#3375: 4 Strategies to Succeed in the Battle for Deposits in Today's Digital Era...

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Jennifer Dimenna, SVP of Product at Apiture, stopped by the show to share some timely highlights from the firm's latest white paper: “Battle for Deposits: Strategies to Succeed in the Digital Era.”

Jen shared one of the prime reasons for producing this white paper: 84% of financial institutions rank core deposit growth as on of the top external risks.

Then she provided the four strategies for credit unions to succeed in today's digital era:

1. Incorporate a Seamless Digital Account Opening Process (only 43% of banks and 48% of credit unions have an automated digital account opening solution in place today)
2. Appeal to Digital Natives: Gen Z and Millennials (48% of Gen Z and 46% of Millennials report that they can’t go more than 4 hours without internet access before they become uncomfortable)
3. Support Small Businesses (number of community banks and credit unions looking to grow small business deposits jumped more than 30% in 2023)
4. Expand Your Reach with Embedded Banking (with an embedded banking strategy, a credit union can offer its services to a broader range of digital users)

To wrap up, Jen talked about some lessons learned from these findings -- and one of those being, for deposit growth today, digital is critical.

Check it out and let us know your thoughts. And be sure to watch the entire episode with Jen below for all the details.

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