Why Winning Deposits Means Nothing Without Engagement
Banks win deposits but lose customers. New research reveals why 67% abandon apps with poor CX and what drives lasting engagement instead.
Winning deposits means nothing if customers don’t engage. New research reveals 80% of consumers have a primary financial provider—but primacy now depends on delivering personalized experiences that rival Apple and Amazon, not just holding the most money.
This comprehensive whitepaper from MX and The Financial Brand explores:
- Why consumers across all generations want to know their financial providers actually care about them—from Baby Boomers who feel overlooked after retirement age to Gen Z who finds hope in knowing institutions are working to help
- The convenience factor that trumps rewards: 44% of consumers have a “top of wallet” account for most purchases based on ease of use, and 60% have never switched direct deposit—but better rates and simplicity drive long-term engagement
- The personalization gap banks must close: Over half of consumers would share more data for better experiences, yet 30% receive irrelevant messages—and 67% will abandon apps with poor experiences
- How Central Pacific Bank drove 18% product engagement gains in the first month by making common financial tasks faster and easier through superior mobile experiences
- 5 omnichannel personalization strategies that actually increase response rates, including how Suncoast Credit Union uses data to strengthen relationships rather than just push products
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