Deposit Acquisition
Loan Demand is up, But are Your Community Bank Deposits?
Increased loan demand is creating a need for more deposits in community banks. As a result, many community banks are now looking for solutions. One common quick-fix solution has been for banks to offer special CD rates. Another is to place quotas on employees and begin call programs to find those deposits. Each of these quick-fix solutions has its own set of problems, such as poor employee morale and disgruntled or pressured customers.
What’s the key to an effective Deposit Acquisition Strategy?
The foundation to an effective Deposit Acquisition Strategy is relational. As a community bank, you can’t compete on price or technology with the larger banks, but you can certainly outperform when it comes to relationships. With up to 72% of customers being relational, a community bank must create a culture of taking care of this group. The good news… Your Community Bank can implement this culture and set yourself apart as a relational bank.
The Deposit Acquisition Opportunities
Opportunities for deposit growth are all around you. We have a process through training, tracking, and recognition that will help your employees not only spot these opportunities but to also take a relationship-based approach to growing your deposits through these opportunities.
Keeping Score
Each of the above opportunities seem simple and obvious enough, but implementing a Deposit Acquisition Strategy takes discipline, action and consistent measuring with:
- Phone Shops
- The Score Report Tracking & Incentive Program
- Twice a week in 1-on-1’s with retail employees
- Weekly meetings with those involved in the process
- Monitor growth of DDAs weekly
SCMG can give your Community Bank the keys to a successful Deposit Acquisition Strategy.
