How deposit analytics can identify growth within other product lines

first_img continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr In an era of increasing competition and increasingly complex regulation, deposits continue to provide traditional financial institutions a competitive edge.As of Feb. 29, 2016, total savings deposits at all U.S. depository institutions checked in at more than $8.1 billion, according to the Federal Reserve Bank of St. Louis. That’s twice the national aggregate in September 2008, the low point for deposits during the Great Recession, and roughly eight times the total deposits in 1995, when this upward trend began in force.The sharply increased activity of the last five years showcases a decision by investors and common consumers alike to adopt a conservative, wait-and-see approach to the post-recovery economy. Even as fintech startups mass at the financial services gates, intent on prying away elements of business both niche and central, traditional financial institutions stand in an enviable position because of their deposit holdings, insurance backing, and the universal scope of their products and services.“Banks that recognize the strategic importance of core deposits and take active steps to acquire, retain, and grow core deposit balances through well-conceived sales goals, appropriate incentive plans, and product solutions that address concerns of customers will be the most successful,” says Capital Performance Group.last_img

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