Foothills Credit Union (CU), a not-for-profit credit union with more than $100 million in assets, selected Digital Onboarding Inc., a SaaS technology company that provides a fully automated new account activation platform, to simplify the process for onboarding new members.
“To compete, win, and grow in today’s marketplace, Foothills CU remains laser focused on delivering a superior new member experience and the Digital Onboarding platform is a critical component in our strategy,” said Scott McNeil, Chief Executive Officer for Foothills CU. “The platform makes it easier for our new members to adopt additional products and account-related services, it’s less costly than direct mail, and it makes it easier for us to track and measure success.”
On average, institutions invest $300 to acquire a new checking account yet 20%-40% of new accounts are closed within one year. Notably, nearly half of institutions report that they lack a formal onboarding program for new customers and members, according to the Digital Banking Report from The Financial Brand.
“When a credit union acquires a new member, they win the opportunity to either forge a deep relationship or to lose money each month,” said Ted Brown, CEO of Digital Onboarding Inc. “We are thrilled that Foothills CU sees the value in delivering a superior experience and is leveraging the Digital Onboarding platform to help accomplish that goal.”
“Historically, Foothills CU produced, signed, and sent three mailings to every new member and it was expensive, time consuming, and difficult to measure,” said Matthew Logan, Marketing Director for Foothills CU. “The Digital Onboarding platform will not only make the onboarding process more effective and efficient, it will enable us to track the success of the program every step of the way.”