5 onboarding myths that are costing you customers
The banking industry’s struggle with effective onboarding isn’t limited to a single segment – such as big banks – or even geographic location. It’s a fairly universal struggle; a 2014 global study by Forrester Research on behalf of business software Pegasystems Inc. found that nearly every financial institution said they lost deals and revenue because of poor customer service during the onboarding process, and more than 20% said their losses totaled between 26% and 50% of new business.
Due to the nature and magnitude of the struggle Deluxe asked Jim Marous, Owner and Publisher of the Digital Banking Report and Publisher of Retail Banking Strategies for The Financial Brand, to join us for a webinar. Join us on July 30 as we “Bust The Top 5 Onboarding Myths” that are holding back banks and credit unions of all sizes from creating a more effective and enriching onboarding experience:
Myth 1: All institutions have an onboarding program.
Reality: Jim has data that shows this is far from the truth. While many financial institutions have no onboarding program at all, others may only think they have a fully realized onboarding program. Research by Javelin Strategy & Research (Commissioned by Deluxe) entitled “How to Convert ‘Silent Attrition’ into Banking Engagement and Profits” tells us that about 11% of new accounts fall inactive, and 20% that do stay never fully engage. Our industry clearly has an onboarding problem.