Worried that the Federal Reserve will start raising interest rates next year, many banks are reconsidering their strategies for attracting and keeping deposits — and turning to analytics software to help.
The software can be fed reams of information about economic conditions, competitors' rates, and individual customer behavior to help calculate rates that institutions should pay for deposits. Bank of the West, Fifth Third and Bank of Montreal are among those that have jumped on the trend, and more are likely to follow.
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