Winning and Growing Deposit Relationships

About the Podcast

After our original podcast discussion, the Battle for Deposits has intensified, and current events - like the massive shift in deposits toward the big banks the week of March 13 - have made this topic even more pertinent to credit unions. It's worth diving even deeper into this subject, to look at items such as: 

Share

Listen On:

iTunesSpotifyApple PodcastRSSStitcher

Key Takeaways:

  • [01:28] Members are really looking for their credit unions and financial institutions to help them better manage their day to day banking. For credit unions really to leverage behavioral economics, we found that members really invite, encourage, and embrace when a credit union really knows them and delivers more tailored advice specifically around encouragement. 
  • [05:30] How can you now leverage the intelligence around that data and deliver solutions that are more geared to a member's overall financial health and well-being rather than just the relationships they may have with the institution?
  • [08:40] We see the opportunity in this digital plus human connection.  
  • [09:51] We are seeing a flight to trust more than a flight to quality. It is a flight to institutions that members and customers trust are looking out for them. 
  • [12:18] It is an exciting time for credit unions to actually embrace these advanced data and analytics abilities and apply them in such a way that can really impact their deposit growth strategies in a positive way and reinforce the trust that members show in them.

Presented By

Jody Bhagat
Jody Bhagat

Jody Bhagat, President of Americas at Personetics


Jody brings deep operating experience in financial services – managing direct channels, launching digital ventures, and leading digital transformation programs. He was previously a Partner at McKinsey & Company, where he helped financial institutions define and execute digital transformation programs to drive customer growth and operating efficiency. Jody also served in senior digital operating roles at U.S. Bank, Wells Fargo, and Providian. In these positions, he led digital sales and service functions and direct-to-consumer businesses to deliver organic growth and enhanced customer experience. Jody has an MBA from Northwestern University and a BS in Computer Engineering from The University of Michigan.

Related Resources

Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate.  [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels.  Web NAFCU digital@nafcu.org America/New_York public

Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs

Leadership Development

preferred partner
Gallagher
Podcast
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections.  [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public

Ensuring Safety and Soundness with AI

Consumer Lending, FinTech

preferred partner
Upstart
Podcast
Add to Calendar 2024-02-28 09:00:00 2024-02-28 09:00:00 Navigating the Threat of Social Engineering and Misinformation Listen On: Key Takeaways: [1:01] What is threat intelligence, and why is it important to CUs? [2:14] What are threat intelligence feeds, and what role do they play in strengthening CUs? [4:41] Leveraging threat feeds and integrating intelligence into tools is crucial. [6:35] Learn what threat CUs should be most concerned about. [7:39] Phishing is ever-evolving, and user awareness is critical. [10:43] Learn how Defense Storm uses feeds to protect its customers. [13:28] Threat intelligence is not as complicated as some think; initiation can be easy through Slack, discussions, and a reporting culture. Web NAFCU digital@nafcu.org America/New_York public

Navigating the Threat of Social Engineering and Misinformation

Cybersecurity

preferred partner
DefenseStorm
Podcast
Add to Calendar 2024-02-22 14:00:00 2024-02-22 14:00:00 Retaining Key Positions During Mergers and Acquisitions About the Webinar Previously credit union merger and acquisition activity was more on the acquisition side, with a larger credit union acquiring a much smaller credit union. While this is still taking place, we’re starting to see more mergers of equals where two sizeable credit unions are unifying into a much larger credit union. This poses both retention opportunities and risks within the leadership team. This webinar explores strategies to retain key positions during a critical time.  Identify retention risk and impact in current and future leadership positions   Assess retention risk and impact to operations  Learn about potential retention expenses before and after the merger  Register Here Web NAFCU digital@nafcu.org America/New_York public

Retaining Key Positions During Mergers and Acquisitions

preferred partner
Gallagher
Webinar