Deposits, Competition, & Digital: Where Big U.S. Banks Are Focused Now

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12 May 2023

Summarizing the public first quarter presentations by the largest US banks through a digital strategy lens


In March, two mid-sized US bank failures in rapid succession prompted a re-focus on deposit stability and retention and created a new appreciation of risks such as consumer yield sensitivity and large-scale instantaneous money movement enabled by digital banking. These and other factors, such as general economic cooling and well-publicized ongoing tech sector layoffs, led Celent to take a close look into the banks’ 1Q earnings reports, commentary, and other public presentations.

Celent believes that while remaining focused on deposit retention, banks should also:

1. Consider strong digital engagement as an important factor in deposit retention strategies

2. Capture and track meaningful business metrics related to digital customer engagement

3. Report more extensively about digital engagement success in general

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