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Webinar Recap: Driving Deposits at Every Stage of the Customer Journey

Cayla Wedemeyer

Cayla Wedemeyer

Senior Marketing Coordinator
  • Last Updated: December 8, 2023

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In today’s financial landscape, liquidity is a crucial concern for banks and financial institutions. To address the liquidity crunch and ensure sustainable growth, it is essential to not only attract new customers but also maximize the loyalty and wallet share of existing customers. 

In an insightful webinar hosted by LemonadeLXP in partnership with Fintel Connect and on “Driving Deposits at Every Stage of the Customer Journey”, we heard from industry experts on how to gain new customers, bring the in-person experience online, and drive a culture of deposit growth. 

In case you missed the live discussion, here’s a replay and recap of all the major takeaways.

Ensure a Strong Customer Journey to Attract New Customers

architecting a deposit strategy

Before developing a full digital deposit strategy, Alana Levine, CRO of Fintel Connect, highlighted the importance of defining who your target audience is both in terms of geographical region and persona. You need to know who you are targeting and what their needs and pain points are before you begin to implement your strategy. You also need to nail the “why us” – define the key selling points or differentiators of your deposit products before you go to market (and hint – it isn’t just about rates!)

Once you have your target audience defined, make sure that you have following in place to ensure a successful digital strategy:

  1. A solid account opening funnel – your digital account opening needs to be seamless and simple process from start to finish. Customers may drop off if the account process isn’t streamlined.
  2. Strong landing pages – a good landing page is like a welcoming doorway to your product or service. To make it effective, focus on creating a simple path that leads visitors to a clear action you want them to take.
  3. Ability to track performance – it’s important to have the right tracking set up to know where your customers are coming from and how they are interacting on your website. By carefully measuring how people move through the process, you can learn about how deposits are being generated.

Once you have the foundations of a good customer journey in place, you can begin to look at which digital channels will work best for your financial institution. According to data from a poll during the webinar, 76% of attendees mentioned that they have tested digital channels, but their strategy isn’t completely defined. Levine explained that if you are looking to target bottom-of-funnel customers with a high intent to buy, paid media and affiliate partnerships are channels that help capture the right customers. Affiliate partnerships in particular are often an underutilized channel but one that helps boost credibility as affiliates can highlight the value that you have to offer.

Unlock the secrets to achieving cost-effective deposits

Discover the top tactics financial experts and marketing teams are using to drive sustainable deposit growth in 2023 and beyond.

Leverage Data to Bring the In-Person Branch Experience Online

understanding your customer to drive growth

For many financial institutions looking to develop their digital strategy to drive deposits, one of the biggest concerns is: How do you bring the experience of an in-person branch, online? With over 50% of new bank customer acquisition and engagement taking place digital first, 33% of webinar attendees said that their institution still struggles to deliver high-touch personal engagement ins a digital-first approach.

Craig McLaughlin, Founder & CEO of, explained that transitioning the offline experience into the digital landscape requires a thoughtful approach. However, the most effective way is to pique interest by leveraging data. By delving into user behaviors and preferences, you can craft a compelling narrative that resonates with your customers. To do this he mentioned following two steps:

  1. Listen to what the user is doing through data and use that information to personalize the experience and tell a story.
  2. Use the data points to complete the picture of who the customer is and what products they currently have (or don’t have) and address their need.

McLaughlin also mentioned that it’s important to recognize that on average, it takes about 3.2 visits for individuals to convert. His suggestion is to approach online visitors with the same level of attention you would provide to your most valued in-person clients. Listen to them, adapt, and offer what they need at the right point in time. Data-driven insights from these interactions reveal behaviors and new opportunities that you can utilize to drive deposits.

Foster a Culture of Deposit Growth Through Incentives and Frontline Staff

empowering staff to drive deposits

When developing your deposit growth strategy, John Findlay, CEO of LemonadeLXP, emphasized taking a creative approach to gaining deposits through promotional incentives. However, before you outline what those incentives might be, it’s important to define your strategy, what goals are tied to it, and what the value proposition is for your customers.

Once your strategy is defined, Findlay highlighted a few examples of incentives for growing deposits:

  1. Rewards for referrals – customers get rewarded for referring new customers.
  2. Deposit drives to a charity – once a certain number of deposits it reached a donation is made to a local charity.
  3. Gamification of a savings account – turning saving into a game encourages customers to reach financial goals while enjoying the process.
  4. Save to win – when a customer enters a deposit of a certain amount, they are entered to win a prize.

In addition to creative promotional tactics, Findlay emphasized the importance of engaging your front line staff. When ask how adept their frontline staff is at spotting opportunities for deposit growth, 62% of attendees noted that they occasionally notice opportunities but could improve. Findlay mentioned that one way to improve is to motivate frontline staff with incentives for finding new opportunities for deposits. Simple gestures like gift certificates and additional time off can go a long way in fostering a motivated team. This ripple effect of small incentives not only brings joy to your staff but also cultivates a culture of shared success in driving new deposits.

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If you want to learn more about how the affiliate channel can boost your deposit growth,contact us. Our team of experts will be thrilled to help you.

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