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 strategies and 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.
Accenture’s 2025 Banking Consumer Study found that the majority (61%) of surveyed respondents remain with their primary institution for over seven years. That may seem like a positive on the surface. After all, most people are staying with their main banking hub.
However, the situation becomes a bit dicier when you consider the fact that nearly three-quarters (73%) of respondents reported two-, three-, even four-timing their primary institutions.
A whopping $2.15 trillion in deposits have moved from megabanks, regional banks, and community-based financial institutions to fintech investment accounts; another $1 trillion in deposits—over half (56%) of which come from millennials and Gen-Zers—are being transferred from banks and credit unions to fintech savings accounts.
It’s not that consumers are ceasing business with their primary institutions. It’s that consumers are moving deposits from their primary institutions into other accounts with additional institutions. And most of the time, the primary institutions aren’t losing those deposits because they did something wrong. Instead, they’re losing deposits because they did nothing at all.
What do we mean by that? Here’s an example:
Brad has been with his financial institution since his first job.
His checking? Active. His direct deposit? Consistent.
He was loyal. But when he sold his condo, he moved the proceeds from that sale into a high-yield account with an online bank.
Brad didn’t move that money to a different institution because he was unhappy. Rather, it was because nobody from his primary institution reached out to convince him otherwise. He received no advice, no options, and, in the end, no reason to stay. And just like that, six figures in deposits were gone.
This is the quiet crisis in deposit growth.
Loyal customers with evolving financial needs are slipping away, not out of dissatisfaction, but because of missed opportunities to be reengaged. To change that, financial institutions need a strong, data-driven retention strategy. When you prioritize proactive, relevant outreach, your institution can capture more of the deposits that are already within reach.
How can you boost engagement and encourage greater loyalty?
It comes down to investing in your consumer relationships. The key to increasing share of wallet among existing relationships is connecting those consumers with the right products through the right channels at the right time.
In Brad’s case, perhaps his institution did have a high-yield account product where he could have placed his condo sale proceeds. But that was never communicated to him. The institution didn’t even appear aware of the fact that Brad had an additional six figures ready to invest. There was no offer or outreach about high-yield accounts, investment accounts, or other options for this cash.
Imagine if that institution was able to better leverage Brad’s profile data. They could’ve sent Brad a quick, personalized ad right through his banking app, inviting him to open a high-yield savings account. A simple follow-up email with a tailored offer might’ve sealed the deal. And just like that, they’d be building a stronger relationship with Brad and capturing more of his business.
To help institutions avoid this scenario, we developed the Share-Of-Wallet (SOW) module.
This add-on module, available for MeridianLink® Opening and MeridianLink® Consumer, helps you deepen existing relationships by forging personalized connections throughout your account opening and loan origination processes.
Through the SOW module, consumer data from application pipeline and aggregate sources is analyzed to create personalized, individual product dashboards highlighting potential cross-sell opportunities and insights. From there, the module generates multichannel campaigns to execute on these targeted opportunities.
But it doesn’t stop with campaign generation. Refinement is just as important. That’s why the module also generates helpful metrics and reports based on campaign efficacy, supporting optimal results throughout its lifecycle.
The result is pertinent, engaging outreach that’s more likely to convert to additional share of the consumer’s wallet. Not to mention the loyalty gains made along the way! After all, that additional share was captured through an offer specifically tailored to that consumer’s needs.
Personalization is just one piece of the puzzle, though.
Learn more about data-driven personalization and other factors that go into deposit growth in the Strategic Deposit Growth eBook. Get the eBook and start creating your blueprint for banking success in today’s competitive, digital-first market.
Want to learn more about the Share-Of-Wallet module? Download the infographic or schedule an expert-led demo.
