Determine if those depositors are hyper-sensitive to interest rates. By Bruce T. Jensen, Practice Director & Senior Consultant at CCG Catalyst Consulting Group. For example, you can employ retargeting which sends online ads directly to prospects who have engaged with your website. Convenience is increasingly defined by the ease of online account opening and online transactional ability — no matter where the customer lives. While the catalyst for deposit runoff is tied to the robust economy, the deposit problem isn’t universal among all financial institutions. The most effective way to market for deposits is to target those customers that have excess liquidity in investment accounts and convenience these accounts that their short term and intermediate term balances are possibly best left at a bank. The report says banks will have to revisit their strategies for attracting current accounts and savings accounts and term deposits. Maybe your differentiator is simply that you are local, which allows you to better understand your community and to build your hometown economy. Ever wonder why a bank pays you interest on the money deposited in your savings account? The top three sales pitches that banks have successfully made that is not about a return are: Next, to marketing on rate, comfort, convenience or community, the next most effective way to market for deposit balances is to segment customers and show that your bank has a special understanding of their particular journey.  Customers want to be identified with, and if your bank can pull it off, they will be richly rewarded. Automatic deposits, which are made possible through the Automated Clearing House (ACH) network, is a method of depositing funds into, or out of, your bank account without having to physically go to your bank to deposit funds. The mere fact that you earn interest on money you deposit with banks indicates to me that they want you to do so for whatever reason(s). Engage this expertise, and you’ll have a better chance of winning deposits. Every institution has something distinctive about it that can differentiate its brand from extensive competition. So what could banks do better to deal with the new regulatory environment but still ... more loans, more deposits. But a few also have services unique to the mobile device. To overcome such reluctance and attract new deposits, create hybrid time deposits that allow depositors to bump up their rate once or twice over the duration of the term. If a customer calls the bank to inquire about card issues, but the branch service representative is only able to see part of the customer relationship information – e.g., checking, savings, auto loan, etc. Such factors can include a unique delivery platform, a specialized array of customer offerings, or perhaps some geographic advantage. As a general rule of thumb, banks need to offer at least 40 basis points over the current rate to start to attract funds. But there are plenty of third-party vendors that do have these skills. Naturally, to attract customers to replenish the resource base of the Bank you can a large variety of Deposit programs. Here is an update that will help banks prospect for deposits. If you're their core operating bank, their lead bank, then you want them to do all their banking activities with you. This analysis will not only enable you to make adjustments to your marketing efforts, but you’ll also recognize which deposit offerings to vigorously promote. Additionally, small banks are driven to open expensive branches that can add over 1% to a bank’s true marginal cost of funds, to attempt to attract retail deposits. While this is the least profitable, it is the easiest and, on a deposit dollar per marketing dollar ratio, it gets the best reaction. Banks have also been successful at targeting life situations such as couples undergoing divorce. “Marginal interest rate increases can be used to retain existing deposits while higher rates can be used to attract new deposits,” Raddon analysts write in their report. Refine and step up your brand messaging in a way that sets your institution apart. As customers age, cash becomes a higher and higher percentage of everyone’s portfolio, and banks are in a perfect repository of that liquidity. But pursue this strategy carefully, so you don’t spin your wheels. Your institution’s staff doesn’t include advertising executives and you may not employ any search engine optimization (SEO) mavens. 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