Budgets, Balance Sheets, & Boosting Your Bank’s Growth

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Budget and balance sheet pressures continue to rise, and banks face a complex challenge - or, if you're an optimist, an opportunity: get new customers, keep existing ones happy, and increase deposit growth and liquidity while improving the overall health of your portfolio. As market trends have shown, these goals have become more important for a successful banking strategy. In fact, according to the Jack Henry^™ 2024 Strategy Benchmark Report, 72% of bank CEOs are focusing on growing deposits.

On the consumer side, a study by Cornerstone Advisors showed that by mid-2024, 14% of Americans had opened a new checking account - compared to 15% for all of 2022, 12% in 2021, and 10% in 2020.

The opportunities are out there, presenting a compelling call to action for banks to reassess their strategies. However, outdated systems, fragmented data, and an inability to adapt to evolving market dynamics and customer behaviors can complicate these efforts.

That's why banks need innovative solutions that can effectively support their strategic objectives and deliver the desired results. With over 25 years of experience empowering our customers to thrive in today's competitive market, MeridianLink^® offers both the digital platform and expertise needed to elevate your customer acquisition and retention strategies, ultimately enhancing your bottom line.

First impressions count

Acquiring new customers begins with a seamless account opening process that leaves a positive first impression. Cumbersome workflows often lead to high abandonment rates, hampering acquisition efforts. MeridianLink^® Opening, part of the composable MeridianLink® One platform, is your bank's solution to reinvent the account opening experience for both your customers and staff.

With a comprehensive demand deposit account (DDA) opening platform for your staff and a fully digital experience for customers to open accounts in under four minutes, your bank can achieve efficiency from application to funding, regardless of the channel. Through our robust marketplace of partners, you can integrate with trusted identity verification tools, enabling your bank to confidently reach individuals who may traditionally not have access to your services, further expanding new deposit opportunities.

After the account is opened, maintaining a positive onboarding experience ensures customers feel valued and are more likely to stay. With built-in advanced automation, your staff can shed routine manual tasks, enabling them to prioritize personalized customer service over administrative duties. The end-to-end platform empowers you to elevate omnichannel banking, introducing self-serve application options such as in-branch tablets to optimize resource allocation and deliver a fast, frictionless customer experience - laying the groundwork for an operation with reduced costs and increased profitability.

Investing in customer relationships

Now that you've acquired the customer, retention and increasing share of wallet present an opportunity to grow alongside them and strengthen those relationships. Whether facilitating daily banking transactions or supporting significant financial milestones like mortgages or investments, banks play a crucial role in promoting financial well-being throughout every stage of the customer journey.

Prioritizing improved data and analytics is key here. Investing in the right tools and strategies that can help you understand your customer's needs and develop efficient, accessible, and convenient products and services tailored to individual financial situations can better position your bank to retain market share.

MeridianLink^® Engage, the marketing automation component of our multi-product platform, harnesses advanced analytics to deploy targeted campaigns that have delivered tangible results like a sustained 645% increase in average monthly debit card spending. Utilizing data-driven insights like this can also assist your bank in identifying opportunities, such as maturing deposits, so you can be proactive in preventing those balances from walking out the door to your competitors for better rates.

Budget for success with MeridianLink.

Register for our upcoming webinar on August 8^th, 2024 to learn more about how MeridianLink can support your bank in managing budget pressures by cultivating deeper, more profitable customer relationships.

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