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As the industry moves from the first 100-basis-point increase to the second, more and more of the increase starts to get passed along to the consumer. We see that on both the savings and GIC side. – Adel Mamhikoff
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The field of banks competing for deposits with high-yield savings products is becoming increasingly crowded.
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Companies have gone after deposits through mailings, call centers and digital tools. Those efforts, some going back decades, have gathered about 5 percent of U.S. deposits, according to Novantas.
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Banks need to start overhauling traditional staffing models because mere tweaks to existing workforce strategies just won’t be enough.
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Most people still want to have branches nearby even if they rarely go to them.
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“I don’t know that we can totally predict where it will lead, and that’s part of what’s exciting.” – Leo Rinaldi, Novantas
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If you’re wondering whether startups are starting to shake up the consumer deposit business, look no further than Wells Fargo’s Greenhouse and JPMorgan Chase’s Finn.
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Banks are slowly warming up to the benefits of telecommuting, particularly as technology and security protocols evolve to make it easier to offer, industry experts said.
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Something has been missed in all the fuss about big banks’ deposit juggernauts: Some regionals have carved out a surprising edge when it comes to interest-free checking accounts, the crème de la crème of retail deposit-taking.
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JPMorgan Chase, BofA, Wells Fargo see gains; Fifth Third, Comerica and Regions Financial lose ground.
