Kathleen Craig
CEO & Founder

According to Cornerstone Advisors’ “What’s Going On In Banking Report,” nearly half of surveyed bankers, 48%, reported that deposits were among their top concerns in 2024. Their other top concerns? Cost of funds, the interest rate environment and non-interest expenses and operational costs.

Now is the time for bank leaders to evaluate their deposit goals and their institution’s balance sheet. Are you acquiring the deposits you need, or is it time to explore other avenues for growth?

One growth tactic involves creating a digital bank brand. There are several examples, such as First National Bank of Omaha’s FNBO Direct and River Valley Bank’s IncredibleBank.

Having a digital bank brand is not just a tactic that works for larger banks. This approach can move the needle for banks of all sizes. And with the right partner, banks can begin generating deposits quickly. To find the right partner in the quest for deposits, use the following strategies to help guide your team.

Define Your Deposit Priorities
Before launching a digital brand, a bank should first consider its top deposit priority. Is it retail deposits or small business deposits? Is it a specific audience, such as Gen Z, or a unique vertical, like healthcare? Or is the bank looking to explore new markets outside its existing geographic footprint?

Defining the overall mission and deposit goals for the digital brand will go a long way toward ensuring success, as it gives banks an opportunity to grow market share, strengthen brand awareness and intentionally align their institution’s activities with its mission.

Identify the Most Cost-Effective Path to Return On Investment
Concerns about the risk and costs associated with spinning up a new brand are common. Many bank executives worry about cannibalizing current deposits with higher rate offers. Another concern is if they have the technology in place to launch and scale a new digitally driven bank brand.

Given the prevalence of older, legacy core and IT systems, these concerns are valid. However, an experienced partner can help banks avoid these pitfalls and will present ways to explore new markets with minimal investment.

While some banks have launched digital brands under a new, modern core platform, this level of investment is not necessary to get started. There are technology partners who can support a new brand without the overhead costs of a full online banking and core system. A cost-effective approach that minimizes the upfront IT investment and reduces time to market is an ideal way for a bank to test the waters with its new brand.

Launch With a Competitive Core Product Offering
A digitally driven brand with a singular deposit product that boasts an attractive rate, such as a high-yield savings account, is a proven way to attract new deposits and minimize cannibalization of existing deposits. Several banks have partnered with Plinqit to explore a digital affinity brand and generate deposits through the company’s white-label, high-yield savings product. To date, 73% of accounts opened get funded and 69% of those funded are deposits from Chase, Bank of America, Capital One and Wells Fargo.

Launching with a thoughtfully designed product offering like high-yield savings can help banks attract more valuable customer segments, including savers who want to invest their hard-earned capital wisely.

After successfully launching with a solid, core deposit product that attracts the target demographic, the bank can then expand its brand and its product offerings. With the right fintech partner, banks can offer added benefits or expanded product lines that transform new depositors into stickier customers, paving the way for expanded wallet share and deeper relationships.

An Affinity for Growth
Banks don’t have to undergo an expensive rebrand, worry about cannibalizing existing relationships with account holders or buy another institution in order to grow. A digital affinity brand with a compelling core product offering gives a bank the freedom and flexibility to experiment and gain traction in markets that might not have historically resonated under its existing brand.

Now is the time to test the waters of a digital brand. You may find a wave of deposits waiting for you.


Kathleen Craig

CEO & Founder

Kathleen Craig is the founder and CEO of Plinqit, which offers two ways to help banks and credit unions attract deposits.

Prior to launching Plinqit, Ms. Craig served as vice president for digital banking at a well-regarded community financial institution. Her experience in banking and technology and her passion for financial wellness education led her to the development of Plinqit. She has successfully raised over $10 million in venture funding for Plinqit and has partnered with several of the largest financial technology companies in the world.