<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1490657597953240&amp;ev=PageView&amp;noscript=1">

Research Report 

Billions Lost: The Cost of Bankers’ Myths About Americans’ Finances

Based on a survey of 2,500 U.S. adults, this report, commissioned by Array, debunks five myths that have cost financial institutions billions in lost revenue. Noted fintech author Ron Shevlin quantifies the source of that lost revenue and shows banks and credit unions ways to recapture it from fintechs and other non-banks.

BILLIONS-LOST-ARRAY-COVER-400

What You'll Learn in this Report

• The truth behind common financial myths
• Consumer interest in financial health tools by generation
• Service offerings that can help institutions recoup lost revenue
• Actionable steps to help banks and credit unions rise above outdated narratives and drive more strategic decisions

Report Stats At a Glance

84%

 

of Gen Z and 77% of millennials who use credit score services have acquired or applied for a financial product because of an ad or advice from those services.

$24.7 billion

 

was spent by Americans on fintech products, fees, and subscriptions in 2024, an 86% increase from 2021.

59%

 

of Gen Z and 34% of millennials get financial advice from their parents.

Ready to See Real Results With Your Financial Institution?

Solutions from Cornerstone Advisors

Cornerstone Advisors Performance - Image 2-min

Performance

Cornerstone’s Performance solutions provide a wide range of consulting expertise to help clients identify opportunities to increase efficiency and productivity across their entire organization, whether it’s enhancing the digital experience or optimizing payments. We leverage these services with our proprietary tools, including Performance Vault and Analytics Vault. Armed with unparalleled insider data analytics and benchmarking intel, your bank or credit union will gain the confidence to make sound, data-driven decisions.

Learn More
Cornerstone Advisors Strategic Planning - Image 2-min

Strategic Planning

Our Strategic Planning services will help your leadership answer the big questions—where are we, where could we be, how do we get there and what’s the impact. Our seasoned consultants will work with you to develop a strategic plan that will empower your organization to achieve tangible “right now” results, as well as build a roadmap for ongoing value creation and success.

Learn More
Favicon Cornerstone Adivsors

About Cornerstone Advisors

For over 20 years, Cornerstone Advisors has delivered gritty insights, bold strategies and data-driven solutions to build smarter banks, credit unions and fintechs. From technology system selection and implementation to contract negotiations, vendor management, performance improvement programs, strategic planning, merger integration and enterprise program management, Cornerstone combines its expertise with proprietary data and research to help financial institutions thrive in today’s challenging environment. For more information, visit www.crnrstone.com, connect with us on LinkedIn and Youtube, and subscribe to GonzoBanker® for our opinionated take on all things banking.