Financial Institutions Fight for Deposits Amid Challenging Market Conditions

Approximately 80% of banking executives see opportunities to increase deposits as part of the customer onboarding process.

The nature of banking is changing rapidly, and senior leaders at financial institutions have a series of decisions to make as they assess the best way to hold onto existing deposits and attract new ones. Deposit acquisition and retention are top priorities for all FIs right now, and increasing deposits as part of the customer onboarding and new account opening processes is a particular focus.

This report examines how FIs should approach the issue of deposits and gauge risk and reward within a changing economic and regulatory environment. It is based on a Q3 2023 survey of 24 respondents from Datos Insights’ Retail Banking & Payments Executive Council.

Clients of Datos Insights’ Retail Banking & Payments service can download this report.

This report mentions Acorn, Amazon, Apple, CapitalOne, Cash App, Chime, the Clearing House, Google, PayPal, Revolut, Robinhood, SoFi, Stash, U.S. Bank, Venmo, Walmart, and Zelle.

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