When you’re in the consideration stage for whether your financial institution is ready to launch High Yield Savings by Plinqit as a white-labeled, digital solution, you may be wondering how to make the most of this new product and partnership. Fortunately, we at Plinqit have a lot of experience helping FIs like yours successfully attract new deposits through HYS.
And I’m excited for you because, according to our consumer research conducted with The Harris Poll, only 20% of Americans have a HYS account, but 54% of those who do not currently have a HYSA say they are likely to open one in the future. All upside!
Let’s assume you’ve already signed up to offer HYS by Plinqit – which you can name whatever you want to attract the target market that you want – and you’ve already met our incredible Client Success team. Your Client Success Manager is walking your staff through the onboarding process. Your retail team is happy, your compliance team is happy, and your tech team is happy. Let’s dial in to the things that will make your executive team happy, too.
Here are 3 tips to help your HYS brand perform optimally.
1. Plan to put 1% of your deposit goal toward marketing.
For easy math, assume your deposit goal is $1M in the first year. Plan to spend $10K to achieve that deposit number. If your goal is $25M in the first year, you’ll want to spend $250K to achieve that goal on time or early. You can do that through your own marketing agency, or we can make a solid recommendation for Fintel Connect. Several of our HYS clients have overachieved goals with Fintel Connect’s help.
2. Set a competitive APY rate.
On top of that, you may want to set a competitive APY rate and then pay out that interest, which, if you’re coupling a 1% or more marketing spend with a tempting rate, should pay for itself.
3. Keep an eye on your new digital brand’s web performance.
Plinqit provides your HYS brand’s website design and assets, such as coordinating email templates, which you then host on your web platform of choice. If you run paid digital marketing, explore Google Ads to bid on the branded words that will keep your results competitive, such as your HYS product name. And consider adding tracking to continually improve your site’s performance and search ranking.
Why improving your HYS banking brand conversion matters.
You’re not in business as a hobby, much as you may enjoy banking and your FI’s culture. The quest for deposit liquidity is as competitive as it is essential. You deserve to get your share of deposit revenue, particularly that of younger generations. The Plinqit State of Savings consumer research showed that Gen Z is the generation most likely to save more than 20% of their average monthly household income, with Millennials close behind them. Therefore, the younger generations are the most likely to save a significant portion of HHI. Again, that’s all upside for you, if you have the digital savings product, the marketing, and the rate to attract them.
If you want more tips, please see the Plinqit free guide, 10 Steps to Grow Account Acquisition with a Digital Brand.