SUMA (Yonkers) Federal Credit Union, a full-service, member-owned financial institution serving the New York, New Jersey, and Connecticut area, selected Digital Onboarding Inc., a SaaS technology company that provides a fully automated new account activation platform, to drive member engagement with new deposit and loan account holders.
“Banks and credit unions that offer digital account opening must ensure that they can onboard new customers via digital channels immediately after new accounts are opened,” said Roman Kozicky, Chief Executive Officer, SUMA (YONKERS) FCU. “Paper welcome kits and brochures are expensive and ineffective. As SUMA (YONKERS) FCU prepares to offer digital account opening services, we are designing a new member onboarding process that makes it easy to enroll in account-related services and the Digital Onboarding platform is an important part of our strategy.”
Javelin Strategy and Research reported that 25% of consumers believe that tasks such as enrolling in online banking are complicated and The Digital Banking Report from the Financial Brand showed that new customer attrition rates range from 25% to 40% due to suboptimal onboarding processes.
“After spending more than a decade helping banks and credit unions adopt digital account opening capabilities, I know firsthand that new accounts don’t always turn into new relationships,” said Ted Brown, CEO, Digital Onboarding Inc. “With the Digital Onboarding platform, SUMA (YONKERS) FCU is ensuring that digital account openers have an exceptional first experience with the credit union and can easily enroll in additional products and account-related services.”