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War for Deposits – A Practical Approach

April 22, 2019

With banks like Chase offering big bucks to lure in new account holders, the war for deposits is undeniably heating up. Many contributing factors lead to individuals selecting their financial institution, including convenient branch locations, overall experience, customer service, and more.

Whether institutions are improving the experience online or in the branch, the account holders are taking notice of the rising bar in service expectations — and it’s not just being set by other banks and credit unions.

Consumers are gaining conveniences through technology like never before. For example, Rocket Mortgage offers a pain free mobile option to secure a home loan, and retail stores, like Apple, are increasingly making time-saving appointment setting options available.

While you may not be able to easily implement a streamlined mobile mortgage option for your account holders or offer $600 to new account holders to switch to your institution, making appointment setting available to your account holders is a practical approach with a big payoff.

Account holders with more revenue generating complex interactions want to interact with branches efficiently, avoiding long wait times and ensuring they speak to the right employee the first time. Learn how investing in appointment setting software can give your institution a leg-up in the war for deposits.

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