The latest weapon in the battle for deposits

Personalized savings journeys should be part of your comprehensive deposit strategy.

Financial institutions are aggressively competing to attract deposits and savings accounts. Liquidity risk for credit unions, in particular, has been identified by the National Credit Union Administration as one of the biggest challenges in 2023. To remain competitive in the market, retain deposits and lower this risk, credit unions need to be able to support the financial well-being of their members on an ongoing basis, and proactively, at the right time, in ways that are relevant to their needs.

A recent consumer study about the cost of living showed that 66% of customers want proactive financial insights that will ameliorate their financial stresses, while 42% expressed a strong desire for personalized advice and money-management support from their financial institution.

Over time, checking balances on the go, transferring money swiftly and easily, and paying bills online have become table stakes. Now, customers are increasingly demanding their credit unions provide proactive assistance and guidance with integrated smart, timely solutions within their mobile app and desktop browser.

As such, there’s an opportunity for credit unions to leverage innovation and technological solutions by leading providers to create hyper-personalized savings journeys and experiences that will make their members not want to leave.


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