Best Practice Report

Growing Deposits By Going Beyond Offering Great Rates

Strategies And Tactics For Banks And Credit Unions To Drive Deposit Growth

November 8th, 2023
Alyson Clarke, Principal Analyst
Alyson Clarke Principal Analyst
With contributors:
David Hoffman , Sohm Gough , Aaron Suiter , Jen Barton

Summary

Winning deposits is a key priority for many banks and credit unions, and competition is fierce in the battle to find cheap deposits, keep funding costs down, and enable lending growth. But attracting deposits isn’t only about offering customers competitive interest rates. There are many tactics and strategies that firms need to use to grow their market share. This report outlines strategies and accompanying tactics that digital executives and their marketing peers should implement to drive deposit growth.

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