Despite record deposit levels during the peak of the COVID-19 pandemic, deposits are increasingly a focus for our clients in 2023. In 2022 Q2, deposits held by Financial Institutions dropped for the first time since the beginning of the pandemic, and deposits dropped 1.1% in the third quarter. The decline in 2022 presents a potential funding strain for many financial institutions.
Struggling with Checking Deposit Growth? Data Shows That You Aren't Alone
Yes, there is increased competition from national banks and digital-only competitors and yes, the market focus has shifted toward CDs and Money Market accounts. However, traditional checking acquisition programs have grown tired and no longer deliver the same results as in the past.
Find out how your performance stacks up and what you can do to increase new checking account deposit growth.