Growing Revenue and Winning the Fight for Deposits

Global Credit Union, one of the largest credit unions in the U.S. serving more than 750,000 members across the country and around the world, sought to grow revenue and improve customer retention by increasing core deposits and making it easier for customers to set up or switch direct deposits. However, without the right tools to identify, target, and convert customers, Global Credit Union risks losing valuable deposits and revenue opportunities to competitors. And, traditional deposit growth strategies often fall short due to:

• Limited Visibility: It’s difficult to track where deposits are being lost to competition.
• Ineffective Engagement: Generic marketing campaigns fail to resonate with customers who need relevant, personalized incentives to encourage them to make a switch.
• Customer Friction: Switching direct deposits is often cumbersome, leading to high abandonment rates.

Deposits are the foundation of a financial institution’s success, but growth is harder than ever. Competition from fintechs, rising rates, and shifting consumer behavior drive higher customer attrition and make recovery next to impossible. Without the right deposit growth strategy, banks risk losing both deposits and customers.

MX’s Direct Deposit solution helps combat deposit loss by identifying attrition, delivering personalized offers, and driving sustainable growth — all within the digital experience. By implementing MX Insights with the newly launched Direct Deposit solution, Global Credit Union easily identified account holders with deposits at external accounts and delivered targeted messaging to specific segments through its digital banking experience.

Global Credit Union guided these customers through a seamless direct deposit switching process using MX’s solution that made it simple for them to set up or switch deposits — and turn this institution into their new primary banking relationship.