In the News

"It comes down to two things: economics and convenience.... if you're in the platform and you want to move money to somebody else in the platform, and all you have to do is push a button to do it, it's easy," Ron Shevlin, banking industry expert with Cornerstone Advisors, tells 7News.

"A social media money solution seems a bit old school, to be honest," said Tony DeSanctis, senior director at Cornerstone Advisors. "My guess is that this ages about as well as Facebook Pay."

Scottsdale-based Cornerstone Advisors has initiated a leadership transition and named a new CEO, who had joined the firm in another role last year.

A full inventory "is only useful if the bank can ingest it, monitor it, compare it against vulnerability data, and follow up on remediation," said Brad Mason, a managing director at Cornerstone Advisors, which advises banks on core system selection and vendor contract negotiation. "Many community banks have neither the staff nor the tooling.

According to estimates from Cornerstone Advisors, more than $2 trillion has migrated out of community banks and credit unions into fintech investment options and high-yield platforms in recent years, with two-thirds of those coming Gen X and baby-boomer customers.

Recent research by Cornerstone Advisors found that more than 70% of consumers already invest in stocks, with younger generations showing particularly strong participation in ETFs and cryptocurrency. Yet much of that activity happens outside the credit union ecosystem.

46% of credit unions now deploy chatbots, up sharply from just 3% in 2019, according to Cornerstone Advisors.

Nymbus and Cornerstone Advisors research reveals credit unions are positioned to dominate the underserved business banking market by leveraging community trust and modern digital platforms.

“Banks will need to improve showing outcomes and storytelling authentically to stand out from increasingly AI-generated content and claims.” --Sam Kilmer, Cornerstone Advisors/Fintech Hustle