The Key to Winning Business Deposits

The competition for deposits is fierce, and the pressure isn’t letting up. Banks have long relied on treasury management services to attract and retain deposit-rich customers. The challenge is these services still involve complicated workflows and manual processes, making them difficult to onboard and support at scale.

As competition intensifies and business needs evolve, banks must focus on creating a more modern treasury experience to attract high-value relationships, while harnessing technology to streamline internal operations and empower teams to make smarter, more profitable decisions.

Build Engagement With Actionable Insights
In today’s market, growing existing relationships is just as important as acquiring new ones, if not more. Businesses that utilize cash management products tend to maintain stable balances, generate recurring fee income and increase long-term engagement. Yet, “only about 10% of banks and credit unions successfully engage their customers post-account opening,” according to research from Cornerstone Advisors.

The core issue is a lack of actionable insights. Many banks still struggle to identify which customers are best suited for additional products and services and how to engage them effectively. Without a centralized source of customer data and insights, banks risk losing valuable relationships before they ever reach their full potential. Banks that leverage modern data platforms are better positioned to deliver personalized solutions that deepen engagement and improve retention. With a 360-degree view of each customer, teams are empowered to anticipate needs proactively, rather than respond reactively.

Unlock Growth With Automated Workflows
Banks are known for their relationship-driven approach, but manual processes and disconnected systems can create unintended friction. Customers expect their banking experience to be as seamless as other aspects of their business operations. Automating cash management workflows, such as onboarding treasury products, removes operational bottlenecks and allows bankers to focus on what they do best — building relationships and providing strategic guidance.  

Moreover, breaking down internal silos between front-office and back-office teams creates efficiency and lowers overall operating costs. Banks that embrace automation and cross-functional integration will be well-positioned to strengthen customer relationships, increase wallet share and enhance their competitive edge.  

Accelerate Profitability With Scalable Products
Fostering product innovation and enabling scalability are important components of a successful growth strategy. Many banks are already taking steps in this direction by developing more efficient, cost-effective solutions to maximize profitability.  

Leveraging next-gen technology like artificial intelligence, robotics and machine learning can also help circumvent the need to interface with legacy systems. Banks can also increase their competitive advantage through product innovation to attract new depository relationships. By making products more intuitive and accessible, banks can create more engaging experiences with customers that facilitate growth.  

Call to Action 
To remain competitive, bank leaders should evaluate their treasury automation strategy. Are your systems working together to create a seamless customer experience? Are relationship managers equipped with real-time insights to anticipate customer needs? By addressing these questions and prioritizing integration, banks can unlock new growth opportunities and solidify their position in an evolving financial landscape.