Understanding Customer Behavior for Exceptional Deposits: Insights from Digital Conversations
By Devon Kinkead
When accountholders make unusually large deposits, their intentions for those funds provide critical insight into how financial institutions can guide and retain those deposits. Recent data from Micronotes’ mobile banking microinterviews with exceptional depositors reveals distinct trends in customer preferences and behaviors regarding exceptional deposits. Here’s what the data tells us and how financial institutions can act strategically to help their accountholders through significant life events, evidenced by exceptional deposits.
Key Insights from the Data
Based on 183 recent responses across 3 financial institutions with accountholders who had an exceptional deposit.
- Low Interest in Calling for Investment Options (2% of responses)
Accountholders seem less inclined to call their bank to discuss investment options. This may reflect a broader trend where convenience and immediacy outweigh in-person or telephonic consultations. - Investment Interest, Digital Preference (11%)
A small but notable group prefers to learn more about investment options online. This underscores the importance of robust, accessible, and engaging digital content to capture customer interest in investment products. - Minimal Interest in Calling about CDs (1%)
Similar to investment options, calling about Certificates of Deposit (CDs) garners even less interest. This suggests that traditional outreach methods may not effectively drive engagement for these products. - CD Interest, Strong Preference for Learning More Online (33%)
The majority of respondents interested in CDs prefer online resources. This is a significant opportunity to leverage digital platforms to showcase CD offerings, especially with interactive calculators and comparison tools. - Predominance of Other Plans or Indifference (52%)
Most respondents indicated “not interested” or stated they had “other plans” for their deposits. This could indicate a gap in communication or relevance of the bank’s offerings to customer needs. - Rare Disclosure of Alternate Plans (1%)
Only one respondent shared specific details about their “other plans.” This suggests either a reluctance to disclose financial intentions. For example, “I have a money market, 3 annuities, 6 CD’s, a Roth, an IRA and they all pay more interest than you do.”
Actionable Strategies for Financial Instutions
Invest in Digital Engagement
With customers showing a preference for online learning about CDs and investments, financial institutions should enhance their digital educational tools. These could include:
- Interactive product pages with videos explaining the benefits of CDs and investments.
- Savings goal calculators to show potential returns.
- Chatbots that guide customers to the right financial products based on their goals.
Targeted Promotions for Investment Products
To engage the small but interested group in investment options:
- Offer tailored digital campaigns highlighting unique investment benefits.
- Use personalized outreach via email or app notifications to nudge customers towards exploring investment products.
Rethink Call Strategies
Given the minimal interest in calling for information, financial institutions should prioritize enabling self-service tools and only supplement them with call-back options for complex queries.
Understand the “Other Plans” Group
The largest group of respondents cited “other plans” for their deposits. Financial Institutions should:
- Conduct follow-up interviews or incentivize customers to disclose their plans.
- Use AI tools to predict behavior patterns based on transaction history and segment communications accordingly.
Highlight Flexibility in Product Marketing
The indifference to traditional products may stem from a lack of perceived value. Highlight the flexibility of investment or CD products and how they can align with customer goals like short-term savings, emergency funds, or wealth growth.
Framing the Opportunity
Financial Institutions are in a unique position to act as financial guides for accountholders making exceptional deposits. The data shows a clear preference for self-directed digital exploration over traditional customer service methods. By leaning into this trend, Financial Institutions can create a seamless digital journey that informs, engages, and ultimately converts deposits into long-term assets for both the accountholder and the institution.
By addressing gaps in communication and aligning products with customer preferences, financial institutions can capture untapped opportunities, ensuring that every deposit contributes to deepening customer relationships and financial growth. Request a demo to learn more about how Micronotes can help retain deposits and deepen accountholder relationships when it matters most.
