Bank Case Study
12 Branches / $1.1M Assets
WHY THIS MATTERS
More checking accounts = lower cost of funds
No need to launch a new product or take on operational complexity
Attracts more profitable clients
Turns existing products into growth engines
This 12-branch Haberfeld client wanted to find a way to increase deposits and overall account balances. At the Haberfeld team’s recommendation, this bank offered a higher rate on their current high-interest checking account. This special rate offer was marketed in November and December.
- A large jump in total and average balances associated with checking accounts opened during those timeframes. The average balance before the special offer was $1,800 and during the marketing campaign was $11,000 – a 6.1x increase.
- From November – January they opened 669 accounts with 114 new accounts in the high-interest checking. In August – October they opened 662 accounts with only 31 utilizing the high-interest checking – showing a 2.67x increase in openings of the featured account.
By capitalizing on an existing product and offering a special rate, this Haberfeld client was able to attract more profitable clients. Resulted in more than $4 million in balances added during the promotion. A partnership with Haberfeld can expand the collective power of your team with data-backed success strategies for consideration.
