The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the digital deposit account opening content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.
Start winning new deposit customers and giving them experiences that ensure they stick around.
If there’s one thing today’s banking customers have, it’s choices. So much so that digital newcomers, which once provided niche services, have expanded their capabilities and offerings to begin capturing primacy—the role as a customer’s main financial institution—over traditional banks and credit unions.
To grow deposits and overall business, it’s imperative to stand out from the competition. However, becoming customers’ first choice in a crowded space teeming with innovation is no easy feat. Attracting new deposit customers now requires more than just eye-catching rates or clever campaigns—it requires modern technology and a data-driven strategy.
In this sense, increasing digital deposit account opening activity is an art and a science.
The art lies in crafting a trustworthy, intuitive, and rewarding customer experience from the first click. The science involves leveraging data, automation, and streamlined workflows to create those experiences and remove friction.
Together, these elements produce a harmony that rises above the noise to guide customers to your institution and entice them to stay.
Deposit Growth Begins With First Impressions
They say first impressions stick, and that’s doubly true for digital financial experiences. That’s because your institution’s experiences aren’t just being measured against direct competitors. They’re also being compared to the experiences delivered by major e-commerce and technology brands.
Smart recommendations, user-friendly navigation, seamless transactions. Online retailers and services such as food delivery apps have upped the stakes when it comes to digital experiences. It’s reached a point where customers may not even notice these features being present—until these features are absent.
This is where the art of efficient, personalized experiences comes into play. Confusing, slow, or outdated account opening processes are a recipe for abandonment. To attract and retain customers, experiences that prioritize their needs and convenience are a must. That begins with a seamless user experience with a clear flow and visual cues, such as arrows directing you to next steps, real-time progress indicators, and even consistent branding.
These features all work together to immediately start establishing trust and building the momentum to take customers through the application process. But the aesthetics are just one element. Next comes the science: technology that encourages follow-through.
Frictionless Workflows That Convert Prospects to Business
While a great layout and trustworthy visuals set the stage, those need to exist alongside smooth, efficient flows to really make business stick. On the customer side, that can look like:
- Application pre-fill options for added convenience and shorter turnaround times.
- A mobile-optimized interface and save/resume capabilities that champion a customer-centric experience.
- Real-time ID verification and instant decisioning for faster service.
For the financial institution, these technological features work to deliver the above results for customers, as well as streamline staff experiences with functions like:
- Integrated workflows that ensure comprehensive data access and quicker processing. This can help reduce abandonment rates.
- Cloud-based technology with regular, automatic updates and compatible third-party solutions to support compliance with ease.
So, we’ve mastered the art of an intuitive interface and introduced the technology to gain efficiencies. What’s missing? That personal touch!
How To Personalize Digital Account Opening at Scale
Intuitive and efficient is great, but it’s not uncommon. To maintain growth, you need to prove that you really know your customers. That’s where the science and the art truly collide to create something beautiful: relevant, engaging experiences always rooted in customers’ evolving needs.
Imagine: being able to leverage data across your organization to identify high-potential segments; using that data to offer tailored products and services based on a customer’s specific circumstances; fostering deeper trust through personalized, convenient interactions.
As technological efficiency has risen, personalized experiences have often given way to transactional relationships. Bridging that gap in your digital deposit account opening experience is vital to coming out above the competition. The key to a truly irresistible, sticky relationship lies in using modern technology in the service of individualized support. That can look like:
- Integrated data analyses to uncover attractive, unique opportunities.
- AI-driven insights to help determine optimal timing, product mix, and channels.
- Behavioral and demographic data insights to guide relevant outreach.
Lastly, Don’t Forget To Blend Incentive With Intention
By now, we have a handle on infusing the art of customer outreach with the science of data and technology. But let’s talk about maintaining profits for a moment.
As we said earlier, attractive rates alone aren’t enough, though they can be a good entry point for customers. A personalized, data-driven experience is the real, long-term sticking point, and you should use that experience to your advantage.
While offering competitive rates for deposit products can initially encourage new accounts, it can also lower net interest margins and risk losing existing accounts. To counter this dilemma, look no further than your revamped growth strategy itself!
Offering a balanced product mix to new customers or presenting lower-cost products to high-yield savings customers can help. But there’s no need to throw out offers and see what sticks—that’s where your strategy comes in. With a personalized, data-driven approach, you can determine exactly which products to offer to which customers. This intentional approach to maintaining profitability ensures healthier margins and happier, repeat customers: a true win-win.
Combining the art of the experience and the science of data and tech encourages people to come—and stay.
A quick, easy application process, intuitive navigation, and continuous personalized service is the recipe for retention and growth. But making those changes doesn’t happen overnight!
To help you understand where and how to begin improving your processes and boosting deposits, check out our handy guide. The Strategic Deposit Acquisition eBook outlines how to weave the art of customer experience with the science of modern technology. Get your copy today to start identifying and solving for barriers to growth with lasting impact.
Download the full eBook for more insights.
Then, see how MeridianLink® One account opening, marketing automation, and analytics solutions support that growth with smarter, faster, enduring success.
Schedule a demo to explore these data-driven experiences in action.
