital Products Offer Billions in Revenue Potential by Helping Protect Elderly from Fraud
Cornerstone Advisors released a report highlighting a $1 billion revenue opportunity for financial institutions through Senior Financial Management (SFM) tools. These digital banking products help adult children manage elderly parents' finances and protect against fraud. The study reveals that 40% of Americans with parents over 60 manage their parents' finances, while elderly financial fraud totaled $38 billion in 2023. Over 70% of respondents expressed interest in such tools. The report comes as the Boomer generation prepares to transfer $70 trillion in wealth to their heirs.
Cornerstone Advisors ha pubblicato un rapporto che evidenzia un opportunità di guadagno di 1 miliardo di dollari per le istituzioni finanziarie attraverso strumenti di Gestione Finanziaria Senior (SFM). Questi prodotti bancari digitali aiutano i figli adulti a gestire le finanze dei genitori anziani e a proteggere contro le frodi. Lo studio rivela che il 40% degli americani con genitori oltre i 60 anni gestisce le finanze dei propri genitori, mentre le frodi finanziarie sugli anziani hanno totalizzato 38 miliardi di dollari nel 2023. Oltre il 70% dei rispondenti ha espresso interesse per tali strumenti. Il rapporto arriva mentre la generazione dei Boomers si prepara a trasferire 70 trilioni di dollari di ricchezze ai loro eredi.
Cornerstone Advisors publicó un informe que destaca una oportunidad de ingresos de 1 mil millones de dólares para las instituciones financieras a través de herramientas de Gestión Financiera para Personas Mayores (SFM). Estos productos de banca digital ayudan a los hijos adultos a gestionar las finanzas de sus padres ancianos y a protegerse contra el fraude. El estudio revela que el 40% de los estadounidenses con padres mayores de 60 años gestionan las finanzas de sus padres, mientras que el fraude financiero entre ancianos totalizó 38 mil millones de dólares en 2023. Más del 70% de los encuestados expresó interés en tales herramientas. El informe llega en un momento en que la generación Boomer se prepara para transferir 70 billones de dólares en riqueza a sus herederos.
코너스톤 어드바이저스는 고급 금융 관리(SFM) 도구를 통해 금융 기관에 10억 달러의 수익 기회를 강조하는 보고서를 발표했습니다. 이러한 디지털 은행 제품은 성인 자녀가 노부모의 재정을 관리하고 사기를 방지하는 데 도움을 줍니다. 연구에 따르면 40%의 미국인이 60세 이상의 부모 재정을 관리하고 있으며, 노인 재정 사기는 2023년 380억 달러에 달했습니다. 응답자의 70% 이상이 이러한 도구에 관심을 표명했습니다. 이 보고서는 베이비붐 세대가 자녀에게 70조 달러의 자산을 이전할 준비를 하고 있는 시점에 나왔습니다.
Cornerstone Advisors a publié un rapport soulignant une opportunité de revenus de 1 milliard de dollars pour les institutions financières grâce aux outils de Gestion Financière Senior (SFM). Ces produits bancaires numériques aident les enfants adultes à gérer les finances de leurs parents âgés et à se protéger contre la fraude. L'étude révèle que 40% des Américains ayant des parents de plus de 60 ans gèrent les finances de leurs parents, tandis que la fraude financière à l'égard des personnes âgées a totalisé 38 milliards de dollars en 2023. Plus de 70% des répondants ont exprimé leur intérêt pour de tels outils. Ce rapport intervient alors que la génération des baby-boomers se prépare à transférer 70 trillions de dollars de richesse à leurs héritiers.
Cornerstone Advisors veröffentlichte einen Bericht, der eine Umsatzmöglichkeit von 1 Milliarde Dollar für Finanzinstitute durch Senior Financial Management (SFM) Tools hervorhebt. Diese digitalen Bankprodukte helfen erwachsenen Kindern, die Finanzen ihrer älteren Eltern zu verwalten und sich gegen Betrug zu schützen. Die Studie zeigt, dass 40% der Amerikaner mit Eltern über 60 Jahren die Finanzen ihrer Eltern verwalten, während der finanzielle Betrug bei älteren Menschen 38 Milliarden Dollar im Jahr 2023 betrug. Über 70% der Befragten äußerten Interesse an solchen Tools. Der Bericht erscheint zu einem Zeitpunkt, an dem die Babyboomer-Generation sich darauf vorbereitet, 70 Billionen Dollar an Vermögen an ihre Erben zu übertragen.
- Potential $1 billion annual revenue opportunity in Senior Financial Management tools
- Large addressable market with 40% of Americans managing elderly parents' finances
- Strong market demand with 70% of survey respondents interested in SFM tools
- Positioned to capture part of $70 trillion wealth transfer from Boomer generation
- Significant market competition risk in the digital banking products space
- Operating in OTCQB market, indicating lower trading volume and liquidity
Latest Cornerstone Advisors report reveals untapped opportunity in providing Senior Financial Management tools to aging adults
BLUE BELL, Pa., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Today, Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT) announced the release of "The Boomer-ang Effect: Financial Institutions’
“Senior Financial Management” (SFM) represents an emerging category of digital banking products that help adult children manage the finances of aging parents or relatives. Such tools also have features that constantly monitor unusual behavior (e.g., missed or repeated payments, suspicious purchases or unauthorized logins to bank accounts) and can prevent or minimize fraud, theft and unwanted subscriptions. The latest report from Cornerstone Advisors explores how SFM products can be a significant revenue opportunity for financial institutions given the growing threat to the elderly.
According to the report,
“Given the heightened risk of fraud facing people over 60, we believe financial institutions are uniquely positioned to offer banking products that help Americans protect the finances of their elder loved ones,” said Ron Shevlin, Chief Research Officer at Cornerstone Advisors and author of the report. “The demand for these kinds of products, which we call Senior Financial Management, presents an opportunity to generate more than
The report outlines the features and benefits of SFM products and how financial institutions can deploy and integrate such offerings into their businesses.
“We are in the midst of a significant transfer of wealth, totaling over
To learn more about this research and uncover the opportunities for financial institutions to offer Senior Financial Management products, click here to download the report.
Media Contact
Pawan Murthy
Chief Marketing Officer
pawan@regopayments.com
About REGO
Rego Payment Architectures, Inc. ("REGO") is a family digital wallet platform that empowers financial institutions to let their customers’ children spend, save, donate and invest in a safe, parent-controlled environment. Founded in 2008, REGO is the only family digital wallet platform to be certified COPPA (Children's Online Privacy Protection Act) and third-party GDPR (General Data Privacy Regulation) compliant. REGO has also been awarded multiple patents related to the safety of parent and child data, including age verification of users. Built from the ground-up to protect the privacy of children's data, REGO offers financial literacy tools for parents to teach their kids to be smarter shoppers, savers, givers and investors. Financial institutions of all sizes can offer a family digital wallet product through REGO as a white-labeled stand-alone application or fully integrated into their existing app.
Safe Harbor Statement:
The information in this press release may contain forward-looking statements on REGO’s current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties, and assumptions about REGO that may cause the actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from REGO’s expectations include, but are not limited to: REGO’s ability to raise additional capital, the absence of any material operating history or revenue, REGO’s ability to attract and retain qualified personnel, the ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of REGO’s services and products, REGO’s limited experience in the industry, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, unexpected network interruptions or security breaches, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other risks as described by REGO in Item 1.A “Risk Factors” in REGO’s most recent Form 10-K; other risks to which REGO is subject; other factors beyond REGO’s control.
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FAQ
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