Banks, especially smaller Regional and Community institutions, along with Credit Unions, are facing continued pressure to both retain and attract new deposits as pressure from larger institutions as well as non-banking players and investment firms continues to grow. Charles Wendel, Founder of Financial Institutions Consulting, recommends that banks and credit unions develop a ‘Deposit Growth Checklist’ to focus efforts on increasing deposit share in this market. Putting someone in charge of deposits ranks as the top item in Charles’ checklist. “This is the person who goes to bed and wakes up every day thinking about ways to grow the institution’s deposits,” he goes on to say. Focusing all retail and business bankers on deposit generation as part of their foundational job description is also at the top of the checklist. Charles also believes that management needs to cover open issues as part of the bank’s deposit building initiative. This would include general areas of concern such as Market Positioning, Sales Responsibilities, Channel Management, and Pricing Strategies.
Join Charles Wendel May 23rd (12:00 ET) as he goes through these critical recommendations and insights in his webinar, “Growing Deposits in a Competitive Banking Environment“.