In the News

"I'm skeptical of new mobile wallets because very few folks cannot get their needs handled by Google Pay, Apple Pay, PayPal, or ShopPay," said Tony DeSanctis, a senior director at Cornerstone Advisors."I'm not sure there is a real market for more solutions in the space."

Banks can ensure that there are measures baked into their contracts to protect against widespread outages of critical services, said Tony DeSanctis, a senior director at Cornerstone Advisors.

Smaller banks and credit unions need to understand the competitive impact on them, according to Tony DeSanctis, senior director at Cornerstone Advisors. "Capital One will be able to launch a debit card solution that will be competitive — perhaps even more competitive — than what most community banking institutions can launch because they will be exempt from the Durbin Amendment."

Ron Shevlin, chief research officer at Cornerstone Advisors, credited Myers with sensing the direction the small-business loan market was heading. "It's a testament to [First Savings'] ability to understand its strengths and stay committed to a market opportunity that was out there."

"I would argue that the platforms themselves, Apple and Google specifically… are the differentiated functional experience that most folks are looking for, and that all of the other apps and capabilities that are built in are inherently addenda to that solution," said Tony DeSanctis, a senior director at Cornerstone Advisors.

According to Cornerstone Advisors, digital banks and fintechs captured nearly half (47 percent) of all new checking accounts opened in 2023, a massive leap from 36 percent in 2020.

Most major U.S. airlines have pulled their financial outlooks, which is a bad sign, Tony DeSanctis, senior director at Cornerstone Advisors, told American Banker. "It is fair to say consumer spending will be impacted."

A new report from Alkami Technology and Cornerstone Advisors shows that digital banking performance among U.S. financial institutions is becoming more uniform, signaling a shift in how banks and credit unions compete in the digital space.

Institutions impacted by their vendor’s acquisition should begin to pay extra attention to the actions and technology road map of their new partner, says Sam Kilmer, who leads fintech advisory as a managing director at Cornerstone Advisors.

Now in its sixth year, the report equips banks and credit unions with critical intelligence to evaluate and benchmark their digital banking performance. This year's edition marks a significant evolution in the research analysis.