Home

Membership

Sign In Create Account

Search

or ask a question with Filene's Research Chatbot

Browse by Type

Sign In Create Account
Report #578 | | Members | Sign In
Financial Well-being Strategy and Planning

Who Moved My Cheddar? The Sudden War for Deposits

This brief explains the implications of rapid change for deposits and liquidity and offers strategies credit unions can take to navigate the current competitive environment for deposits, manage finances, and plan ahead.
  • Mike Higgins Managing Partner at Mike Higgins & Associates

Executive Summary

The ripple effects of the COVID-19 pandemic years have brought about rapid change and a new challenging environment for credit unions. Macroeconomic factors that can be traced back to the early pandemic years, have induced a competitive "war for deposits." Financial institutions, including credit unions, banks, and online banks find themselves in a heated battle to attract deposits. 

In order to navigate the current competitive environment and prepare for the future, credit unions must understand these new circumstances and how they impact their balance sheets, examine their current strategies, and develop a new action plan. 

Credit Union Implications

Rapid change is occurring right now. Consumers and businesses are incentivized to seek better rates and the supply of deposits is dwindling. Financial institutions are also facing a tightening of liquidity which in turn is increasing demand for deposits. Credit unions are at risk of falling behind in the war for deposits to competitors willing to price-up to attract deposits. Credit unions are best equipped to handle slow change, but they must respond quickly to these rapid changes and prepare for the future. 

Download the report to learn more about the war for deposits and gain strategies needed to manage this new financial environment. 

Filene's Center for Innovation & Incubation is generously funded by:

Related Content

  • Research Event |

    big.bright.minds. 2026

    New Orleans, LA

    Every year, courtesy of our title sponsor Origence, Filene brings together credit unions from across the U.S.: CEOs, board members, and the employees designing the future of credit unions. Add in our Filene Fellows and industry thinkers whose work is reshaping the industry, the next generation of leaders through Crashers, and the fintechs building the tools that will define the next decade, and you have the single richest room in the movement.
  • Member Exclusive Webinar |
    Payments Non-Interest Income Strategy and Planning

    Trying to Understand the Latest on Real-Time Payments, Stablecoins and Tokenization? Learn About the Latest Payment Trends and How to Prepare for What’s Ahead.

    This member-exclusive webinar unpacks the fast-moving world of real-time payments, stablecoins, tokenization, and the GENIUS Act to help credit union leaders cut through the noise. Filene Fellows Dr. Henry Kim and Dr. Lamont Black share the biggest opportunities, challenges, and strategic actions your credit union can take now to get ahead of what's coming.
  • Blog |
    Payments Strategy and Planning

    The Payments Evolution: What Credit Union Leaders Need to Know Right Now

    Most credit unions know that the payments landscape is changing. Fewer have a strategy for what to do about it. The following post explores the insights Fellow Dr. Henry Kim shared at this year's Filene's Inner Circle Symposium. Read on to explore the four pillars that will define payments leadership in the years ahead, and what questions to ask your team now to prepare.
  • Report #667 | Members
    Financial Well-being

    What Improves Employee Well-Being?

    • Mathieu Despard, PhD, MSW
    As employees face rising stress, financial pressure, burnout, and disengagement, credit unions are being challenged to create workplaces that support people both at work and in life. Strengthening employee well-being can improve retention, engagement, productivity, and the ability of employees to serve members effectively. This report highlights where employees are struggling most and outlines practical strategies credit unions can use to build healthier, more supportive workplaces.