Launching savings products while rates rose 11 times
Problem
The Fed raised rates 11 times between March 2022 and July 2023. Savers shopped hard for yield, and the bank funds its lending with deposits. Then the Nationwide by Axos partnership ended, and its customers needed a new home.
Decision
- Launch new products for new money, so the bank could pay up for deposits without repricing every existing account.
- Take each launch from plan to market across three brands: high-yield savings, money market, checking, CDs and rate promos.
- Move the partnership's customers into Axos Bank products with a planned series of customer emails and notices.
- Build lifecycle emails for onboarding, first funding and feature education.
Result
10+ savings products launched. I built the weekly reporting and planning system the product marketing team ran across 5 business units. UFB Direct organic traffic grew about 7x while I owned its search strategy.
Next time: for any customer move, I'd make 90- and 180-day retention of funded accounts the headline number.
Fed funds target, upper bound, 2022 to 2023
Federal Reserve, FOMC target range upper bound, 2022 to 2023.
Launches, reporting and search
Launched for new deposits during the hikes.
On one weekly reporting and planning system I built.
Traffic, Aug 2021 to May 2024. Third-party estimate (Semrush US, Ahrefs).