How Banks and Credit Unions Can Grow Deposits with AI

Competition for deposits from giant institutions on the one hand and aggressive fintechs on the other has put traditional community-based financial institutions on the defensive. Both the large banks and the startup players have been able to capitalize on highly targeted campaigns guided by artificial intelligence tools. These AI-powered efforts can drive positive results without necessarily requiring the payment of high rates. Anyone can pay up for deposits, but such money rarely sticks absent some other reason or relationship. And the expense is usually not sustainable for institutions with high-cost branch networks.