Demand Deposit Accounts: Improving Account Opening

The combined effects of changing consumer behavior, a volatile external environment, and administration regulations are taking a toll on how traditional demand deposit accounts (DDAs) are being originated. Traditionally, consumers could quickly and easily be approved for DDAs, however the bar has been raised on approvals. In the past, these kinds of accounts experienced high attrition rates and low consumer loyalty so they were not a focus for realizing profit. Immediately, however, FIs have started to realize that fantastic returns can come from these kinds of accounts, both directly and indirectly. More

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