CDs Have a Role to Play in Personal Finance but Lack Digital Support and Engagement

The certificate of deposit (CD) might feel outdated and passive these days, but that doesn’t mean the digital experience has to be. A quarter of banked consumers still have CDs in their portfolios and savings strategies. Yet financial institutions rarely engage with their customers about CDs within digital channels. 

Resolving this disconnect calls for a much-needed digital experience layer for CDs, one that brings new life to the product and introduces it to younger generations. CDs still have a role to play in banking—and FIs have plenty of opportunity to build an engaging digital experience to support the product. If FIs believe CDs are still worth offering, then they are worth supporting with an optimal digital experience. The entire CD lifecycle—from discovery, selection, and opening to servicing and renewing—is ripe for digital disruption. With digital channels now the primary source of contact between consumers and financial institutions, the future of CDs is in the hands of digital teams.

Companies Mentioned: 

Ally, Chimney, United Bank