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Bank and Credit Union sales, cross-selling, attrition and product substitution analytics from FlowTracker Analytics Inc. If you want to attract more of a certain type of banking customer, then you and your entire staff need to understand who they are and their motivations for working with a local bank. If it starts cutting things off and looks bad, then you know you have work to do. This guide provides strategies for reaching prospective customers/members in order to increase core deposits. While Banks are getting more and more pressure from customer’s increasing demand, highly competitive market and strict regulations – in the current environment, understanding customer behavior, attitudes and requirements is more vital than ever for banks’ strategic thinking, operational planning and day-to-day customer treatment, according to Ernst & Young. Everything you do online has to be optimized for mobile these days. However, a competitive loan offer may entice the same personal or business customer. Following are six strategic areas where today’s industry leaders are focusing their efforts. By Roxanne Emmerich August 26, 2015. Big banks only passed on a small portion of the Fed’s rate hikes. Check the deposit rates that peer group banks are offering to … Understanding what your members or customers actually do with their money is revealed by our patented analytics. The revision updates previous guidance issued in response to the avian flu pandemic of 2007. Paid search campaigns are so effective because they can be targeted to a specific audience according to the exact phrases they are searching Google for. You can either hire someone to do this for you or try it yourself. Local banks and credit unions increasingly need to execute effective marketing strategies to reach their target audiences. A great way to put your investment in plain view is to understand and support your local customers. If a customer is happy with the way they are … Start with just $5 per week if you can’t afford more and increase it over time. With a proactive plan that capitalizes on your institution’s existing strengths, your FI can create winning strategies to increase deposits and thrive in a new era banking. Social media platforms offer powerful targeting tools that allow you to deliver highly-focused ads to a specific audience based on their interests and lifestyles. Research backs up common-sense that people purchase more often from companies that engage them with education. Every dollar counts! However, when it comes to growing deposits, don’t forget that Baby Boomers still hold two-thirds of all deposits, with substantially more assets under management at RIA (registered investment advisory) firms. In the aftermath of the Great Recession of 2009, community bank performance rebounded in tandem with the rest of the banking industry. 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. 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. Let us know and we’ll add them to our list below! In this article, we will explore the wallet share of customers and strategies for increasing its wallet share. Providing exceptional customer service in your bank or credit union is important, helping to attract and retain customers in a competitive landscape. Local SEO (search engine optimization) is the key to maximizing your online visibility for each of your branches. 10 Tactics for driving deposit growth #1 Analyze your best customers and build a marketing campaign for them 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 . While prices will be much higher in larger cities, you should definitely be playing the online advertising game. Are your prospective customers even aware of your bank? Millennials, Gen Z, and younger audiences can engage with finances differently; understanding these nuances can help improve the relevance of your products and communications. As you consider ways to increase your bank's customer base, consider how you can work with their needs and preferences to offer a convenient, safe service. 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. For full functionality of this site it is necessary to enable JavaScript. In the era of direct deposit and mobile banking, customers don’t have to visit a physical branch. Welcome back. 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. Once your visitor has landed on your site or visited one of your branches, this is the time to present an attractive offer for a new deposit account. Consumer loans are also a great place to secure consumer deposits. 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. Offer bonuses for signing up or referring people. Couple this with a comprehensive understanding of your audience, and you can create social media ads that drive highly-qualified traffic to your site. Banks should consider this option if … they have significant market share in one or more core product areas. Education . 5 Strategies for Growing Core Deposits Regulators and bankers are sharing one concern in common—how they will get and keep deposits as interest rates rise . Is this their first step towards organizing their finances, or are they looking to change financial institutions after many years? This presents a major challenge for local FIs since most consumers searching for a checking account already have a brand in mind, and largely end up choosing that brand (see Oliver Wyman study). 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. Sign in to save Product Manager - Personal Deposits (Contract) at Laurentian Bank of Canada. This is accomplished using target keyword groupings, specific ad content, geo-targeting and a host of other options. When it comes to high net worth customers, pick up the phone and get personal. However, many banks attempt to gather more deposits by offering services other than just deposit accounts and hope that when customers sign up for these services the deposit accounts will follow. There are a lot of laundry list items you can do from a digital marketing standpoint to help you stand out online, and one of the most important ones is making sure your local SEO is up to snuff. We’re not talking about a 100-page document. If your customers can rely on you for advice around important business decisions, then they are more likely to expand their business with you. Copyright 2020 Tidal Commerce. This is often what distinguishes a community bank from larger, more impersonal institutions. 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