Deposits are declining across U.S. financial institutions, with the industry contracting 4.8% year over year. MX analyzed the behavior of over 10 million consumers and found that engagement with financial wellness tools directly drives deposit growth and loyalty. Consumers who regularly use digital banking and budgeting tools not only maintain higher deposit balances but also reduce credit card debt, with engaged users holding 45% lower balances. The first 30 days of onboarding are critical: customers who log in, set up direct deposit, or connect external accounts early are far more likely to remain digitally engaged and grow deposits long term.

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