GFMI 3RD ANNUAL RETAIL DEPOSIT OPTIMIZATION AND STRATEGIC MANAGEMENT
Darryl Demos, Managing Director and GM of Novantas Solutions, Novantas
Brent Farka, Senior Vice President, Director of Deposit Product Management, TCF Bank
Gary Harman, Director, Deposits, Discover Financial Services
Greg Muenzen, Principal, Novantas
In a Novantas study of deposit analytics, mid-tier banks enjoyed an inherent qualitative advantage with an understanding of their deposit bases thanks to their intimate knowledge of local markets. However, when it came to funding more advanced, quantitative investments in deposit analytics for pricing, treasury, and marketing, the advantage dries up — it can be difficult for mid-tier banks to build the business case for investments in deposit pricing and analytics. A few trends are helping them overcome these challenges: effective use of outsourcing data management; scientific advancements in more straightforward deposit modeling approaches; and new technologies to support reporting and optimization and using a single, comprehensive set of deposit data to meet pricing, treasury, and marketing needs in a deposit “ecosystem”.
In this panel of mid-tier banks, Novantas will facilitate an exchange of lessons learned, successes and aspirational goals of bankers looking to reduce the cost of analytics, while they dramatically improve their quality, enabling them to compete with any size competitor.