Deposits, Competition, & Digital: Where Big U.S. Banks Are Focused Now
Summarizing the public first quarter presentations by the largest US banks through a digital strategy lens
Abstract
In March, two mid-sized US bank failures in rapid succession prompted a re-focus on deposit stability and retention and created a new appreciation of risks such as consumer yield sensitivity and large-scale instantaneous money movement enabled by digital banking. These and other factors, such as general economic cooling and well-publicized ongoing tech sector layoffs, led Celent to take a close look into the banks’ 1Q earnings reports, commentary, and other public presentations.
Celent believes that while remaining focused on deposit retention, banks should also:
1. Consider strong digital engagement as an important factor in deposit retention strategies
2. Capture and track meaningful business metrics related to digital customer engagement
3. Report more extensively about digital engagement success in general
Related Research:
Become A Challenger In Small Business Banking: Embedding Fintech - May 2023
UK Large Bank 2023 Technology Priorities: Using Digital To Support Customers In Time Of Need
March 2023
Technology Trends Previsory: Retail Banking, 2023 Edition
November 2022
Retail Digital Banking Platforms: North America Edition - Solutions for Midsize and Large Banks
November 2022
Retail Digital Banking Platforms: North America Edition - Solutions for Community Financial Institutions
November 2022
Retail Bank IT Strategy in North America, 2022: Cloud, Data, and Digital Leading The Way
March 2022
IT Strategies and Priorities in Retail Banking 2022: Accelerating Away from the Pandemic
March 2022