White Paper

Banks Find New Ways to Increase Onboarding Effectiveness, Digital Engagement and Profitability

Onboarding directly impacts customer experience, servicing, relationships and profits. Banks need a strategic approach to efficiently move customers from initial engagement to lasting, profitable relationships. It’s their first line of defense against churn.

Bank customers expect a highly personalized onboarding process. They want to know what’s in it for them. They don’t want to get lost in a paper shuffle. They demand a consistent, effortless experience that respects their time and delivers real value at every step.

When banks use smarter data management tools and connect with their customers in innovative ways, they can deliver more effective, customer-pleasing onboarding experiences. New media, including Interactive Personalized Video, messaging and virtual customer assistants help them enrich engagement and win lasting loyalty. Combine robust customer knowledge with innovative digital engagement to deliver more compelling experiences from day one.

Onboarding sets the stage for ongoing engagement and growth

Growing revenue, reducing attrition and increasing customer lifetime value are top priorities for banks. Customer onboarding is crucial to the achievement of all three objectives, but it’s not easy to do well. This “getting to know you” stage can be a lot like a first date. Sometimes initial impressions are marred by clumsy gestures or awkward silences. On the other hand, when things go smoothly, both parties are interested in moving the relationship forward.

You’ll need to step up to customers’ expectations for a positive, seamless and personalized experience. A successful onboarding program will efficiently:

  • Give customers confidence that they have made the right decision
  • Provide a better understanding of product/service value
  • Show that you understand and value each customer as an individual
  • Differentiate your services from the competition

It pays to be proactive. Customers appreciate helpful communications that anticipate needs and answer questions before they’re asked. Plus, you can use those communications to promote valuable behaviors that tend to increase loyalty.

  • Have they signed up for online banking?
  • Do they need overdraft protection?
onboarding