Budgets, balance sheets, & boosting growth
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Budget and balance sheet pressures continue to rise, and banks face a complex challenge — or, if you’re an optimist, an opportunity: get new customers, keep existing ones happy, and increase deposit growth and liquidity while improving the overall health of your portfolio. As market trends have shown, these goals have become more important for a successful banking strategy. In fact, according to the Jack Henry™ 2024 Strategy Benchmark Report, 72% of bank CEOs are focusing on growing deposits.
On the consumer side, a study by Cornerstone Advisors showed that by mid-2024, 14% of Americans had opened a new checking account — compared to 15% for all of 2022, 12% in 2021, and 10% in 2020.
The opportunities are out there, presenting a compelling call to action for banks to reassess their strategies. However, outdated systems, fragmented data, and an inability to adapt to evolving market dynamics and customer behaviors can complicate these efforts.
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