Deposit Growth Strategies for Banks in a Competitive Market

Published: November 9, 2023 by Theresa Nguyen

Growing deposits from existing customers and members is an ongoing priority for banks and credit unions. However, it can be challenging to identify the best candidates. Who among our customer base has significant deposit growth potential? Who among our member base has the financial capacity to take advantage of special offers? With an effective deposit growth strategy, you can find the best customers and members to engage. 

What does an effective deposit growth strategy look like? 

An effective bank and credit union deposit growth strategy is powered by differentiated data and digital engagement. Let’s take a closer look at each element: 

  • Data: A comprehensive measurement of consumers’ income and insights into their banking behaviors can help you identify those with the greatest deposit growth potential. You can then use supplemental data, such as lifestyle and demographic data, to customize deposit offers based on your customers or members’ unique needs. 
  • Digital engagement: To further personalize this experience, consider sending deposit offers through your mobile or online banking platforms when there are triggering events on their account. Not only does this optimize the digital experience, but it also helps boost the chances of your customers or members responding. 

Finding the right partner 

Experian’s solutions can help your business secure deposits and customer relationships in today’s crowded market, including Banking InsightsTM. Banking Insights provide greater visibility into integrated demand deposit account activity, such as checking and saving account inquiries, to help you better assess consumers’ financial stability. By using these insights to power your banking growth strategies, you can identify those with the financial capacity to bring in more deposits. 

Read our e-book to learn about other solutions that can help you boost deposits, strengthen existing relationships, and provide seamless digital experiences.

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