With CD Valet’s strong digital presence, this metropolitan bank significantly boosted its visibility across the country, leveraging the platform to streamline digital account openings and attract new deposits. The results were substantial, with a sizable increase in new CD accounts and a significant influx of deposits over a short period. This success demonstrates the power of combining national outreach with digital tools to drive deposit growth.
Key Takeaways
Over six weeks, the campaign generated $120 million in new deposits (a 30% increase), emphasizing the effectiveness of the digital platform in attracting significant financial inflows and boosting the bank’s overall deposit levels. The campaign was supported with branded paid search, as well as the ongoing paid search for CD Valet.
Heightened National Exposure
The two primary factors behind this success were the increased national exposure provided by CD Valet and the competitive rates on the CD offering. This wider visibility allowed the bank to tap into a much broader customer base than it would have been able to reach through traditional, local-focused marketing efforts.
Effective Digital Platform
Another major contributor to the campaign’s success was the bank’s choice to use CD Valet’s digital account opening platform. The convenience and ease of opening accounts online were instrumental in attracting new customers and deposits – without requiring a visit to a brick-and-mortar branch or even a phone call.
Why Partner with CD Valet
The collaboration between the community bank and CD Valet was a highly successful strategy for expanding the bank’s market reach and increasing its deposit base. It highlights how community banks can achieve significant growth by utilizing digital platforms to enhance their visibility and streamline account management.
If your financial institution is interested in exploring how CD Valet can help you drive deposits, please contact Jamie Fairbanks at jfairbanks@cdvalet.com to learn more about our tailored solutions and their benefits.