Money continues to be on the move at unprecedented rates as consumers and small businesses experience real concerns over financial security and low rates. They’re reevaluating relationships with their financial institutions and putting all alternatives on the table when it comes to places to park their cash.
Deposits are the fuel that powers the banking system, which means the current environment of uncertainty is putting the health and stability of all banks at risk. This is no time to coast, hoping that consumer fears will steady with time, and the bacon will come back to the pan. Financial institutions need to safeguard their core funding by employing protect-and-defend measures, in addition to deposit acquisition strategies.
Deluxe offers custom modeling to identify net worth, layered with new wealth triggers such as a business sale or promotion, to help banks determine ConsumerWealth scores. These scores identify how households splurge and save to pinpoint the most sought-after potential depositors for marketing initiatives and database enhancements.
It’s important for banks to deploy strategies that will fight off deposit attrition, while driving deposit cross-sell and acquisition opportunities.
These deposit marketing items include:
Rather than let the chips fall where they may, now is a prime opportunity for banks and credit unions to expand their relationships and deposits with existing customers and win new depositors from the competition.
Trigger marketing is about connecting with consumers on the verge of making important financial and purchase decisions. By capitalizing on these transitions, banks can acquire new customer deposits and cross-sell to retain and deepen relationships with their existing customer base.
Now is the time to outperform your competitors by implementing a surgical, data-driven, deposit-centered marketing strategy tailored for your institution. Learn more by downloading The Ultimate Deposit Marketing Playbook. We share important information on how we can help you get your bank in front of the right consumers at the right financial moment.
THE ULTIMATE GUIDE TO DEPOSIT MARKETING
