In this competitive environment, it seems like all banks are now targeting deposit growth. How do I differentiate myself and grow deposits more effectively in my local region?
It is difficult to differentiate your bank with deposit products and interest rates alone. Greater (and stickier) deposit growth can only be achieved through a collaborative strategic effort by all bank staff to engage prospects and customers in your local community.
It is important that your team now works together to develop a better deposit growth strategy and understand what key activities they can proactively and confidently perform to bring in new deposit customers and build deeper deposit relationship with existing customers.
- What your unique selling proposition is for deposits and why it’s deemed compelling?
- What markets will you target and why?
- How will you engage prospects in your target markets with your compelling proposition and persuade them to invest with your bank?
- How will you build deeper deposit relationships with your existing customers and leverage them for referrals?
- How will you develop your skills to confidently perform the above activities more effectively than your competition?
- How will hold yourself (and your colleagues) accountable for performing the agreed deposit growth activities?
It is essential that you and your bank colleagues take the time to answer these strategic questions and develop a compelling activity plan. Ad-hoc deposit campaigns or simply doing what you have always done will not generate sustainable deposit growth. Interest rates have been low for a long time and there has been little need to improve our selling skills. But those bankers that seize this opportunity to develop their sales skills and confidently perform more/different strategic activities will produce more compelling results.
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