{"id":9863,"date":"2025-02-08T16:04:04","date_gmt":"2025-02-08T16:04:04","guid":{"rendered":"https:\/\/finderica.com\/?p=9863"},"modified":"2025-02-08T16:04:04","modified_gmt":"2025-02-08T16:04:04","slug":"huntington-offers-way-for-trusted-caregivers-to-manage-money","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=9863","title":{"rendered":"Huntington offers way for trusted caregivers to manage money"},"content":{"rendered":"
\n
\n
\n
<\/figure>\n<\/div><\/div>\n

Two months after launching a suite of products aimed at people caring for aging family members and folks with disabilities, executives at Huntington Bancshares<\/ps-link> <\/span> <\/span> <\/span> say the response has been encouraging.<\/p>\n

“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. <\/p>\n

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.<\/p>\n

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 Huntington<\/ps-link> spokesperson.<\/p>\n

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.<\/p>\n

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 recent Federal Trade Commission report<\/u><\/a><\/ps-link>.<\/p>\n

Various financial institutions are working to better serve<\/u><\/ps-link> the growing population of people in need of assistance and protect them from schemers and con artists. The Caregiver Banking product suite was intended to put Columbus, Ohio-based Huntington<\/ps-link> in the forefront of that trend.<\/p>\n

“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.<\/p>\n

He also linked Caregiver Banking to a broader effort to capitalize on niches that differentiate the $204 billion-asset Huntington<\/ps-link> from competitors.<\/p>\n

“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.”<\/p>\n

Huntington’s<\/ps-link> investor day presentation was its first since 2022. In addition to highlighting Caregiver Banking and several other new products, the company predicted that revenue, which totaled $7.4 billion in 2024, will reach $9 billion in 2027 and $11 billion in 2030.<\/p>\n

“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 Huntington<\/ps-link> for Truist Securities, wrote in a research note. <\/p>\n

While its revenue projections could be seen as aggressive, Huntington<\/ps-link> scaled back expectations about its return on tangible common equity. Chief Financial Officer Zach Wasserman forecast a return of 16% to 17% in 2027. The company’s previous target was 20%.<\/p>\n

“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 \u2026 as providing a case for top-line upside,” Foran wrote. <\/p>\n

Huntington<\/ps-link> investors appeared to take the numbers in stride. Shares in the company closed up about 1.4% Thursday at $17.16.<\/p>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Two months after launching a suite of products aimed at people caring for aging family members and folks with disabilities, executives at Huntington Bancshares say the response has been encouraging. “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,<\/p>\n","protected":false},"author":1,"featured_media":9864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[2491,2952,1164,104,199,3917],"class_list":{"0":"post-9863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-caregivers","9":"tag-huntington","10":"tag-manage","11":"tag-money","12":"tag-offers","13":"tag-trusted"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/9863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9863"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/9863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/9864"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}