Baking is like banking.
My wife has 2 cake recipes. One calls for 2 cups of flour and the other 3 cups.
I love them both so I decided to combine them into the best cake recipe ever. I used 5 cups of flour. It was a disaster.
It didn’t work because you need the exact proportions for the recipe to turn out right. You can’t just assume that more is better. The same thing is true with your deposits.
If you want to add more profits it’s not enough to just add more deposits.
If you want the best results you must focus on the size of the deposit, the number and frequency of transactions, and the specific delivery channels used. Just like the ingredients in the cake, you’ve got to get your numbers and proportions right.
And just like your bank is unique, so are the exact qualities that make up your very best customers. The only way to identify the specific set of behaviors and characteristics that best translates into profit at your bank is to use instrument-specific data from your core system to create an individual P&L statement for each and every individual deposit account.
Don’t just lump them together, and don’t assume that more of the same old thing is better. Discover the exact deposit types that work best for you and then find more just like them. I’d be glad to show you how.