The Challenge
A Washington, D.C. area bank offered Certificates of Deposit (CDs), but customers could only renew to a different term or cash out mature CDs in-branch or by phone. This created friction for digital-first customers, slowed down deposit growth, and required staff to spend hours processing paperwork.
The Solution
Customers were empowered to manage their CDs from online and mobile banking:
- Shop currently offered terms and rates and open new CDs anytime.
- Choose renewal terms and interest disbursement options through guided flows.
- Cash out mature CDs.
- Manage deposit account beneficiaries.
The Results
- Increased Deposits.
- Enhanced Customer Satisfaction → Customers self-manage CDs and beneficiaries digitally without branch visits or phone calls.
- Reduced Operational Overhead → Save staff time by eliminating manual servicing.
- Streamlined Digital Journeys → Faster, intuitive workflows create a modern banking experience.
Why It Matters
By adopting self-service CDs, the bank captured more deposits, reduced staff effort, and met customers where they already were—online.