Bank Pricing Strategy: Deposit Optimizer Essentials vs. Competitors
Craft effective pricing strategies and drive growth with Deposit Optimizer Essentials, the banking industry’s leading deposit growth platform.
Fine-tune your institution’s pricing strategy with access to exact interest rates for checking accounts, CDs and other interest-bearing banking products
Banks and credit unions without large deposit teams are at a competitive disadvantage. Available deposit pricing analysis tools only eat away at their limited capacities and offer less robust, if any, optimization features – except Deposit Optimizer Essentials.
Let’s look at how Deposit Optimizer Essentials and its leading pricin models stack up to other leading deposit analysis platforms available to community banks and credit unions:
No Matter The Rate Environment
Deposit Optimizer Essentials Clients Outperform
2Q23 Cost Of Deposits By
Deposit Growth Strategy
2Q23 Cost Of Deposits By
Optimizer/Analyzer Usage
Notes: Includes all traditional brick and mortar banks above $10B in assets, excluding money center banks; price optimization users use the module more than 10% of total business days between August 2022 and August 2023
Source: Curinos analysis of call report financial data
Pricing Recommendations and Optimizations
Deposit Optimizer Essentials
- Clear data-based pricing strategy recommendations
- Generated by optimization engine built on 20+ years of experience
Other Deposit Analysis Solutions
- Some optimization and pricing recommendation features available
- Limited market experience
What it means for you: Less noise, more signals. With Deposit Optimizer Essentials, you’ll spend less time trudging through hard-to-parse reports and more time implementing strategies that meet your product, profitability and customer relationship and retention goals.
Timeliness and Relevance of Data
Deposit Optimizer Essentials
- Near-real-time data and analytics based on weekly refreshes
- Sourced from over 128,000 branches
- Weekly updated KPIs, allowing easily trackable performance to goals
Other Deposit Analysis Solutions
- Lagging, monthly-refreshed data
- Sourced from smaller quantity of branches
- Less frequent updates; requires more intermediate analysis from deposit teams
What it means for you: A clear competitive picture, no matter how far you zoom in or out. By utilizing data applicable across the entire financial services industry, Deposit Optimizer Essentials lets you go as granular as you like (think regional, lookalike and competitor comparisons) without losing sight of the big banking picture.
Benchmarking
Deposit Optimizer Essentials
- Integrated benchmarking for every metric
- True to industry and relevant across all types and sizes of banks and credit unions
- Weekly updated KPIs, allowing on-time trackable performance to goals
Other Deposit Analysis Solutions
- Benchmarking for high-level metrics only
- More relevant to smaller institutions; lacks industry-wide viewpoints with limited data from larger institutions
- Lagging, limited metrics; requires more work from deposit team in-between refreshes
What it means for you: An accurate pulse of the industry, your competitors and your progress towards your goals. You don’t get good or bad surprises with Deposit Optimizer Essentials – you get up-to-date data tracked to the metrics that matter to your institution.
Functionality and Ease of Use
Deposit Optimizer Essentials
- Executive dashboards and drill-down analytics
- Access to dedicated client support with deposit management experience
- No dedicated deposit analyst required
Other Deposit Analysis Solutions
- Basic core deposit study
- Access to consulting hours with regulation-focused risk analysts
- Best operated by dedicated deposit analyst(s)
What it means for you: The power of a fully staffed deposit team without the expense. While Deposit Optimizer Essentials is built on a higher quality and quantity of deposit performance data, we forgo complicated administration of the platform in favor of accessibility and access to best-in-class analytics and analysts.
Performance
Current Deposit Optimizer Essentials clients regularly see:
- Improved performance in less elastic segments
- Increased duration and balance growth
- Increased opportunity across less competitive markets, products and services
- Reduced cannibalization
- Shorter decision/action cycles
- 50% to 90% reduction in analysis and report generation time
Get in touch with Curinos today for a walkthrough of Deposit Optimizer Essentials or an estimate of benefits specific to your institution.
Our Insights
October 8, 2024
Competition for Deposits Has Slowed Branch Closings, For Now
September 25, 2024
Curinos Perspective: Down-Pricing in a Falling Rate Environment – State of the Market and 5 Strategic Imperatives
September 23, 2024
Curinos Perspective: How To Win In Small Business – 5 Takeaways
