In this episode, Roland Howard sits down with Har Rai Khalsa, Co-Founder of SwayStack, to unpack one of the most expensive and overlooked problems in banking today: inactive and unfunded accounts.

Har Rai shares how SwayStack identified a major gap after account opening, where 25–40% of new accounts go dormant despite acquisition costs that can reach $500 per account. The conversation explores why customers open accounts but never fully switch, how friction in moving direct deposits and subscriptions keeps people stuck, and why financial institutions often end up paying ongoing costs for relationships that never activate.

The discussion expands into primacy, questioning whether direct deposit alone should define it, or if product depth and engagement matter more for traditional banks and credit unions. Roland and Har Rai also dig into open banking, Section 1033, digital identity, and how legacy core and digital banking providers may be the real bottleneck to progress.

Har Rai shares practical, non-theoretical advice for bank and credit union leaders, including:
•The first actions institutions should take immediately after account opening
•Why simple communication like welcome emails still matters
•How incentive-aligned checking products can drive real engagement
•Where and how SwayStack stands out against the plethora of account origination tools
•What bankers can do in-branch that doesn’t scale, but dramatically improves retention

The episode closes with a look at where onboarding, engagement, and digital banking are headed, and why institutions that align incentives and reduce friction will win the next phase of deposit competition.

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Topics covered include:
• Dormant account economics
• Customer acquisition cost vs lifetime value
• Direct deposit switching challenges
• Open banking and data ownership
• Redefining primacy in banking
• Incentive-based checking accounts
• Onboarding beyond account opening

If you’re a bank or credit union leader thinking about engagement, deposits, and retention after the account is opened, this episode is for you.

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