Building business deposits is a universal challenge for banks right now. And since many companies have pulled back on their B2B tech spend, bankers have less help than before in bringing in new customers.
As a banker, to meet the challenge and beat expectations, you should:
- Make sure your value propositions resonate with customers
- Use tech to identify businesses currently looking for banking solutions
- Provide helpful content and targeted ads to nurture relationships
There are ways to achieve these goals, even in times with leaner budgets. Let’s dive in to find out how.
Know Which Value Propositions Matter to Customers
A banking crisis in early 2023 made a significant impact on the industry, with $100 billion in deposits withdrawn. Certainly shocking, but there’s a silver lining: banks still have the advantage over alternatives like fintechs.
In the current climate, customers crave stability and trust. Use this as the value proposition that drives everything you do. Market it in your emails. Plaster it on your website. Make it known.
This kind of messaging complements a smart tech-driven initiative. One way to grow deposits is to use firmographic data to build a target account list of companies that have high cash management needs. For example:
- Cash-intensive businesses
- Businesses growing in specific markets
- Businesses within an industry your bank already serves
Focus on Prospects With the Highest Potential
Tools like 6sense can use intent data to capture buying signals from millions of websites that businesses use to research solutions.
When an account you’re targeting researches a keyword you monitor — like “business deposits,” “ACH accounts,” or “cash management solutions” — you can receive an alert that matches that research activity to specific accounts.
Only about 10% of potential accounts are typically researching solutions at any given time. By focusing your efforts on this 10%, you can generate revenue more quickly and at high ROI.
Become a Trusted Advisor
With your smaller list of target accounts in hand, the next challenge becomes connecting with the right individuals and establishing yourself as a trusted advisor.
Doing so requires the ability to recommend solutions rather than push isolated products. Using intent data, RMs are equipped to craft and present tailored deposit services that address a client’s specific business needs.
By presenting a comprehensive strategy rather than a mere product lineup, you position yourself as a partner invested in their success. It’s this level of consultation that fosters lasting client relationships and deposit growth.
Conclusion
Data-driven precision is paramount in your approach to growing deposits. Start by identifying your unique differentiators and target businesses primed for deposit, then provide personalized, consultative experiences that extend beyond traditional banking.
Check out this webinar to delve deeper into these strategies and learn how to master deposit acquisition, including insights from our partners at Seismic and Vertical IQ.
