A new study by Cornerstone Advisors reveals that over $2 trillion has shifted from traditional banks and credit unions to fintechs and high-yield savings accounts, according to PR Newswire. Consumers, especially Gen Z and millennials, want integrated financial tools that combine checking, investing, and money management. Many are turning to crypto and fintech platforms. They write:
A new study from Cornerstone Advisors, a leading provider of business and technology consulting services for banks, credit unions, and fintech firms, estimates that more than $2 trillion has moved out of traditional financial institutions and into fintech investment and high-yield savings accounts in the past few years. […]
The study, commissioned by InvestiFi, is based on a survey conducted by Cornerstone in May 2025 of 2,757 U.S. adults with a smartphone and a checking account. Key findings include:
- Of the $2.15 trillion in deposits lost specifically by community banks and credit unions, 65% came from Gen X and baby boomer customers
- Nearly half of zillennials (Gen Z and millennials combined) aren’t investing, mainly due to insufficient knowledge and a perceived lack of funds, both of which point to a need for better financial education
- Over 50% of zillennials said they’d switch to a bank that offered checking integrated with investing and other benefits
[…] What consumers are demanding is composable finance, said Kian Sarreshteh, CEO and co-founder of InvestiFi. They want digital tools that enable them to save, spend, invest, and grow all within one seamless experience, and fintechs are already delivering this.
“Community banks and credit unions aren’t just losing Gen Z,” Sarreshteh said. “They’re losing anyone who’s actively trying to grow their money, and that means nearly everyone. Consumers have stopped waiting for their bank to evolve; they’re moving on.”
Read more here.
