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Sean O’Donovan
Chief Marketing
Officer
Chandni Patel
Product Marketing
Manager
aaaA
BUILDING A PROFITABLE ONBOARDING PROGRAM
– In 3 Simple Steps
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
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)
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:
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
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
“
”
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
“
”
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
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.
InFirst FCU Email Based Onboarding Program
Tip:
Introduction to
Checking Accounts
Help with Different LoansWelcome Banking Options
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:
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
More Customer Contact Leads To Higher Customer Satisfaction
Tip:
Source:JDPower©February2014FinancialBrand
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
“
”
4 STEPS TO CUSTOMER-CENTRIC,
DATA-DRIVEN CROSS-SELLING
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
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)
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”
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
Customer needs haven’t changed but the
competition has – so take every opportunity
to retain your new customers
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
“
”
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
Ask The Expert
Sean O’Donovan
Chief Marketing Officer
Sign Up For Our Next Webinar:
Quick Tour of Doxim Account Opening
Thursday, February 23rd @ 2:00 PM EST
Save My Seat

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Building a profitable onboarding program

  • 1. Sean O’Donovan Chief Marketing Officer Chandni Patel Product Marketing Manager aaaA BUILDING A PROFITABLE ONBOARDING PROGRAM – In 3 Simple Steps
  • 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 “ ”
  • 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 “ ”
  • 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
  • 13. More Customer Contact Leads To Higher Customer Satisfaction Tip: Source:JDPower©February2014FinancialBrand
  • 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 “ ”
  • 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 “ ”
  • 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
  • 23. Ask The Expert Sean O’Donovan Chief Marketing Officer
  • 24. Sign Up For Our Next Webinar: Quick Tour of Doxim Account Opening Thursday, February 23rd @ 2:00 PM EST Save My Seat