Squirrel’s Post

Neobanks have struggled to capture deposits. Most bank deposits in the UK still sit outside the three big neobanks, with the big four legacy banks capturing the lion’s share. In recent times, discussions have taken place on the topic of whether deposits are necessary for lending or not. Yet, without exploring this discourse in depth at this time, from an analyst perspective, attracting a strong deposit base establishes a credible basis for a bank to operate. A bank’s success in attracting deposits can be compared to that of competitors - whether they be legacy or neobanks (see picture below👇) I recently shared a few updates with comparisons of the amount of customer accounts (https://lnkd.in/dH2SwCtt & https://lnkd.in/d7rSd25W). Here is a comparison of deposits. I highly recommend reading the complete deep dive source article by Matt Jones for more interesting info on this topic: https://lnkd.in/dN9NGTp5 Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] 

Increased competition, evolving accountholder expectations, and tough economic conditions has forced #banks and #creditunions to make rushed decisions and create haphazard strategies. Read Mac Thompson's latest article in Fintech Herald about the importance of looking inward to solve these challenges. https://lnkd.in/epSQmzNs

I'm challenging #banks and #creditunions to look inward in 2024. This requires an understanding of who they are and the importance of primary relationships. Both of these points can help financial institutions overcome challenges and become more intentional and relational. Be sure to read my article in the Fintech Herald to learn more.

In this altered environment for deposits, financial institutions trying to use the old playbook for pricing, structuring accounts, and tracking results find that they are ineffective. Leaving the frontline in the posture of order taker and product pusher for the classic deposit account structures doesn't work today. Using the latest in science and art of deposits gives some financial institutions a durable competitive advantage. #communitybanking #strategicexecution #relationshipbanking

Credit unions, fintechs and non-bank lenders should face the same regulation, guidance and supervisory expectations when involved in the same activities — and doing so is a core concept of financial regulation, according to Federal Reserve Governor Michelle Bowman. #creditunions #bankingindustry #financialservices #fintech #mortgagelending #managementconsulting #money #future

🙌 New blog Alert!🔥 In this week's blog we talk about how banks can slash high deposit costs in a high rate environment. The solution: Embed investment options in your platform to: ✅ Reduce deposit costs by offering customers a path to grow their money beyond basic savings accounts. ✅ Boost customer satisfaction with a one-stop shop for all their financial needs. ✅ Increase fee revenue by offering investment solutions. It's a win-win for everyone! See the full story in our latest blog post: https://lnkd.in/gzbr6WwR #banking #finance #embeddedfinance #fintech #customerhappiness #depositcosts #investment #embeddedinvestments

If you struggle with saving or want to build a savings culture, set up a recurring debit every month into your savings account. Or any account for that matter that you don't use frequently. This can be done via: -Direct transfers from your bank app -Standing orders to your bank (for a fixed amount, frequency or even date) -A Fintech that automatically debits a certain amount every month, if you for some weird reason don't like banks. And It doesn't have to be much. 10,000 naira saved for 12 months is 120,000 naira you otherwise would not have had. You can take it a step further by: Placing your savings account on debit freeze so you can't access it or Using fintechs that will charge you if you forcefully debit the account. So my financial tip for you today, as your banker is: Utilize your bank's services to reach your savings goals.

What banks ask for to compete - https://lnkd.in/dPgAjg2K Traditional financial institutions and fintechs are in a fierce dispute for control of transactional moneythat is, the money used for everyday purchases. The struggle is intensifying in a context of low volume of loans granted in relation to GDP, which makes this

As macroeconomic headwinds and evolving customers behaviors are putting pressure on credit unions, regional banks and community banks to remain competitive, we detail six steps that you can take to embrace the digital marketplace infrastructure model. Strategic partnerships can boost deposit revenues through a digital marketplace infrastructure setup that is more scalable and targeted to customer needs. #EY #MoneyLion #EYnexus #regionalbanking #creditunions #communitybanking #Shapethefuturewithconfidence

Community banks will have to pay more, get creative and train from within to build robust banking-as-a-service divisions that can withstand higher regulatory standards. For daily news and analysis subscribe to the https://lnkd.in/gR8aX8zJ newsletter. #FinTech #Payments #Finance