Unlocking Deposit Retention: Micronotes’ Exceptional Deposits™ Solution
By Xav Harrigin
In today’s dynamic banking ecosystem, the significance of deposit retention is paramount. As underscored by a December 2022 article from American Banker on deposit competition, the year 2023 has seen a renewed emphasis on deposit competition. This resurgence highlights the pivotal role of deposits in determining a bank’s service quality, fostering customer trust, and ensuring economic stability. Deposits are more than just numbers on a balance sheet; they provide the essential liquidity for daily operations and loan funding and stand as a testament to a bank’s ability to nurture customer loyalty. Furthermore, a piece titled “How To Prioritize Deposit-Gathering in 2023” from Forbes accentuates that the upcoming years will see banks and credit unions racing to secure deposits, making retention strategies a more cost-effective approach than acquiring new customers.
Parallel to the urgency of deposit retention is the strategic importance of guiding customers through significant life events. These events, be it home purchases, entrepreneurial endeavors, or personal milestones, pose both challenges and opportunities. Banks that proactively address the financial needs stemming from such events not only build deeper relationships but also mitigate the risk of customer churn. In this context, assisting customers transcends mere transactional interactions. It becomes a manifestation of empathy, understanding, and a commitment to being a customer-centric institution in a fiercely competitive market.
Amidst this backdrop, Micronotes unveils its innovative feature, Exceptional Deposits™, offering financial institutions a strategic edge. Exceptional Deposits™ is a game-changing tool that empowers banks to identify and capitalize on deposit retention opportunities. By diligently monitoring customer account balances, it spots significant deviations from regular balance patterns. To illustrate, for every 1,000 customers, there’s a potential of $1,000,000 in large at-risk deposits, given that about 1% of accountholders have a balance that is about $100,000 greater than their average balance over the previous 5 periods.
The feature is replete with benefits:
- Dynamic Balance Monitoring: It keeps a vigilant eye on checking and savings account balances.
- Opportunity Identification: Any balance surge is an invitation to understand a customer’s life phase and extend timely assistance.
- Engaging Customer Interaction: Identified customers encounter a bespoke interview on their digital banking platforms.
- Proactive Customer Outreach: The tool enables banks to actively engage customers, particularly those navigating significant life transitions.
- Enhanced Communication Channels: Micronotes also offers email and SMS deposit and investment product information delivery options for amplified outreach.
Micronotes has adeptly integrated Exceptional Deposits™ into its Campaign Manager. Once activated, it operates autonomously, from balance monitoring to customer interview initiation and lead delivery to the front lines.
Customer engagement is more than digital clicks. Responses to prompts like “Call Me”, “Learn More”, or “Share now” trigger an immediate lead email to a designated banker, ensuring timely addressal of customer needs.
In conclusion, Exceptional Deposits™ is a beacon in the banking sector, arming financial institutions with the tools to not just retain their deposit base by helping customers and members through major life events. For those keen on redefining deposit retention and growth, Exceptional Deposits™ paves the way. For deeper insights or queries, connect with Micronotes.ai at [email protected].
