Huntington Bank’s “Caregiver Banking” provides personalized suite of products and allows customers share access to accounts with trusted loved ones
As more than 22% of people in the U.S. are currently caring for a dependent adult, meeting the unique needs of seniors has become a calling for one bank. With the launch of Caregiver Banking, Huntington Bank is leading the way in solutions for aging adults and their families. “We believe we’re onto something, and we’re going to continue to build on this platform” says Brant Standridge, Huntington’s president of consumer and regional banking, interviewed in American Banker. Introduced in December 2024, the program helps families and caregivers support their loved ones while ensuring an individual’s independence.
Unlike a joint account or power of attorney, Caregiver Banking leaves ultimate control of finances with the individual but allows customers needing support to share their Huntington accounts with a family member or other trusted representative. The program features ways for caregivers to co-manage their loved one’s finances by monitoring activity on accounts, checking balances, paying bills, and transferring funds. Even more, this account access provides an additional line of defense against fraud and scams – something that currently impacts more than 30% of seniors and results in combined losses of more than $3.4 billion per year.
Not only is providing solutions for seniors the right thing to do for customers, it’s also a burgeoning opportunity for banks. “Seniors represent an important customer segment for most banks, constituting a primary source of core funding in an environment where sources of core deposits are scarce,” according to BankThink. “Expanding relationships with this critical market requires developing a differentiated value proposition.” Beyond reduced-fee accounts and high-yield savings or CDs, banks and credit unions can deepen relationships with the whole family through valuable products that meet people at the point of need.
Huntington Bank surely sees senior banking as an opportunity to serve. “We are actually the only bank in the country currently addressing this need,” according to Huntington’s Standridge in American Banker. The bank is leveraging niche banking to differentiate among the competition. “What we’re trying to do is really understand some unique places where we want to own because we think we can do something that’s different in the industry.” According to Standridge, Caregiver Banking allows Huntington to lead by offering a first-of-its-kind solution. “It won’t mean that others won’t do it in the future, but we’ll be the first.”
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