Nick Miller to Present Strategies for Attracting Deposits at New York Bankers Small Business Conference

March 14, 2019. Nick Miller will lead a concurrent session at the April New York Bankers Small Business and Retail Conference in Albany, New York. This session will focus on street-level strategy – which businesses to target and lines of conversation that increase the odds that we can give our current clients good reasons to stay engaged with us and attract business clients away from other institutions without, necessarily, being able to offer the best rates in the market.

We’re competing in a new environment that values deposit-building above all else. Interest rates are rising; competition for business deposits is fierce. Banks are launching high rate interest-bearing products to lure existing business clients away from their primary banks. Once the competing banks have the interest-bearing balances, they focus on the operating accounts. While interest rate can be a good conversation starter and may be sufficient to win some accounts, we’ll attract more deposits and build more stable, less rate-sensitive relationships if we provide better ideas regarding cash flow and cash flow management.

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