Why measurement is the key to (deposit) growth

Growing deposits has become one of the biggest challenges facing banks and credit unions today. But what if the answer isn't better rates or new products?

In this episode of the Banking on Digital Growth Podcast, I sit down with Bill Bloom, founder of Diane Money, to discuss why helping members become better savers may be one of the most overlooked growth strategies in financial services.

They explore how spending habits impact long-term financial health, why measurement is the foundation of behavior change, and how financial institutions can shift from simply selling products to helping people build better financial habits. Along the way, Derik shares personal stories about health, analytics, and why measuring the right things has transformed both his personal life and his business.

If you're interested in deposit growth, financial wellness, consumer behavior, or building stronger member relationships, this conversation is full of practical ideas.

⏱️ Timestamps

00:00 Why measurement changes behavior (personal story)

04:23 How better analytics changed Derik's health decisions

05:04 Why website analytics inspired the creation of Metrify

07:42 Meet Bill Bloom and the story behind Diane Money

10:41 What Diane Money actually does

11:26 Growing up with 45 credit cards in the house

12:44 Why Bill chose a career in financial planning

14:00 Savers vs. spenders: the two financial personalities

15:05 Helping spenders become better savers

15:37 The pilot program inside a bank that changed employee finances

17:00 How one banker saved over $3,000 in two months

18:00 Why financial institutions should start with their own employees

19:00 The problem with selling instead of serving customers

22:00 Why awareness is the first step toward saving more money

23:54 The surprising spending habits hurting consumers most

25:07 Automating savings after identifying spending opportunities

26:01 Moving from product-focused banking to savings-focused banking

29:19 Why helping people save creates a competitive advantage

30:20 Why deposits are often spread across multiple institutions

31:00 Competing on service instead of rates

33:00 How financially stressed employees impact member experience

35:20 Helping members eliminate debt instead of creating more of it

38:18 Why previous budgeting tools failed to gain traction

39:00 The cultural shift banks need to embrace

41:08 Technology isn't the solution—leadership is

43:27 Creating a culture focused on financial wellness

44:05 Finding $400 of savings for every member

45:07 Why institutions must be willing to change

46:03 Measurement drives better financial decisions

49:00 Envelope budgeting and building better financial habits

50:40 Analytics only matter if people take action

51:17 The connection between personal finance and website analytics

53:00 The universal principle of measurement and improvement

53:53 Final thoughts

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