By Jennifer Dimenna, SVP Product
As community banks and credit unions examine the goals they want to achieve in 2024, deposit growth is high on the list. But with fierce competition for deposits, how can your institution find a way to stand out against large financial institutions, neo-banks, and your peers?
Account holders will switch financial institutions for many reasons — better service, higher rates, even fear of the future. In a competitive environment, you need to give both consumers and businesses good reasons to continue banking with you and to earn your place as their primary financial institution.
One way to ensure loyalty is to offer a modern digital banking platform. By giving users a viable alternative to the branch, you allow them to handle banking needs when and where they want. Today, 89% of today’s consumers use mobile banking, and, as a result, offering a digital solution that is highly intuitive, simple to use, and feature-rich is imperative.
In addition to catering to mobile banking users, you must also account for the needs and preferences of younger generations. Today’s youth are digital natives who prefer online to branch banking. Finding ways to drive growth with this segment requires exploring ways to personalize the banking experience, using available data to drive engagement. Your institution can also find ways to differentiate by offering financial guidance and advice through digital channels, or by offering digital account opening as a complement to your branch account opening solution.
A solid digital presence is crucial to your deposit growth strategy, and positioning yourself to innovate in this space can help you stand out from your competitors. Once you capitalize on growing deposits from existing account holders by becoming their primary financial institution, you will also need appropriate strategies to gain new users. Learn ways to elevate your digital banking to drive deposit growth in our new white paper, “It’s a Battle for Deposits: Strategies to Succeed in the Digital Era.”