6 Things an Effective Onboarding Strategy Must Include

Bank and credit union management teams have faced an unprecedented and shifting deposit landscape during the past 12 months. Survey data suggests that consumers who opened new deposit-type accounts did so mainly at large or digital-only banks. Yet, banks still saw a huge inflow of deposits as customers spent less or saved their stimulus money.

Growing deposit accounts is good news – unless you don’t have well-developed plan to make money from them. For that reason, financial institution managers should be looking seriously at their onboarding experience. 

It is safe to say that consumers who opened new accounts at nationwide and digital-only banks will receive a blue-chip, digital onboarding experience. Financial institutions are likely to feel it if they don’t have a competitive, well-developed digital onboarding strategy. Your customers and members want to bank with you. You have to show them how to manage their full financial lives with you.  Our latest playbooks dive into how to increase customer retention by optimizing their onboarding experience. 

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