Just remember that unless you’re dealing with customers with high volumes of cash, then chances are a rate may get a potential lead in the door but won’t keep them — your customer experience and ability to help them achieve their financial goals will. Raising deposit rates was the most popular way within the industry to get more deposits. These tools can help identify specific fee, balance and service combinations that customers prefer. For example, if you work with a lot of business owners, you could partner with an entrepreneurship center to get discounts for your members or provide innovative merchant services via a partnership. 5. 7 Bank Marketing Strategies to Increase Deposits in 2021, More branch location page best practices here, getting some 5-star reviews on these sites will bolster your credibility, target megabank prospects or existing customers, digital marketing checklist for bank mergers and acquisitions, MasterCard debit card benefits and security, Free gifts for opening a checking account (new toaster anyone? Your fortunes are intertwined with those of your neighbors and that is a powerful selling point. Contact us today. Focus on who matters Customer service is still one of the key ways to attract and retain customers. You can also approach this from a product standpoint, so dividing your marketing efforts by student accounts vs. new business accounts, etc. Explore Online Account Harvesting. Start with just $5 per week if you can’t afford more and increase it over time. Customer Retention Strategies for Banks. Then, brainstorm ways to connect those threads. Bank deposits consist of money placed into banking institutions for safekeeping. Make massive shifts now, to change the deposit mix to grow your core deposits. Identify the customers your bank would like to attract and try to understand their banking lives. Social advertising – the use of ads on social media platforms like Facebook and LinkedIn – enables marketers to target these individuals with ads that address their changing lifestyles and countless other demographics or behaviors. For example, busy people may not want to go through the hassle of switching their checking account, so you don’t want to lead with checking account marketing strategies. By firmly investing back into your community with both actions and words, you can give potential customers a reason to choose you over a bigger bank, even if those banks have better rates. Most banks give you an option to make a transfer recurring. This targeting also allows you to create ads that are tailored to the needs of your specific audiences. One of the best ways to prepare for the changing environment is to make sure your bank has a written, well-prepared deposit strategy. This is accomplished using target keyword groupings, specific ad content, geo-targeting and a host of other options. An important consideration as you create your desired customer profiles is to research what you think may be attractive to your audience. At least for transactional banking purposes, many customers can’t remember the last time they walked into a physical bank. Knowing exactly how to increase bank deposits is the goal of every community bank and credit union’s marketing team, but sometimes it’s hard to know where to begin. ), Tiered rates based on higher deposit balances, Referral incentives for signing up friends, Offering completely free checking to earn new customers, with intentional up-selling strategy, Offering relevant checking accounts for specific life-stages (e.g. effective deposit growth strategies. If you get paid every other Friday, set up a $20 transfer every other Friday from checking to savings, for example. bankrate.com, nerdwallet.com, depositaccounts.com, etc. Are they lifelong residents in the area, or have they just moved here from out of state? We enable deposit growth with fine-grained analysis of depositor behavior in the context of sales, attrition, product substitution and cross-selling. Apart from the bigger picture deposit growth strategies, there are a variety of conventional ideas you can employ. Ask for Referrals. And while national banks enjoy widespread brand awareness thanks to enormous marketing budgets, awareness of community banks and credit unions in their local market is typically about half that of megabanks. Relationships are everything and individuals and businesses will appreciate the special touch and attention to their needs and satisfaction. In fact, the asset/liability committee (ALCO) of the bank may need a five- to 10-page report highlighting the rate environment, the bank’s deposit strategy, … If you take the time to really build out a plan and execute it with a smart, analytical approach, then you will absolutely drive deposit growth for your bank. Local search engine optimization (SEO) ensures prospects will find you online Education . By Roxanne Emmerich August 26, 2015. Presented by: Bryan Easley Vice President Haberfeld Associates 206 S. 13th St., Suite 1500 Lincoln, NE 68508 P: 402-323-3791 E: bryan@haberfeld.com Thursday, June 23, 2016 Strategies to Increase Fee Income & Revenue . Grab the first-mover advantage. Once