Hudson River Financial FCU, a not-for-profit, member-owned financial cooperative with over $57 million in assets, selected Digital Onboarding Inc., a SaaS technology company that provides a fully automated new account activation platform, to make it easier for members to access account-related benefits.
“We are excited to partner with Digital Onboarding to help members take advantage of the benefits of membership at Hudson River Financial FCU,” said Thomas J. Powers Jr., President/CEO of Hudson River Financial FCU. “Making it easy for members that open new accounts to adopt digital, account-related services fits perfectly with our strategic vision of providing members with best-in-class service and cutting-edge financial products and solutions.”
On average, institutions invest $300 to acquire a new checking account yet 25%-40% of new checking 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.
“Just because someone opens a checking account doesn’t mean they’ll use it,” said Ted Brown, CEO at Digital Onboarding, Inc. “By making it easy for members to adopt services like online and mobile banking, direct deposit, and online bill pay, Hudson River Financial FCU is engaging members with a best-in-class experience and a fully automated digital onboarding process is an important part of that strategy.”