Sean O’DonovanChief Marketing Officer

Chandni Patel Product Marketing Manager

aaaABUILDING 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

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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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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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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, eStatementservices) 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:

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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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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 anew customer relationship.

– Jim Marous

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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

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Quick Tour of Doxim Account OpeningThursday, February 23rd @ 2:00 PM EST

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