2. Did you know…
• First 3 months of the customer relationship are key to unlocking new customer value
• 81% successful cross-selling happens in first 90 days
• 60% in the first month alone
• 45% of banks and credit unions have no structured process in place
3. Three Phases of Customer Onboarding
1. Account Opening: The first step toward profitable onboarding
2. Building Loyalty and Increase Engagement (1-3 weeks)
3. Value-Added Communications and Targeted Offers (1-3 months)
4. Account Opening - The First Step Towards Profitable Onboarding
First impressions are lasting – put your best
foot forward during account opening
Impress your customer with an effortless
first experience
Don’t let the account opening experience
impact onboarding
Find time for personal conversations
Tip:
5. Digitization Is Key To Success
If you start strong by digitizing your account
opening process, you can:
Minimize manual data entry to prevent
errors and speed up onboarding
Make time to get to know your customer
Identify financial needs for future cross-sell
initiatives
Capture data on communication
preferences, life stage and aspirations
Drive a more personalized onboarding
experience
6. Provide A Great First Experience Across All Channels
Ensure account opening is effortless –
regardless of channel used (online, phone,
in-branch)
e-Signatures can provide a seamless,
paperless digital experience
aa
The Growing Importance Of Digital Account Opening
40% of retail banking customers now report that they
prefer to conduct their banking activities through
exclusively digital channels
- CEB Tower Group
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7. BUILDING LOYALTY AND INCREASE ENGAGEMENT (1-3 WEEKS)
Strike while the iron is hot to retain and
grow your customer relationships
Encourage maximum use of products
Tip:
Effective onboarding and activation that emphasizes
customer engagement can help financial institutions boost
profitability by $212 per customer
- Javelin Strategy & Research 2015
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8. Increased Engagement Through Incentivized Onboarding
Your mission: make the new account your
customer’s primary account
Entice customers to use your services (bill pay,
online banking, direct deposit, eStatement
services) by offering incentives such as:
• Free Air Miles
• Prize draws
• Cash/gift cards
• Waived fees
Make it easy for customers to learn about and
access their account
• Send automated emails with links to FAQ’s, videos,
quick guides
9. Going Beyond the Basics for Higher Impact
Use a multi-channel approach, go beyond just email
• Phone calls
• SMS text message
• Online and mobile banking messages
• Add a welcome message on the first statement
• Direct mail – send a personalized welcome kit signed
by the CEO
Tip: Create a Customer Journey Map
Put together a small team and map out what the customer
orientation journey should look like for your new customer.
Be sure to include multiple channels and touchpoints.
10. InFirst FCU Email Based Onboarding Program
Tip:
Introduction to
Checking Accounts
Help with Different LoansWelcome Banking Options
11. InFirst FCU Yields High Returns with Onboarding Emails
18% added at least one new
product/service
24% growth in deposit accounts
$425,000 increase in deposit
balances
190% increase in number of loan
accounts
Tip:
12. Value-added Communications And Targeted Offers (1-3 Months)
Onboarding doesn’t end after a couple of
touchpoints
Effective programs connect 7+ times in first
6 months
Customers’ desire for contact is great for
cross-selling
• Leverage the data gathered during account
opening to better target the cross-selling
• Keep cross-selling needs-based
14. Better Target Generate Better Results
Move from product-driven cross-selling to “advisory ” model
39% of financial institutions simply market a standard set of services
to all new customers
45% of banks and credit unions don’t have any sort of structured
onboarding process in place
A Gallup study found 66% of customers felt the offers they receive were
‘general’ in nature. 53% already had the product being promoted!
- Gallup U.S. Retail Banking Survey
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15. 4 STEPS TO CUSTOMER-CENTRIC,
DATA-DRIVEN CROSS-SELLING
16. Step 1: Establish Realistic Goals
Set goals and benchmarks for:
• Products per household
• Household lifetime value
• Retention
• Customer satisfaction scoring
Develop a process for reporting on
progress
17. Step 2: Develop Customer Segmentation
Develop customer segments using data captured
during onboarding
Data can be segmented by:
• Demographics (age, gender etc.)
• Channel preferences (email, phone, mail)
• Life stage (recent graduate, married, retired)
• Product ownership
Leverage a business intelligence tool to mine
data for existing customer (e.g. loan amounts)
18. Step 3: Build Campaign Offering
Focus cross-sell offers on the individual
needs of each segment
Include a strong, customer-centric value
proposition for all products in the program
Include incentives to remind customers
that you value their business, for example:
• Prize draw
• $50 when opening a savings account
Tell customers specifically why they’ve
qualified for the offer
• Don’t forget to track and measure
Over 93% of FIs agree that providing
value-added services to customers
based on data-driven insight will be
“crucial to their long-term success”
19. Step 4: Utilize Consistent, Coordinated Cross-Sell Campaigns
Use a multi-channel approach including online
and through CRM at branches and call centers
Email is a fantastically cost-effective channel to
use for cross-selling
Following up by phone can help your staff
close more deals, more efficiently
20. Customer needs haven’t changed but the
competition has – so take every opportunity
to retain your new customers
21. A Proven Way to Unlock Customer Value
Effective onboarding delivers ROI, very quickly
Especially with increased cross-sell revenue
Covers the cost of solution deployment in double
quick time
Putting you on the path to lasting customer
profitability
You don’t need to boil the ocean
The value of each retained household exceeds $400,
when the cost of acquisition is added to the value of a
new customer relationship.
– Jim Marous
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22. About Doxim
Doxim Customer Engagement
Platform
Tailored for banks and credit union
Integrated Account Opening, CRM
and Email Marketing
Ideal to support onboarding
programs – from simple to complex
Doxim Customer Engagement Platform