BLUE BELL, PA — Rego Payment Architectures, Inc. (OTCQB: RPMT) has introduced a research report titled “The Boomer-ang Effect: Financial Institutions’ $1 Billion Opportunity in Senior Financial Management,” crafted by Cornerstone Advisors. This report sheds light on the burgeoning field of Senior Financial Management (SFM), detailing how it can benefit both families and financial entities.
SFM products are designed to assist adult children in managing the financial affairs of their aging parents. These digital tools not only facilitate financial oversight but also actively monitor for unusual activities, such as missed payments or unauthorized transactions, thereby curbing fraud and unwanted expenses. Cornerstone Advisors’ findings underscore the growing necessity for such products, as elderly individuals increasingly become targets of financial scams, which led to losses exceeding $38 billion in 2023.
According to Cornerstone’s survey, 40% of Americans with parents over 60 are involved in handling their finances. More than 70% expressed interest in technological solutions to help safeguard their parents’ financial well-being. “Given the heightened risk of fraud facing people over 60, we believe financial institutions are uniquely positioned to offer banking products that help Americans protect the finances of their elder loved ones,” stated Ron Shevlin, Chief Research Officer at Cornerstone Advisors. He emphasized that SFM products could generate over $1 billion in annual revenue for financial institutions.
Peter S. Pelullo, CEO of REGO, emphasized the critical role banks play in managing this significant shift in wealth. “We are in the midst of a significant transfer of wealth, totaling over $70 trillion, from the Boomer generation to their heirs,” Pelullo noted. He highlighted how financial institutions can act as stewards in preserving the financial legacy of millions.
The report elaborates on the features of SFM products and advises banks on how to integrate these tools to protect and manage the financial interests of the aging population effectively. To learn more about this research, download the report.
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