◦ Look for opportunities to make the bank the customer’s primary financial institution. 4. Capture Data and Measure Performance ◦ Track what interventions work. ◦ Monitor retention, engagement and relationship depth over time. Every Interaction Counts McGill says that deposit retention ultimately comes back to customer experience. Customer engagement begins with acquisition and continues throughout the relationship; the goal is to translate stronger engagement into improved profitability. Consideration of the full customer experience must include: • Ease of doing business • Consistency across digital channels • Branch and contact-center interactions • Responsiveness when problems arise • Personalization “Every interaction is either a reinforcer or detractor for loyalty,” he said. Don’t Wait for the Balance to Disappear Ultimately, deposit retention should be treated with the same strategic importance as deposit acquisition. Community banks already possess a major retention advantage — strong relationships and local knowledge — but those advantages must be actively nurtured and maintained. The goal isn’t to prevent every customer from leaving, but to identify the customers who are showing signs of disengagement, understand why and give the bank an opportunity to respond. Banks that combine relationship-based service with behavioral data and proactive engagement can protect existing deposits while creating opportunities to deepen the relationships they already have. “My advice is to stop ignoring it,” McGill said. “It’s easier to monitor now than it ever has been. Get after it!” Using his more than 45 years of banking experience, Tom McGill, head of customer experience, is a retail banking expert with a track record of solving problems and achieving measurable objectives. His expertise in electronic banking, payment systems, debit and credit cards, product development, customer experience, marketing and conversions makes him an asset to many projects with financial institutions. Americans currently hold more than $13 trillion in mortgage debt, which represents just over 70% of the nation’s total household debt, according to Federal Reserve Bank of New York statistics. The agency mortgage-backed securities (MBS) market, which funds much of that debt, is massive in its own right, second only to the U.S. Treasury market in liquidity. Yet this enormous market largely hinges on borrower behavior that has been relatively inefficient for decades. How AI Could Reshape the Mortgage Market Andrea F. Pringle, Senior Vice President, The Baker Group 26 NEBRASKA BANKER
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