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 deposit growth content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.
You already have the key to deposit growth.
But, digital convenience has made moving money effortless—which means deposits can flow in, but just as easily flow out. Nearly 75% of consumers now spread their money across multiple institutions. The same number expect personalized experiences. And over half have switched financial institutions in the last year alone.
The stakes are high. But the opportunity is higher.
You’re sitting on a goldmine of customer insight. From transaction patterns to engagement trends and financial behaviors, the potential is there. But if that data isn’t driving action, it’s just noise. And when it comes to deposit growth—both bringing in new deposits and keeping the ones you have—that’s a costly misstep.
So, what’s the secret to turning data into deposits? Let’s unpack the biggest data challenges financial institutions face and explore solutions that can help you turn it around.
The Challenge: Turning raw data into real action
You’re collecting massive amounts of data every day. But many institutions face three common barriers that stop that data from driving results:
- Outdated Technology: Legacy systems and cores slow down your ability to access and analyze data in real time.
- Disconnected Platforms: When your deposit and lending systems, CRM, and analytics tools don’t integrate, your teams can only see part of the picture.
- Lack of Expertise: Gaps in skills or strategy keep valuable insights from turning into action.
The outcome? Campaigns stay generic. Critical customer moments slip by. And in today’s landscape, you lose ground to more agile competitors.
The Solution: Use analytics and automation to close the gap
Building strong deposit growth starts with the right tools. Tools that simplify and elevate the experience for both your customers and your team. That’s where modern banking technology like MeridianLink® can really make a difference.
By having business intelligence and marketing automation integrated directly into your deposit account opening and lending platform, you can easily turn customer data into personalized, timely outreach that keeps deposits with you—and helps grow them over time. No in-house development, costly data projects, or complex IT lift required.
Here’s how it works:
Business intelligence sifts through the wealth of data you already have—from everyday transactions to digital interactions—highlighting key patterns, risks, and opportunities for growth. Then, marketing automation takes these insights and delivers tailored messages to customers at exactly the right moment, based on their individual needs and behaviors.
This means no more guesswork, no more one-size-fits-all campaigns—just precise, relevant offers sent to the right person, at the right time.
This process unfolds in three essential steps:
- Descriptive Analytics: Look back and understand what happened—such as identifying which campaigns drove the most deposits or which customers could benefit from additional products.
- Predictive Analytics: Look forward to anticipate what’s likely to happen next—who’s ready to grow their savings, who might be at risk of leaving, or who is primed for a new product.
- Prescriptive Analytics: Receive clear, actionable recommendations on what to do next—from which personalized offer to send, to the best time to reach each customer.
The Goal: Don’t just win deposits, build advocates
When you act on data to anticipate customer needs and deliver meaningful, relevant experiences, you go beyond simple satisfaction—you create loyal advocates.
An advocate is more than a customer who uses your products. Advocates actively promote your institution because they feel seen, understood, and supported. They trust you—and they prove it by consolidating more of their money with you and recommending you to others.
This is crucial because research shows institutions with high advocacy scores experience up to 2.6x higher revenue growth and as much as a 30% increase in share of wallet.
What does this look like in practice?
Let’s say your data shows a segment of customers who actively use their checking accounts but rarely save. Recently, their debit spending and direct deposits have grown—both signs they have more disposable income.
This segment is flagged as ready for a savings product. But instead of blasting a generic promotion, your marketing automation platform sends a personalized message the day after payday, inviting them to open a high-yield savings account with an incentive matched to their spending habits and goals.
Because the offer is relevant and well-timed, customers see it as helpful rather than pushy. The result? They trust you more, deposit more, and are more likely to tell others about the value you provide.
Deliver personalization. Build advocacy. Grow deposits.
When your institution connects these dots, your data stops being just information and becomes your most powerful tool for deposit growth.
Now, it’s time for you to take action. Download our Strategic Deposit Acquisition Guide for more insights on how to drive deposit growth.
