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2019 saw in an increase in macroeconomic uncertainty, weighing significantly on the business environment of North American banks. Rate cuts by the U.S. Federal Reserve starting in August and the prolonging of holds by the Bank of Canada emerged as key outputs of this uncertainty, pressuring banks to increase attention on expenses and efficiency.
Amid this uncertainty and margin pressure, banks remained locked in intense battles for deposits growth and balance sheet stability. Combinations of rate offers in liquid and short-term products, cash offers for relationship deepening, and bundling across retail offerings were explicit levers employed, with banks experiencing varying degrees of success with their chosen levers.
With this backdrop, the Global FICO Deposits Practice approached the 2019 Deposits Customer Survey with two related business problems heard loudly throughout Canada and the US:
Targeting these most common, tangible business problems yielded powerful focus and insights.