According to FDIC and S&P Global data published last year, 3% of the largest banks have about 83% of the deposits in the US.
That leaves 17% of deposit accounts to find homes with 97% of the rest of the financial institutions out there.And the intervening year hasn’t helped that 97%.
Plus, new data from Bankrate shows that OD/NSF fees have dropped 25% in the past year, putting even more pressure on the profitability related to deposits.
This puts community and regional financial institutions in a very difficult spot.
A change in their frame of reference about deposits is needed.
Instead of trying to outcompete megabanks , now is the time to reinvigorate products and services to meet the deposit growth needs and the demands of today’s consumers.
Grow Deposits and Revenue Without Busting Your Budget
It sounds hard, but it can be done. Attending this webinar is a great first step to get started.
In this webinar, you'll learn:
- Where proven, attainable opportunities are that deliver deposit and revenue lift
- How you can transform your current retail and small business checking accounts into deposit and non-interest income generators with new products and no reliance on penalty fees
- How to attract and grow primary account relationships using modern products
Join Us to Learn More
Join Adam Thompson, retail product strategist, who will discuss insights from new market research and lend his hands-on experience on how today’s community and mid-sized regional FIs can meet the competitive of the mega and large digital banks related to deposit and revenue growth this year and next.