Driving Deposit Acquisition in the Wake of Bank Failures and Rising Interest Rates
Driving Deposit Acquisition in the Wake of Bank Failures and Rising Interest Rates
4 PagesThe August 2023 report shows that bank failures, rising rates, and economic uncertainty have driven significant deposit outflows, pressuring 93% of banks to intensify acquisition efforts. Q1 saw a 2.5% drop, or $472 billion in outflows, prompting 90% of banks to increase customer outreach and 81% to push cash sweep products. While safety, liquidity, and yield remain corporate priorities, focus on yield is growing. Relationships and credit quality still outweigh high returns, yet 62% of banks lack tools to assess customer profitability, highlighting the need for better technology and analytics.
