How to Win in Today’s Battle for Deposits

December 1, 2023|0 min read

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Growing and retaining deposits is more difficult than ever. And, while there is no one-size-fits-all approach, knowing your customer and building a relationship are key for both financial institutions and fintechs.

Here’s what leaders from U.S. Bank, Morningstar, Atomic Financial, and Webster Bank shared about how to win in today’s increasingly competitive marketplace at the 2023 Money Experience Summit:

Prioritize the onboarding experience.

The first few weeks with a new customer can set the tone: “... If you do that right over the course of the first couple of days and weeks, then you've earned the right to then deepen the relationship based on either explicit information they've told you about them, or implicit information that we pulled from data and insights,” says Chancze Lepore, Senior Vice President, Digital Account Opening and Onboarding, at U.S. Bank.

Align on the jobs to be done.

Ensure that everyone in the organization is aligned around where you can win and outperform. Then, it’s really about focusing on the things the customer needs most and the jobs they need to do. How you show up as a financial provider to help them meet those needs is how you win.

Tap into the power of your data.

According to Anthony Termini, Senior Vice President of Business Development at Morningstar, data is at the core of everything it does. It’s there to inform the investor and ultimately, help to produce better financial outcomes. “It’s how to drive insights quickly and … in a really proactive manner, to get in front of the customer.”

Be brilliant at the basics.

Don’t jump to advanced solutions when the user experience for basic tasks is not where it should be. Can you easily move money in and out of the bank without a lot of friction? Can you easily navigate the application? There has to be a focus on continuously testing and monitoring the UX design of your applications so the experience is where it should be. Then you can add on all of these phenomenal advanced tools and features.