Tuesday Topic: Easy, but Overlooked, Ways to Grow Deposits

I think too many community banks abdicate the influence to Compliance and don't do the heavy lifting to modernize and streamline the account opening process. Why should opening a deposit account be more burdensome than opening a credit card online? A consultant from Cornerstone Advisors gave a perfect example of the speed in opening an Apple Card on your mobile phone. You can complete the entire process and have your virtual card for your mobile wallet in 5 minutes. So imagine going to Walgreen's and forgetting your wallet. Instead of driving home to retrieve your debit or credit card, you could apply for the new Apple Card on your mobile phone and have access to make a purchase via your mobile wallet in 5 minutes (assuming you were approved). Community banks may not be able to meet that standard but we better be looking at ways to get closer to this new standard.

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John Tyson
CFO/SVP
Altamaha Bank & Trust Company
Vidalia GA
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Original Message:
Sent: 11-05-2019 09:03
From: Barb Rehm
Subject: Tuesday Topic: Easy, but Overlooked, Ways to Grow Deposits

Looking to boost deposits? Then take a close look at your bank's account opening procedures and cull unnecessary or outdated restrictions. That's one of the suggestions in this American Banker story that also highlights a bank that increased its deposits by 13% after shifting its marketing strategy and another that grew deposits by deepening its community engagement. Customers "see us as different from the average bank," said Phillip Baldwin, CEO of Citizens Bank in Batesville, Arkansas. The story also has a neat chart showing how fast funding costs are rising at banks with less than $10 billion in assets.

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Barb Rehm
Senior Managing Director
Promontory Interfinancial Network, LLC
Arlington VA
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