The Challenge Today
Core deposit growth is a significant challenge for banks and credit unions today. Consumers and small business switch primary FIs less frequently; online competition is taking deposit dollars away from traditional financial intermediaries, and the tactics that drove core deposit growth in the past no longer work effectively today. New strategies are needed, and CPG can help.
We work with clients in a number of ways to help them build more robust core deposit strategies – including new value propositions and products; improved lead generation and nurturing techniques leveraging data analytics; vetting of potential third-party partners with the right strategic fit; segment-specific targeting plans; and onboarding and expansion strategies to turn newly acquired consumer or small business customers into expanded, more profitable relationships.
One way to get started with CPG: A Deposit Growth Sprint. This agile, focused effort has three sequential steps:
1. Scope the Opportunity: review current results by business line; assess competitor results; compare to best practices
2. Deposit Summit: set the funding strategy; prioritize growth opportunities; evaluate ideas for strategic fit and payoff; define game plan
3. Take Action – create teams to fully define initiatives; size the opportunity and cost; create detailed action plans and timelines
Need assistance with value proposition improvement, product design, process improvement, or better marketing/sales strategies to drive core deposit growth?
Contact Mary Beth Sullivan (202-337-7870) to discuss you needs and how CPG can help.