The Chime Effect

Laura Alix
Director of Research
Concerns around deposit attrition have bank leaders rethinking the competitive landscape, according to Bank Director’s 2023 Technology Survey, sponsored by Jack Henry. Those anxieties came to a head earlier this year with the failures of Silicon Valley Bank, Signature Bank and First Republic Bank. Though few other banks have the same unique concentrations that plagued those institutions, their rapid collapse highlighted how quickly deposits could leave in a digital environment. “If you want to grow deposits meaningfully, you have to close strategic gaps in your deposit base, particularly among those segments that are vital to long-term growth,” says Lee Wetherington,…

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