Study after study has proven that regular contact with new accounts at 30 days, 60 days, and 90 days, with regularly scheduled contact beyond 90 days builds relationships, increases cross-sales, and has a very positive impact to the bottom line. Quabbin Mining Company uses a mix of Direct Personal Calling, Email Marketing, and Direct Mail Marketing to accomplish this desirable goal through its Onboarding Program.
Onboarding strengthens primary banking relationships. In the credit union world we’ve recognized that services such as direct deposit, online banking and bill pay increase member retention as well as improve member profitability. According to research conducted by Chicago-based Aspen Marketing, and confirmed via Capital Performance Group’s review of bank client data, it has been shown that households using online banking are typically twice as profitable as households not using the service. In fact, bill pay can increase household profitability by as much as 120%. Services like direct deposit have similar impacts to relationship profitability. Along with improving profitability, adding these products and services to your member’s mix helps reduce member attrition. Onboarding enables our clients to maximize every relationship at just the right time in that relationship.
Onboarding is also an effective program to obtain needed feedback from your members. Find out what your members thought of the account opening process, what they thought of the mortgage closing process, or find out what they would like to see improved.