Deposit growth strategies for community banks

By maximizing the rich customer transaction data already at their disposal, community banks like yours can sharpen their competitive edge, nurture customer loyalty and drive deposit growth. 

Community_Banks_App

Only 44% of community banks send useful account alerts to their customers, versus 90% of national banks.

Bud research reviewing 50 community banks and 10 national banks.

Only 18% of community banks have features that enable their customers to track their spending, versus 90% of national banks.

Bud research reviewing 50 community banks and 10 national banks.

Personalized communication for a deeper customer relationship

Community banks can use transaction data insights to personalize their outreach by, for example, nudging customers to capitalize on unused checking funds with relevant savings options.

Timely, tailored communication enhances conversion rates, while providing financial guidance builds trust, in turn boosting app engagement and the opening of new accounts.

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Data-driven product development

Insights from enriched transaction data enable community banks to pinpoint demand for new offerings.

If a bank uncovered a trend of clients opting for competitor savings accounts, for example, it could launch a competitive savings product to attract switchers and engage potential savers proactively.

Strategic responses to consumer behavior allow community banks to increase deposits and deliver on their commitment to customer-centric service.

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High conversion upsell and cross-sell

By proactively engaging customers with relevant offers that align with their usage patterns, banks can enhance satisfaction and grow their deposit portfolios through strategic upselling and cross-selling.

Data analysis can identify these opportunities as trends and patterns at customer base level. Cohort insights can then be used to create richly-targeted segments for high impact marketing that increases deposits and wallet share. 

Upsell and cross-sell opportunities-3

Your community bank toolkit

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On-demand Webinar

Driving growth in community banks: Improving customer financial health and boosting deposits using transaction data

On demand

Register to receive your very own copy of our webinar hosted by Bud's Corey Horr, in association with Independent Banker, where we delved into strategies for community banks to stimulate growth.

This session explored how leveraging transaction data can significantly improve customer financial health and ultimately lead to an increase in bank deposits.

Attendees received an understanding of practical tools and methodologies designed to harness the power of transactional insights, creating a win-win scenario for community banks and their customers.

So if you're ready to transform data into growth – sign up for on-demand access today!

(Please note: Independent Banker webinars are sponsored content and are not an endorsement by ICBA.)

Corey Horr

Corey Horr

Account Executive, Bud