Do You Want My Money?

By Tom Mezera, Vice President of Regional Sales, Micronotes

Have you ever put a sizeable amount of money into a bank account while you decided where and how to invest it long term?

Recently, I received an inheritance and deposited it into the local bank I’ve done business with for a long time. And because my job is to sell Micronotes' AI-driven marketing engagement solution to banks, I conducted a little experiment. I wanted to see how long it would take my bank to recognize this deposit and engage me in a discussion about what I could do to maximize the funds. And I wanted to see what form the engagement would take.

So, how did my bank engage with me? Not very well, I’m sorry to say.

The only person from the bank who contacted me was a teller. He called to convince me to move the money into an account paying 2 percent interest. I had 14 days to decide. After that date, I never heard another word from the bank.

It amazes me that at a time where some banks are literally paying customers to deposit new money, I made a significant deposit but my bank took no action to retain the funds. Is that because, frankly, my bank knows nothing about my current stage of life and my current and future spending/savings needs? 

More bluntly, do they care? I don’t know. Should they care? I believe so. But do they have an engagement tool to identify who I am and what my needs are? Not that I’ve experienced.

But I will be contacting the executive in charge of their retail banking unit to find out, so stay tuned.