Two months after launching a suite of products aimed at people caring for aging family members and folks with disabilities, executives at
“We believe we’re onto something, and we’re going to continue to build on this platform,” Brant Standridge, the company’s president of consumer and regional banking, said Thursday at the company’s investor day.
Launched in December, Caregiver Banking lets individuals in need of support share access to existing accounts with a trusted loved one. Caregivers can monitor checking, savings and credit-card activity to help account holders check their balances, manage their bills, transfer funds and, importantly, act as an additional line of defense against fraud and scams.
The Caregiver Banking suite also includes a debit card with spending controls that can be set by merchant or category, as well as access to early pay and a high-yield savings account. The concept sprang from discussions with customers, who repeatedly referenced difficulties they faced in helping loved ones manage their finances, according to a
The program was designed to assist anyone who needs help with managing money, including people in recovery or coping with a disability, along with older people, the spokesperson said.
Standridge cited statistics showing that more than 22% of the U.S. population is caring for a dependent adult. Older Americans are particularly vulnerable to scams. They lost as much as $61.5 billion to fraud in 2023, according to a
Various financial institutions are working to
“We are actually the only bank in the country currently addressing this need, and we are super-confident in the future success as we continue to evolve this program,” Standridge said.
He also linked Caregiver Banking to a broader effort to capitalize on niches that differentiate the $204 billion-asset
“What we’re trying to do with our customer value proposition work is to really understand some unique places where we want to own it because we think we can do something that’s different in the industry,” Standridge said. “Caregiver Banking [is an example] where there’s no one else offering that solution in the market today. It won’t mean that others won’t do it in the future, but we’ll be the first.”
“If achieved, the targets would be a 6% revenue [compound annual growth rate] to 2027, then picking up to a 7% CAGR to 2030,” Brian Foran, an analyst who covers
While its revenue projections could be seen as aggressive,
“Some may be disappointed by the 16-17% RoTCE goal for 2027, as consensus is already at the top of the range and it is down from the prior medium-term target. Others will point to the revenue targets … as providing a case for top-line upside,” Foran wrote.