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10 trategie to Increae Depoit at Your

Communit ank
ank & Credit Union

Knoing exactl ho to increae ank depoit i the goal of ever communit ank’ marketing team, ut ometime it’
hard to kno here to egin. There are o man a to market our ank, and ou ma e ondering if ome of our
idea are even orth tring.

Well, e’re here to tell ou that e, ith the right plan it i aolutel orth it and that inveting in our ank depoit
gathering trategie i more important no than in the pat decade due to riing aving rate.

The lat time communit ank had to proactivel think aout riing rate trategie a a fe ear efore the 2008 crah,
and according to The Financial rand, there ere three leon to e learned:

1. ig ank onl paed on a mall portion of the Fed’ rate hike.
2. Cutomer ehavior change hen rate hit 2.5% and aove.
3. Large ank ere too lo to capitalize on the riing rate, hich left room for more nimle ank to pick up
cutomer.

It’ fair to a there’ a imilar opportunit toda for communit ank ith mart depoit gathering trategie to pla all
ith igger ank. It’ eaier to e proactive hen ou aren’t dealing ith hundred of thouand of cutomer, and ou
hould ue that to our advantage.

With that in mind, let’ cover 10 ank depoit gathering trategie ou can ue to increae our depoit.

10 trategie for driving ank depoit

1. Analze our et cutomer

If ou ant to attract more of a certain tpe of anking cutomer, then ou and our entire taff need to undertand ho
the are and their motivation for orking ith a local ank.

Analze our exiting cutomer and figure out hich demographic ill e our focu for thi quarter or marketing
campaign and then rite up a one-heet outlining exactl ho the currentl find out aout our ank and hat ervice
ou offer that are mot appealing to them. Then, raintorm a to connect thoe thread.

2. Raie our depoit rate

One of the implet a to ecome more competitive i to offer etter rate. Thi in’t the end-all of marketing trategie,
ut it i the one that peak mot plainl and ha the eaiet pitch.

Jut rememer that unle ou’re dealing ith cutomer ith high volume of cah, then chance are a rate ma get a
potential lead in the door ut on’t keep them — our cutomer experience and ailit to help them achieve their financial
goal ill.

3. Invet in our communit

There are fe etter pitche than peronal care and communit integrit hen comparing local intitution to national
ank.  firml inveting ack into our communit ith oth action and ord, ou can give potential cutomer a
reaon to chooe ou over a igger ank, even if thoe ank have etter rate.

A great a to put our invetment in plain vie i to undertand and upport our local cutomer. If ou ork ith local
uine oner, ee if ou can partner on fundraier or donate to local chool together. You could alo experiment ith
offering adult financial clae to help people undertand ho to ecure their future — there are man option to utilize.

4. Make ure our local O i up-to-date

There are a lot of laundr lit item ou can do from a digital marketing tandpoint to help ou tand out online, and one of
the mot important one i making ure our local O i up to nuff.

O tand for earch engine optimization, and it’ jut making ure our ite communicate ith Google and other local
directorie in the et a poile. You can either hire omeone to do thi for ou or tr it ourelf.

The igget thing to nail don are our Google uine page, collecting Google revie, and making ure ou’ve
umitted our addre and phone numer to Google Map, Waze, etc.

5. Ue online advertiing

While price ill e much higher in larger citie, ou hould definitel e plaing the online advertiing game. etting up
evergreen ad campaign that id for keord on Google like “local ank near me” and “need to et up a checking
account” can go a long a for lead generation.

Tie that into a cutom landing page ith a Faceook pixel to retarget people ho click and oom! You have a et-it-and-
forget-it ank depoit groth machine.

6. Make ure our eite i reponive

verthing ou do online ha to e optimized for moile thee da. If it’ not, Google ill donrank our ite and ounger
demographic on’t convert a ell.

eing reponive i jut a fanc a of aing our ite can e ued and look good on moile. To learn more, go here.

An ea a to tet if our ite i reponive i to open it on our dektop, click the top right of the indo, and drag it
don to a mall ize. If our ite automaticall rearrange itelf to fit ithin the indo, then ou’re et. If it tart cutting
thing off and look ad, then ou kno ou have ork to do.

7. Tie in other ervice

Your ank hould feel like a truted reource. If our cutomer can rel on ou for advice around important uine
deciion, then the are more likel to expand their uine ith ou.

One a to do that i to uild or partner ith ancillar ervice that upport our ideal cutomer. For example, if ou ork
ith a lot of uine oner, ou could partner ith an entrepreneurhip center to get dicount for our memer or
provide innovative merchant ervice via a partnerhip.

8. Partner ith reputale uinee

On a imilar note, finding the et uinee in our area and developing relationhip ith them can go a long a —
epeciall if the ervice the provide frequentl require financing.

For example, man credit union and communit ank partner ith local car alemen to offer eamle loan financing.
When ou partner ith the right people, if a cutomer trut them the ill implicitl trut our uine and vie it a a
trutorth recommendation.

9. egment our marketing

Marketing i all aout pecificit. When it come to our marketing effort, tr to tie each initiative and plan to a pecific
demographic. That allo to ou to e focued in our cop, email, and all communication. The more ou can peak to
that cutomer perona’ pecific need, the more likel the are to convert to our ank.

You can alo approach thi from a product tandpoint, o dividing our marketing effort  tudent account v. ne
uine account, etc.
 10. Offer additional incentive
Apart from the igger picture depoit groth trategie, there are a variet of conventional idea ou can emplo. Here’ a
hortlit to get tarted:

Offer onue for igning up or referring people.

Offer progreive rate depending on the amount in an account.
Remove or eliminate overdraft fee.
Give memer free check.
Offer moile depoit.
Don’t charge for tranfer.
Make ure our online portal i ea to ue and make getting ne account ea.
Offer free identit theft protection.

Concluion
If ou take the time to reall uild out a plan and execute it ith a mart, analtical approach, then ou ill aolutel drive
depoit groth for our ank. The all i in our court no. Good luck!

Give our ank cutomer merchant ervice that ill modernize their uine and ave them mone.

Merchant are equipped ith the latet tech and ave an average of 35% hen the itch to Tidal, and ou can e the
champion of our cutomer’ ucce torie  partnering ith Tidal in an format ou chooe.

ee hat Tidal Commerce i all aout Learn More

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