The COVID-19 pandemic has undeniably caused many banks and credit unions to reprioritize “Digital Transformation” to be a top strategic initiative for 2021 and beyond.
Over the past few years, financial institutions of all sizes have increasingly focused on improving their digital experiences including online banking, mobile banking, online account origination, online chat, interactive teller machines, and some even dabbling in personalization. While these technologies have been around for years, there will always be ways to improve due to new automations, user experience (UX), artificial intelligence, machine learning, and other innovations that still have yet to come.
But what about onboarding new account holders? With a first-year attrition rate at 20-25%¹ onboarding is a fundamental process to locking in and retaining new customers. However, it is often an afterthought in both technology investments and marketing priorities. In fact, only 24% of financial organizations listed onboarding and cross-selling as a marketing strength².continue reading »