It’s a war out there for deposits. You know it. But what you might not know is how to actually get more deposits, especially from new members.
Psst. Here’s the secret: digital account opening.
That’s what Apiture’s Jennifer Dimenna is here to tell us -but first there is this mind numbing statistic: about half of all credit unions do not have the capability to offer digital account opening.
And yet this is 2024.
How many potential new members simply log out when they realize they’d have to come into a branch to open an account – and they take their digital mindset and their dollars down the road to an institution that lets them interact digitally.
Digital account opening is becoming a must have and Apiture wants to get more credit unions up and ready online.
Dimenna also tells the necessity of embedded finance tools that will allow a credit union to bring in new members everywhere from a community college bursar’s office to a veterinary office.
Make it easier for consumers to put their money in your vaults and suddenly you’ll be winning the deposit wars.
For your background reading here’s a recent Apiture white paper on how to grow your core deposits.
