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Customer On-boarding
in Banking
Some Quick facts on Customer onboarding in Banks
A successful on boarding program is not easy
On boarding requires a str...
Step-1
Assign a specific employee for Customer On boarding. His
activities include;
A single point-of-contact for on boar...
Step-3
Target the Right Account Holders
A strong targeting strategy helps to acquire households willing to
build a broade...
Step-4 Cont…
Day 2
oWelcome Letter
oHow did you first learn about
us?
oAccount Opening process
satisfaction
Day 60
Custom...
Communicate with the account holders Regularly
One of the biggest misconceptions by financial institutions is that new acc...
Step-8
Step-9
Start with a Simple
“Thank You”
This can be done by SMS or E-Mail immediately after the customer
completes a...
Step-10
Step-11
Don’t forget your ‘Brand’
New customers are not necessarily familiar
with your brand. Let them know what
m...
Step-12
Step-13
Start your Communications with Mail/E-Mail
For on boarding traditional Direct Mail/E-Mail is a great
found...
Step-14
Step-15
Leverage your Local presence
‘Branch phone call follow-up’ can improve on boarding results
significantly ...
•Use your VISA Debit Card for ATM/POS transactions
•Bank will send you an e-statement every month end
to your registered m...
Step-16 Integrate Video as
Engagement Tool
Short form of video that is built for ‘mobile devices
viewing’ is a highly effe...
Step-18 Selling on ‘Mobile’
The use of Alerts & Sales Messages within mobile banking re-inforces other channels.
Thinking ...
Step-19 Measure Results
While most banks miss this or avoid this, i.e “Measurement of Results”.
However measurement involv...
Step-21
oOne of the biggest impediments to on boarding success is not getting started. Instead
of trying to build the ‘per...
Anup George Rebello
Asst.Manager
The Catholic Syrian Bank Ltd
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Customer onboarding in Banks

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This presentation is about customer acquisition in Banking.Strategies/Steps to acquire customers for a bank

Published in: Marketing
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Customer onboarding in Banks

