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2010 New Account Onboarding: Using a Systematic, Tactical Approach to Deepen Financial Customer Relationships
Javelin Strategy & Research, July 2010, Pages: 45
The initial days and weeks after customers open a banking account are critical. What happens then can determine how customers use the new account, whether they break ties with their previous institution, how deeply the banking relationship will develop, and — ultimately — whether new customers will be loyal, satisfied and profitable. Too often, however, financial institutions strategically segment and woo new customers but then rely on one-size-fits-all methods that fail to capitalize on the customers’ diverse preferences and banking needs during the crucial “onboarding” process when the relationship is most tenuous.
Javelin’s onboarding model examines how three basic bits of information about a new customer — their age, their income, and whether they switched banks, are new to banking or are “underbanked” — can serve as a foundation for an onboarding process that welcomes new customers in a systematic, tactical fashion. This model identifies preferred contact channels and critical onboarding messages based on consumer survey data relevant to a customer’s age, income, and experience as a banking customer.
Primary Questions
- What is the ideal channel for welcoming new customers?
- What messages are likely to resonate most with various consumer segments?
- Should onboarding focus first on engagement or on cross-selling?
- Can onboarding be used as a vehicle to encourage customers to opt in for overdraft protection?
- Can onboarding shape the channels and services that customers adopt?
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