you establish a good relationship with this one product, it’s easier to cross-sell other products such as that no-fee checking. A great way to put your investment in plain view is to understand and support your local customers. If you’re trying to sell a particular product – deposit accounts, for example – use your content as an opportunity to sell your audience by educating them about that product. Is this their first step towards organizing their finances, or are they looking to change financial institutions after many years? People’s lives are busier than ever, so offering time-saving options with a mobile-first mentality will make your bank more attractive and translate into growing your bottom line. ), Cash incentives to open a new account (We’ve seen offers as high as $600, but cash incentives often require a certain amount of direct deposits within 60-90 days (typically $500+), a certain number of transactions completed (typically 5-10), and sometimes a savings account must also be opened and funded. This isn’t the end-all of marketing strategies, but it is the one that speaks most plainly and has the easiest pitch. If it starts cutting things off and looks bad, then you know you have work to do. The basic premise of business realignment is to exit business lines that have low margins and move instead into lines that are inherently more cost-effective and increase bank profitability. Adding to the power of branch-based sales is the increasing use of tablet-assisted employees at the branch level who can have all of the tools at their fingertips. Bank and Credit Union sales, cross-selling, attrition and product substitution analytics from FlowTracker Analytics Inc. If it’s not, Google will downrank your site and younger demographics won’t convert as well. If they can do it, you can do it. Couple this with a comprehensive understanding of your audience, and you can create social media ads that drive highly-qualified traffic to your site. In today’s competitive climate, you can’t assume that any single channel will take your prospects through the entire buyer journey. Although there are no substantive updatescontained in th… With an estimated 224 million smartphone users in the U.S. in 2017, many of the high deposit customers your bank needs to attract are among this group. Apply rising rates, externalities like increased social media advertising by national banks (which is currently happening) or a credit shock to the deposit holding institutions, and the average life numbers shrink dramatically. If your bank does not have a digital presence that allows simple transactions to be done anywhere, anytime, you will not grow your number of deposits and, in fact, you may lose existing customers. Effective bundling with your consumer products can lead to an increase in consumer deposits. 13 Foolproof Tips for Storing Credit Card Information Securely, instructions how to enable JavaScript in your web browser. Easier said than done, but I’ve seen banks go from 40 to 70 in just a matter of 6 to 9 to 12 months. There was a time when serving up a smile and a small gift was enough to gain new accounts. There are few better pitches than personal care and community integrity when comparing local institutions to national banks. That dormancy meant that these banks’ flexibility was greatly limited, and their lending capacity was significantly reduced. To learn more, go here. Increase deposit growth with smarter performance management, targeting for growth, dynamic behavior insights and unique deposits product intelligence. The ball is in your court now. As an example, a large regional bank that we know used data analytics and market research to successfully restructure demand deposit account pricing, resulting in a net increase … 13 Source: Promontory Interfinancial Network’s Bank Executive Business Outlook Survey report, Q2 2018 Expectations for Deposit Competition– Next 12 Months. Choose the deposit acquisition message that the bank would like to present to the public. While prices will be much higher in larger cities, you should definitely be playing the online advertising game. Millennials, Gen Z, and younger audiences can engage with finances differently; understanding these nuances can help improve the relevance of your products and communications. BankBound works exclusively with community banks and credit unions, using data-driven marketing to ensure the best ROI. If you’re looking to target a more specific audience, keep reading to learn more. We’re not talking about a 100-page document. Being responsive is just a fancy way of saying your site can be used and looks good on mobile. You could also experiment with offering adult financial classes to help people understand how to secure their future — there are many options to utilize. Retail branch offices have traditionally been a market advantage for local financial institutions, but the need for local bank branches to grow target markets may be dwindling. Different now than it was in 2009 how they engage customers and differentiate their brand to build or partner ancillary! 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