The Financial Brand Insights - Summer 2022

Marketing research company Mintel found that some big banks are emailing customers 19 times within the first month of opening an account, others were found to send emails every other day, while one bank only sent a single communication during the onboarding process. Clearly, onboarding lacks any real guidelines or guidance within the banking industry. 4 Ways Banks Can Measure ‘Stickiness’ At what point does onboarding begin? When a customer walks into the branch? When they call customer service? When adding a new product or service? Most banking marketers would agree the onboarding process encompasses the first 90 days of the new relationship from start to finish. John Ward, Executive Vice President and Chief Marketing and Product Officer at American Savings Bank, identifies four metrics that help determine whether a new customer is “sticking.” He notes that “each bank decides how they measure and what definitions they assign to each measurement.” 1. Primary financial institution. “At American Savings Bank, we are invested in making our customers’ dreams possible and providing them with personalized solutions to fit their needs and financial goals,” says Ward. “From opening an account to buying their first home and planning for a comfortable retirement, everyone gets a banker who will make banking easy and support them every step of the way.” Ward adds that onboarding is largely about the customer’s relationship with a banker. This way, they have a trustworthy adviser to speak with to hopefully build a long-term relationship. Reducing account opening time is critical — it takes roughly 40 minutes in a branch versus 10 minutes online to open an account. “Providing convenient digital banking solutions is critical to long-term customer engagement,” says Ward. “By offering an online appointment system to meet with a banker through a video call, we’re making banking convenient and accessible for customers.”

By Rachelle Sokan Senior Vice President of Marketing at Amsive

Onboarding in Retail Banking: Who, What, When and Why

Smart marketers knows that onboarding is an essential part of building long-term relationships and revenue, especially in retail banking. Yet customer onboarding to familiarize new customers with products or services is far too often neglected in the banking space. Only 50% of financial institutions say they engage in customer onboarding, according to Customer Contact Week. In many cases, onboarding isn’t even a process that’s actively managed or regularly evaluated across the bank. While branch locations often help play a big role in onboarding, they operate in silos, separate from the marketing department and without any best practices on the necessary number of touch points or channel mix. Effective onboarding of new customers is essential to building long-term relationships and growing revenue in banking. Yet only half of financial institutions even engage in customer onboarding. And few do it well. Learn how to overcome the roadblocks, as well as the correct way to measure onboarding impact.

This Isn't Good: The percentage of financial institutions engaging in customer onboarding is 50%

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THE FINANCIAL BRAND INSIGHTS SUMMER 2022

THE FINANCIAL BRAND INSIGHTS SUMMER 2022

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