How to acquire accounts and increase deposits with a limited staff

Acquiring checking accounts is a proven strategy for community banks and credit unions to increase deposits and offset losses in today’s unpredictable environment.

There is a renewed focus on branches to strengthen account holder relationships with more in-person interaction. Additionally, consumers rank access to branches as the second most important feature when considering their banking options. Though a large percentage of people prefer to do most of their banking digitally, consumers still want access to a physical branch location. In this regard, community banks and credit unions are delivering what consumers want when shopping for a primary financial institution.

However, with job open rates in the industry climbing higher and higher since the beginning of the pandemic, limited staff can hinder the ability of community banks and credit unions to capitalize. Marketing departments are very limited and frequently wear multiple hats, making it a challenge to implement complex strategic campaigns alone.

For many, the best chance to increase checking accounts in this prime time will be to look beyond their in-house resources to find an effective yet affordable option.

The value of a marketing partnership

An acquisition marketing campaign coordinated and executed by industry experts can help you increase checking accounts cost-effectively and take the burden off your busy staff. At ADVANTAGE, we truly become an extension of your retail acquisition team to help your financial institution accomplish its growth goals.

ADVANTAGE account acquisition delivers localized campaigns designed around your market, brand, and prospects. From start to finish, we manage the heavy lifting and provide:

• • In-Depth Market Analysis
    Data-led evaluation of your branch footprint, competition and market to accurately target prospects, reduce overall expenses and increase ROI.
  • Strategic Consultation
    Insights and recommendations for offers and incentives, marketing channels, creative, timing and frequency to drive campaign success.
  • Expertly Crafted & Executed Custom Campaigns
    Creative development, graphic design solutions and marketing expertise for generating and executing high-impact direct mail and digital campaigns that deliver results based on your goals and needs.
  • Staff Training
    Program communication and sales training for frontline staff to maximize offer fulfillment and build lasting account holder relationships.
  • Ongoing Analysis & Reporting
    Program management for tracking account attrition trends and monitoring results to refine the targeting strategy and optimize your marketing dollars.

Reduce the friction
Breaking through bottlenecks and moving projects along is a major challenge for community financial institutions right now.

In today’s unpredictable employment environment, most community financial institutions need to rely on steady and dependable experts in a number of areas in order to keep pace with the competition and expand their account holder relationships. With an industry partner at your side, you can get more done in less time — without having the additional burden and expense of hiring and retaining more full-time employees.

If lifting your checking account numbers is part of your strategy but you don’t have the resources to tackle a strategic marketing campaign in-house, reach out to the experts at ADVANTAGE. With their proven experience and industry knowledge, you can take a proactive approach to acquiring checking accounts.

To learn more about how turnkey marketing campaigns can help grow your deposit account, request more information.

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About ADVANTAGE, powered by JMFA 

ADVANTAGE is a leading provider of consultation services for credit unions and community banks. With a long-standing 40-year history of excellence, we help our clients navigate the ever-changing financial landscape, providing solutions that give them a competitive advantage.  

We help community financial institutions grow non-interest income with account acquisition and deposit growth and overdraft privilege, and save time and money with vendor contract negotiation, and technology strategy and selection.   

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