  1. 1. Customer On-boarding in Banking
  2. 2. Some Quick facts on Customer onboarding in Banks A successful on boarding program is not easy On boarding requires a strategy that shows the customer; -you know them well -that you will look out for their individual needs -you will ultimately reward them for their business Customer on boarding is an ongoing process, communications gateway /additional communication that will; -become a ‘Long-term Relationship’ -moving the customer from the ‘Engagement Stage to the Relationship Stage -Finally leading the customer to ‘Loyalty Stage of the consumer life cycle’ As powerful as a good on boarding strategy can be, it can also destroy “trust” if not done correctly .If trust is broken, this usually leads to attrition quickly 25-40%-First year rate of attrition among top 100 institution
  3. 3. Step-1 Assign a specific employee for Customer On boarding. His activities include; A single point-of-contact for on boarding process Managing budgets, goals, measurement of program success, work across product, channel & marketing Departments Without a person dedicated to this, on boarding process will lack focus/may never get initiated Step-2 Include all Account Holders(Old & New) On boarding is an ongoing process that should include both new & old account holders. Also On boarding process should be done for all types of accounts like Deposit & Advances
  4. 4. Step-3 Target the Right Account Holders A strong targeting strategy helps to acquire households willing to build a broader relationship than just one account. The more targeted the acquisition strategy, the greater the potential for on boarding success Another way to improve your acquisition results is to continuously engage with customer like “Direct Mails/Mass Media” that can optimize your overall investment Step-4 Collect Data/Insights from day One The ability to personalize communications & provide targeted solutions is based on the; Demographic Behavioral Social insights The collection of insight doesn’t stop at the new accounts, but should continue during the entire on boarding process using surveys that should build a customer profile.
  5. 5. Step-4 Cont… Day 2 oWelcome Letter oHow did you first learn about us? oAccount Opening process satisfaction Day 60 Customer Satisfaction survey Relevant Offers Between 30-90 days there should be cross selling like Insurance, RD’s,MF’s Day 180 •Internet/Mobile/ Utility Payment satisfaction survey The Challenge is to balance the desire for collecting more insights either in person or through digital channels with the need to simplify the account opening process Step-5 Communicate with the New Account Holders early The sooner you reconnect with the new account holders ,the more successful you will be in building dialogue & engagement “A simple SMS stating Thank You is a great way to start an on boarding process”
  6. 6. Communicate with the account holders Regularly One of the biggest misconceptions by financial institutions is that new account holders don’t want to get a lot of messages after opening a new account. But according to research studies-satisfaction & cross-selling success will both improve as the number of contacts are increased up to 4 times & is till effective if the customer is communicated with as many as 7 times during the first 90 days. Personalize Communication Step-6 Step-7 Show the consumer that you know them & understand their needs. The goal is to mine the data on the customer to Generate marketing messages that are customer specific It is important to build a communication channels strategy for each customer ‘based on the channels they use & respond to best’
  7. 7. Step-8 Step-9 Start with a Simple “Thank You” This can be done by SMS or E-Mail immediately after the customer completes account opening. Some organizations have developed local ‘Surprise/Delight’ offers from local merchants to provide as a Thank You Build engagement before selling Nobody likes sales messages before you have earned trust. Start your on boarding process with various solutions like Internet Banking, Mobile Banking, Bill payment option etc. The positive impact of these services alone can increase relationship by more that $ 400
  8. 8. Step-10 Step-11 Don’t forget your ‘Brand’ New customers are not necessarily familiar with your brand. Let them know what makes your organization special. Make sure that all on boarding communications reinforces your brand & provides the customers with reasons to refer your Bank to their friends Customers respond to offers that relate to accounts they hold in your Bank. Ex: You can have a reward program, to leverage as a part of customer engagement Provide Personalized Offers
  9. 9. Step-12 Step-13 Start your Communications with Mail/E-Mail For on boarding traditional Direct Mail/E-Mail is a great foundation for future communication. There is often 1.5 to 3* lift in results. Ex:38% of US Households surveyed preferred receiving postal mail compared to 17% desiring information over digital channels Today’s Digital Customer is more likely to open your E-Mail on their phone than their desk. These customers are also open to receiving SMS messages & targeted offers in their Mobile Bank App. Leveraging multiple channels like e-mail, phone, SMS text, online, mobile banking, videos, ATM etc allows you to appeal to customers channel preferences while delivering a highly personalized message that will positively impact results Integrate all Possible Channels
  10. 10. Step-14 Step-15 Leverage your Local presence ‘Branch phone call follow-up’ can improve on boarding results significantly & is a great use of ‘Branch Down-Time’ The use of partnering with local merchants for non-financial offers also is a great way to leverage bank’s local presence Build Custom ‘Jump Pages’ Several Banks have unique jump pages that are specifically designed for new customers providing step-by-step instructions on how to take the best advantage of services. Many of these jump pages have links like “Go With” service pages providing easy applications and additional education on the service
  11. 11. •Use your VISA Debit Card for ATM/POS transactions •Bank will send you an e-statement every month end to your registered mail ID Keep your ATM PIN Confidential •Do not respond to any call/mails stating to provide your account details because bank does not call/mail any customer asking for account details Catholic Syrian Bank Know your Savings Bank Account Know your Account Manage Your Account Pay Bills Mobile Recharge Electricity Bill Phone Bills Recharge DTH Water Bill Insurance Premium Loan Payments Credit Cards Bill Payment Know your Account Manage Your Account Pay Bills Mobile Recharge Pay Bills will enable you to pay;
  12. 12. Step-16 Integrate Video as Engagement Tool Short form of video that is built for ‘mobile devices viewing’ is a highly effective selling tool especially when it includes “links to open a new account/service”. These short-form videos can be focused on ‘providing instruction around the use of digital services’ Step-17 Maximize Digital Retargeting This can be done by ; -e-mail retargeting -Facebook retargeting -Mobile -CRM retargeting The entire process should be automated through Bank’s IT Systems Many retargeting programs can generate lift in results of 2-3X use of a single communication channels
  13. 13. Step-18 Selling on ‘Mobile’ The use of Alerts & Sales Messages within mobile banking re-inforces other channels. Thinking outside the box, some banks use behavioral insights to offer engagement & ‘next most likely products’ Ex: Bank of America has gone as far as prompting customers with merchant-funded offers Welcome to XYZ Bank Mobile Banking App Username: M-Pin: Login Click here to Get helpful Insurance Tips Watch Now Contact Us
  14. 14. Step-19 Measure Results While most banks miss this or avoid this, i.e “Measurement of Results”. However measurement involves the following steps; How did a particular sale happen? Who should get the credit for it? How much credit should be attributed to each consumer interaction across channels/on what basis? How should the investment be apportioned across channels? Step-20 Continue to test ‘frequency, targeting, offers & other components of your multichannel on boarding process’. The key is to test messages, timing, offers to optimize your specific program from both customer & Bank’s perspective Test & Learn
  15. 15. Step-21 oOne of the biggest impediments to on boarding success is not getting started. Instead of trying to build the ‘perfect’ on boarding process, “start small & build layers on a strong foundation” oNo financial institution has stopped an on boarding program once they have initiated the process because Return-On-Invest(RIO) even in the worst case scenario is always positive & this is proved among various Banks oIf you don’t have a multichannel on boarding process in place already, start with the basics & move forward incrementally. The learning's along with the way will serve you well as you build a more robust process
  16. 16. Anup George Rebello Asst.Manager The Catholic Syrian Bank Ltd

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