Today, Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT), and
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital
transformation solutions for financial services, announced the
release of the “Banking on Tomorrow: How Today’s Youth Will Shape
the Future of Banking” report, which provides a comprehensive
analysis of the financial habits of Generation Z and Alpha and
their parents' preferences for a youth banking solution. In
addition, the report highlights the transformative impact youth
banking solutions can have on the growth of financial institutions.
In recent years, banks and credit unions have faced a multitude
of challenges related to digital disruption and new financial
technology entrants. To combat these challenges, financial
institutions have focused on increasing customer loyalty and
deposit growth. The report offers insight into how both of those
objectives can be achieved by tapping into the population of
hands-on, well-educated parents who are hoping to instill healthy
financial habits in their children.
“This report sheds light on the opportunity for financial
institutions to partner with fintechs to deliver products and
services that meet the needs of Generations Alpha and Z,” said
Johnny Ola, managing director, Q2 Innovation Studio, at Q2.
“Through the Q2 Innovation Studio, financial institutions and
fintech partners, like Rego, can collaborate to deliver the right
products and services at the right time throughout the financial
journeys of Generations Alpha and Z.”
Emphasizing the unique needs of both parents and children when
it comes to a youth banking solution, the report substantiates the
opportunity that financial institutions have before them: banking
on tomorrow.
“In the era of rapidly evolving technology, it is paramount that
financial institutions understand the developing financial habits
of the next generation,” said Peter S. Pelullo, Chief Executive
Officer at REGO. “Our findings spotlight the undeniable economic
influence and spending power of these future banking customers and
how traditional banks and credit unions are uniquely positioned to
capitalize upon that.”
Key Insights from the Report:
- Financial institutions have an
opportunity to maximize on significant youth spending
power. Approximately 80% of children ages 7-17 spend up to
$50 a week, and 10% of those children spend $100 or more each week
– equating to $5200 of transactions yearly.
- Financial institutions must pay attention to parents’
wants and needs when considering a solution. Burdened by
student loans, the scarcity of affordable housing, and the
stagnation of wages, the majority of parents (56.3%) identified the
desire to arm their children with the financial savvy needed for a
secure future, highlighting the demand for youth-focused banking
solutions.
- Parents seek solutions from
their current banking provider – and it could play a huge role in
customer loyalty if financial institutions do not adapt.
According to the report, a significant majority of parents (57.2%)
express a preference for their existing banking provider when
considering a youth banking solution. However, 75.1% of parents
would consider switching to a different financial institution that
offers a youth banking solution if theirs does not, spotlighting
the direct link between such offerings and customer retention.
About Banking on Tomorrow: How Today’s Youth Will Shape
the Future of BankingTo compile the report, REGO conducted
an online survey in partnership with AYTM with 1,000 U.S. parents
or legal guardians representing 1,538 children from ages 0-17 to
uncover how today’s youth earn and manage money and how parents’
attitudes toward financial education affect long-term loyalty to
financial institutions.
To view the report’s findings in full, download “Banking on
Tomorrow: How Today’s Youth Will Shape the Future of Banking.” To
learn more about REGO, please visit regopayments.com. To learn more
about Q2, please visit q2.com.
About REGORego Payment Architectures, Inc.
("REGO") is a family digital wallet platform that empowers
financial institutions to let their customer's 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.
About Q2Q2 is a leading provider of digital
transformation solutions for financial services, serving banks,
credit unions, alternative finance companies, and fintechs in the
U.S. and internationally. Q2 enables its financial institutions and
fintech companies to provide comprehensive, data-driven digital
engagement solutions for consumers, small businesses and corporate
clients. Headquartered in Austin, Texas, Q2 has offices worldwide
and is publicly traded on the NYSE under the stock symbol QTWO. To
learn more, please visit Q2.com. Follow us
on LinkedIn and X to stay up to date.
About AYTMAYTM is a fully-integrated agile
consumer insights platform that lets organizations connect with
verified audiences, run and analyze automated research tests, and
tap into consumer voice earlier and more often.
Safe Harbor Statement: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.
ContactPawan MurthyRego
Paymentspawan@regopayments.com(267) 465-7530
Q2 (NYSE:QTWO)
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