BLUE BELL, Pa., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Today, Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT) announced the release of "The Boomer-ang Effect: Financial Institutions’ $1 Billion Opportunity in Senior Financial Management,” a new research report from Cornerstone Advisors.
“Senior Financial Management” (SFM) represents an emerging category of digital banking products that help adult children manage the finances of aging parents or relatives. Such tools also have features that constantly monitor unusual behavior (e.g., missed or repeated payments, suspicious purchases or unauthorized logins to bank accounts) and can prevent or minimize fraud, theft and unwanted subscriptions. The latest report from Cornerstone Advisors explores how SFM products can be a significant revenue opportunity for financial institutions given the growing threat to the elderly.
According to the report, 40% of Americans with parents over 60 years of age are involved in the daily management of their parents’ finances. This added responsibility is made more challenging when the elderly are the target of significant financial fraud, which totaled more than $38 billion in 2023 alone. Accordingly, adult children need help to ensure the financial health of their aging family members is safe and secure. Over 70% of respondents to a survey conducted by Cornerstone Advisors said they would be interested in tools to help manage their parents’ finances.
“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,” said Ron Shevlin, Chief Research Officer at Cornerstone Advisors and author of the report. “The demand for these kinds of products, which we call Senior Financial Management, presents an opportunity to generate more than $1 billion in annual revenue for banks and credit unions.”
The report outlines the features and benefits of SFM products and how financial institutions can deploy and integrate such offerings into their businesses.
“We are in the midst of a significant transfer of wealth, totaling over $70 trillion, from the Boomer generation to their heirs,” said Peter S. Pelullo, CEO of REGO, a white-label family digital wallet platform provider for financial institutions. “Financial institutions are at the nexus of such transactions and can help safeguard the financial legacy of millions of Americans.”
To learn more about this research and uncover the opportunities for financial institutions to offer Senior Financial Management products, click here to download the report.
Media Contact
Pawan Murthy
Chief Marketing Officer
pawan@regopayments.com
About REGO
Rego Payment Architectures, Inc. ("REGO") is a family digital wallet platform that empowers financial institutions to let their customers’ children spend, save, donate and invest in a safe, parent-controlled environment. Founded in 2008, REGO is the only family digital wallet platform to be certified COPPA (Children's Online Privacy Protection Act) and third-party GDPR (General Data Privacy Regulation) compliant. REGO has also been awarded multiple patents related to the safety of parent and child data, including age verification of users. Built from the ground-up to protect the privacy of children's data, REGO offers financial literacy tools for parents to teach their kids to be smarter shoppers, savers, givers and investors. Financial institutions of all sizes can offer a family digital wallet product through REGO as a white-labeled stand-alone application or fully integrated into their existing app.
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The information in this press release may contain forward-looking statements on REGO’s current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties, and assumptions about REGO that may cause the actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from REGO’s expectations include, but are not limited to: REGO’s ability to raise additional capital, the absence of any material operating history or revenue, REGO’s ability to attract and retain qualified personnel, the ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of REGO’s services and products, REGO’s limited experience in the industry, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, unexpected network interruptions or security breaches, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other risks as described by REGO in Item 1.A “Risk Factors” in REGO’s most recent Form 10-K; other risks to which REGO is subject; other factors beyond REGO’s control.
All subsequent written and oral forward-looking statements attributable to REGO, or persons acting on REGO’s behalf, are expressly qualified in their entirety by the foregoing. REGO has no obligation to and does not undertake to update, revise, or correct any of these forward-looking statements after the date of this report.
