FlowTracker’s Deposit Strategy Framework makes decades of international banking, strategy and analytics consulting experience available to Credit Unions and Banks of all sizes.
Toronto, ON -- (ReleaseWire) -- 03/04/2020 --FlowTracker Analytics has published a Deposit Strategy Framework ("The Framework") anyone in the Financial Services industry can use to create, revamp or rethink their deposits strategy. The framework has been downloaded more than 200 times since it was first promoted by the Bank Administration Institute (BAI).
Despite persistent low interest rates, bankers are increasingly paying attention to their funding structure and becoming aware of intensifying competition for deposits in the industry. The Financial Brand recently reported that "…the outlook for deposit gathering in the year ahead looks tougher to just over half (53%) of financial institutions surveyed, with 41% expecting competitive pressure to hold steady and only a handful (6%) anticipating some easing, according to a new survey."
And that is before Apple, Google, Amazon, and Uber start to expand and roll out their plans to offer checking accounts and other banking services. Many Fintech competitors are already in the game. So far, they have little market share, but the disruption we've seen in taxis and retailer is coming in Financial Services. Banking customers are now more ready and willing to accept virtual banking services than ever before.
Bankers are responding by refining their digital strategies, and now they have a tool to complement those efforts with a Deposit Strategy Framework that will inform their reaction to the present and coming environment.
The Framework was co-authored by Boris Masip and Dave McNab, both former bankers and banking consultants with decades of global experience and now FlowTracker's CMO and CEO, respectively.
Mr. Masip reports, "The Deposit Strategy Framework was originally developed to assist a client in need of help defining a response to market conditions. In conversations with Credit Union and Bank leaders we learned many of them struggle to identify the key components of their Deposit Strategy. We are delighted that those who have downloaded so far find it insightful, practical and actionable."
Mr. McNab adds, "Today's low rate environment has allowed some institutions to overlook the strategic importance of attracting and maintaining deposits to provide stable, profitable funding. And that is particularly true for Credit Unions and Community Banks with $10B or less in assets, where loan-to-deposit ratios are at historically high levels. Larger banks are capturing more than their share of deposit growth in the market at the expense of Community, State and Regional Financial Institutions - we're trying to help them stay competitive."
About FlowTracker Analytics Inc.
Headquartered in Toronto and serving the globe, our mission is to make actionable analytics accessible to Financial Institutions of all sizes. We leverage Banks' and Credit Unions' data to provide insights on untapped growth opportunities (Sales & Cross-sell) and Member/Customer Behavior & Preferences.