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Research Report

Credit Score Management: The $110 Billion Deposit and Payments Magnet 

Subprime and near-prime consumers have spoken—they want help boosting their credit scores, and they’re willing to switch banks to get it! New research from Cornerstone Advisors and Bloom Credit reveals how integrating credit-building capabilities and consumer-permissioned data into a financial institution’s checking and payment accounts can drive deposits, engagement, and customer loyalty—unlocking opportunities worth billions of dollars. 

Cornerstone Advisors - Bloom - Credit Score Management Research Report

What You'll Learn in this Report

  • How checking accounts that report rent and bill payments to credit bureaus could help lower-credit consumers improve their scores
  • Why credit building beats rewards and investment features as the most valued checking account service for young consumers
  • Strategies for banks and credit unions to deploy credit management tools into their checking and payments offerings
  • Ways to use integrated credit building services to recapture 70% of borrowers previously denied credit
  • Methods for exploiting competitive landscape opportunities that credit bureaus and fintechs are missing
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Recapture Deposits and Younger Consumers with Embedded Credit Reporting

Webinar Now Available

Join Ron Shevlin of Cornerstone Advisors and Christian Widhalm, CEO of Bloom Credit, for a fireside chat on how innovative institutions are turning checking accounts into credit-building engines. Featuring data from this new Cornerstone research plus client stories from leading credit unions, register today to learn why consumer-permissioned data represents the next frontier in deposit growth.

 

Report Stats At a Glance

$110 billion

 

in deposits could potentially be recaptured by banks and credit unions if they integrate credit reporting capabilities into checking and payment accounts.

73%

 

of Gen Z and millennial consumers with subprime or near-prime credit scores would consider opening a new checking account if it helped them build credit by reporting rent and utility payments to the credit bureaus.

46%

 

of Gen Zers and 57% of millennials have had a loan application declined sometime in the past five years.

Ready to See Real Results With Your Financial Institution?

Solutions from Cornerstone Advisors

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Digital

We help you drive measurable value from your digital investments. Our expert team partners with you to deliver end-to-end support across your key digital initiatives—from strategy to execution. Whether you're modernizing legacy platforms, optimizing digital contracts or scaling new technologies, we ensure every step is aligned to your business objectives. With decades of experience and deep industry insights, we help you make smarter digital decisions and turn your technology partnerships into a true competitive advantage.

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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.

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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.

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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.