In the News

Cornerstone Advisors’ Chief Research Officer Ron Shevlin and Bloom Credit’s CEO Christian Widhalm joined us on the show to detail findings from their “Bloom/Cornerstone Credit Score Management Report" — showing how innovative financial institutions are turning checking accounts into credit-building engines.

"While poor service metrics like long call wait times or responsiveness can be frustrating to a cardmember, having a good transaction denied is a relationship-ruiner," says Kevin Von Holten, director at Cornerstone Advisors, a consulting firm serving banks and credit unions.

New research from Cornerstone Advisors highlights a stark reality: while credit unions excel at detecting fraud, they lag in other key areas of fraud and dispute management. Cornerstone's Fraud Experience Index gave credit unions an overall score of 75, ranking below major card issuers.

The Chairman of the Board is Santo Cannone, and board members include Lamont Black, Brian Brunner, Kathy Groves, Marcell King, Wayne Miller; and Scott Sommer, co-founder and chairman of Cornerstone Advisors.

The growth of fintechs that offer a combination of digital payments, blockchain, or AI-powered transactions  can be a threat to banks, said Tony DeSanctis, a senior director at Cornerstone Advisors. "There's a billion debit cards total, so on a percentage basis that doesn't seem scary," DeSanctis said. "But these firms have gone from zero to 55 million in five years."

Some of the larger wallet risks for consumers revolve around which fintechs or neobanks enter the market, said Tony DeSanctis, senior director at Cornerstone Advisors. Ultimately, it will be about how responsibly new players act.

Some of the larger wallet risks for consumers revolve around which fintechs or neobanks enter the market, said Tony DeSanctis, senior director at Cornerstone Advisors. Ultimately, it will be about how responsibly new players act.

Some of the larger wallet risks for consumers revolve around which fintechs or neobanks enter the market, said Tony DeSanctis, senior director at Cornerstone Advisors. Ultimately, it will be about how responsibly new players act.

Cornerstone Advisors estimates that more than $2 trillion in deposits have already flowed to fintechs providing digital savings and payments services. These shifts are a clear indication that credit unions need to pay close attention to their payments strategy.

Card fraud is one of the most common types of fraud. But it generally leads to smaller losses per incident, says John Meyer, a managing director at Cornerstone Advisors. Fraudsters will often try to make a small purchase with stolen card information, and if successful, they will go on to make bigger transactions, Meyer says.