Array, a leading embedded consumer products platform, in partnership with industry expert Ron Shevlin and Cornerstone Advisors, announced today the release of research exposing key disparities between banking industry perceptions and reality—along with the financial impact of these misconceptions. The study, Billions Lost: The Cost of Bankers’ Myths About Americans’ Finances, collected insights from 2,500 US adults, recruited to be representative of the US adult population. The report examined generational behavioral trends, focusing on consumer expectations for financial institution offerings and the fintech tools different cohorts are investing in.
“Over the years, certain misconceptions about consumer attitudes and behaviors have become gospel to bankers,” said Shevlin, Chief Research Officer at Cornerstone Advisors. “It’s time to bust some of the myths that many bankers believe about how Americans manage their financial lives and prove to bankers that the beliefs they’re clinging to are costing them billions of dollars in lost revenue.”
Read More: AP Automation Adoption: The Productivity Paradox
Key findings from the research include:
- Myth #1: Direct deposit is key to banking relationships
- Myth #2: Fintech deteriorates bank and credit union relationships
- Myth #3: Financial health = education + literacy
- Myth #4: Young consumers get their financial advice from TikTok
- Myth #5: No one pays for fintech
“Financial institutions and fintechs are striving to deepen engagement by offering a diverse suite of financial, identity, and privacy tools. Our study highlights a growing gap between consumer expectations and availability—revealing increasing demand for more seamless access to these tools,” said Amelia Chen, Head of Marketing at Array. “Consumers no longer want to switch between multiple mobile apps to manage their finances; they expect a unified, integrated experience presenting a significant opportunity for both financial institutions and fintechs to meet this demand.”
Access: Billions Lost: The Cost of Bankers’ Myths About Americans’ Finances here.
Array will host a webinar on Feb 26th where Shevlin will present key findings from Billions Lost and explore how financial institutions and fintechs can effectively address these misconceptions.
[To share your insights with us, please write to psen@itechseries.com ]
