Open the Front Door to Growth: Retail Banking Account Acquisition Redefined
By: Bob Sterner, National Account Manager
Acquiring new deposits remains a critical focus for banks and credit unions, but true success goes beyond just opening accounts. To drive long-term growth and minimize churn, financial institutions must build lasting relationships from the start. A holistic approach, powered by data-driven solutions, can help banks and credit unions turn new accounts into lifelong, valuable connections.
Growth is top-of-mind.
According to the 2025 What’s Going On in Banking report, account growth is a major industry concern:
- 43% of banks cite new account acquisition as a top priority (up 20% from 2023).
- 62% of credit unions rank it as their #1 concern (up 26% from 2023).
With such a strong focus on growth, banks and credit unions must adopt smarter strategies to attract, nurture and retain consumers.
Acquisition doesn’t tell the whole story.
Bringing in new accounts is just the beginning. Without proper engagement, many accounts are lost before they make a single penny of profit.
Churn is costly — Deloitte Research estimates that acquiring an account now exceeds $1,000. Younger consumers, with many years of profitable banking ahead of them, churn at a higher rate. Each lost account costs a financial institution between $300 and $750. That’s an expensive loss that can be mitigated through relationship nurturing.
From the moment a consumer opens an account, a bank or credit union must engage them in ways that make it too valuable to leave. Personalized interactions, proactive communication and digital convenience all play key roles in account retention for all generations of bankers, but particularly the digital natives, Gen Z.
Open the door to a redefined growth strategy.
Acquiring a new account is like opening your front door to a guest. You don’t just stand there in silence and let them show themselves in. You smile, invite them in, show them the most comfortable seat in the room, ask them what they need and get to know them better. Your financial institution needs to be that type of dutiful host to each and every person who comes through its door (physically or virtually) so you can build strong relationships from the first interaction.
CUNA Strategic Services’ 2025 report showed that while 96% of credit unions expect to grow in the next 12 months, just 19% expect to grow by 8% or more. If you want to be in the latter group, your bank or credit union needs to become a growth guru — a high-achieving institution that embraces advanced marketing strategies rooted in data-driven insights, relentless testing and an unwavering focus on the consumer.
In today’s competitive landscape, a growth guru will:
- Make digital engagement a priority through ongoing, personalized communication to foster loyalty and trust.
- Use data insights to offer tailored products and solutions that match account holder behavior.
- Leverage third-party fintechs for cutting-edge technology, expert guidance and data-driven strategies that provide targeted, individual journeys to guide account holders through onboarding, keep them engaged and earn top-of-wallet status. (Worried about adding new systems? Choose a partner whose solutions integrate seamlessly with your existing core technology.)
- Ensure measurable ROI by partnering with fintechs that use results-based compensation models that guarantee success. This will give you confidence to invest in growth strategies.
The time to start is now.
Waiting to enhance your acquisition, engagement and retention strategies doesn’t just keep you at your current level — it comes at a cost, now and in the future. Incredible losses add up when you’re losing new deposits to other financial institutions now and missing out on subsequent opportunities that come from long-term banking relationships.
Taking the first step toward a new, relationship-oriented acquisition strategy today gets you that much closer to securing relationships and preventing them from going elsewhere.
Open the front door and start welcoming customers in — not just for a visit, but for a lifetime. With Velocity Solutions’ Retail Performance Engine, you can transform every step of the account holder experience, from acquisition and onboarding to ongoing engagement and long-term retention.
Watch more about our new account engagement strategies and contact a Velocity rep today!