Old Dominion National Bank Elevates Deposit Growth Strategy
In a move that showcases innovation in the financial sector, Old Dominion National Bank (ODNB) is harnessing the power of CD Valet, a digital marketplace designed to enhance deposit acquisition. Both institutions are set to share their success story at a prestigious banking event, underscoring the effectiveness of their collaboration.
Overview of the Partnership
Old Dominion National Bank, which boasts assets amounting to $1.5 billion, is working closely with CD Valet to revolutionize its marketing efforts for Certificate of Deposits (CDs). By targeting high-intent savers, the bank is striving to solidify its presence not only in established markets but also in new locales, including an additional branch in Florida.
How CD Valet Works
CD Valet empowers financial institutions to promote their competitive CD rates directly to consumers, making it easier for banks like ODNB to attract deposits. This digital marketplace cuts through the static of traditional marketing methods, providing a focused approach to reaching potential savers. The results of this strategy have been promising, with ODNB securing over $10 million in deposits during its first month leveraging CD Valet.
Impressive Results from a New Strategy
By successfully opening 40 new CDs and acquiring more than 80 new customers, ODNB achieved a remarkable 10% conversion rate. This swift success is attributed to a clear communication of competitive rates, allowing the bank to engage effectively with prospects that are actively seeking better savings options.
Transforming Banking Interactions
According to Howard Stein, the Executive Vice President and Chief Operating Officer at ODNB, the partnership with CD Valet has rapidly accelerated deposit growth in ways that traditional advertising could not match. Not only has this collaboration bolstered online account openings, but it has also created a 'halo effect', increasing foot traffic in physical branches and inquiries through the call center.
The Broader Impact of Digital Marketplaces
CD Valet's capability to enhance the bank's reach has allowed ODNB to attract potential high-value depositors from a wider geographical area while managing acquisition costs effectively. This expansive reach is particularly essential as competition in the financial sector heightens, prompting institutions to adopt new strategies to capture market share.
Insights from CD Valet Leadership
Mary Grace Roske, the Head of Marketing at CD Valet, emphasizes the importance of using digital platforms to achieve tangible results for community banks like ODNB. With the market seeing a surge in demand for CDs and the impending expiration of many existing agreements, institutions that utilize CD Valet’s services are uniquely positioned to stand out and attract new depositors.
Upcoming Presentation at Digital Banking Conference
The successful partnership will be highlighted in a joint presentation during the American Banker's Digital Banking Conference. The topic, "Driving Deposits in Digital Marketplaces: It's Not Just for the Big Brands," aims to share insights and strategies that can empower community banks to thrive in a competitive environment.
About CD Valet
CD Valet operates a comprehensive digital marketplace that enables banks and credit unions to effectively market their CDs, gaining visibility against larger financial institutions. Designed for ease of use and efficiency, it comes equipped with a range of advertising, analytics, and account opening tools that foster deposit acquisition. To learn more, visit their website.
Frequently Asked Questions
What role does CD Valet play for banks?
CD Valet provides banks with a platform to market competitive CD rates directly to consumers, enhancing deposit acquisition strategies.
How successful has ODNB been with CD Valet?
In its first month, ODNB attracted over $10 million in deposits and opened 40 new CDs, demonstrating a 10% conversion rate.
What are the benefits of digital marketplaces for banks?
Digital marketplaces like CD Valet allow banks to reach a wider audience cost-effectively, making it easier to attract high-value depositors.
What will be discussed at the Digital Banking Conference?
The presentation will cover how community banks can effectively drive deposits using digital marketplace strategies.
How does the partnership benefit consumers?
Consumers gain access to better rates and visibility into competitive offers from various financial institutions, aiding their saving decisions.
