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The Emerging National Deposit Business: Implications for the Industry

For close to a decade, deposit growth for many institutions has been a lower priority. However, that is changing with rate increases. The emerging issue is not the aggregate growth of deposits, but which institutions will acquire them.

As rates continue to rise, many banks may be facing the “perfect storm” of limitations on wholesale borrowing — the renewed attractiveness of MMFs and direct banks, and a concentration of low cost deposits with the national banks. This has profound implications for the industry. There is strong evidence that we are in the early innings of the “nationalization” of the deposit business. In response, some participants will go national themselves (either through direct banks or with thin networks). Others will choose to specialize on particular segments. In all cases, new approaches will be required to maintain stable funding bases. ...

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