What is Onboarding Anyway?

Onboarding is a relationship-building method involving a precise contact and cross-selling schedule that keeps new accounts from closing, particularly core accounts. Studies show that 25-30%, and up to 40% of new accounts close within the first 90 days of opening the account, but that a formal onboarding process can have a significant impact on account retention over time.

Onboarding of new accounts can have a major impact on credit union profitability. A 2004 study by Dove Consulting in Boston, states that “banks can expect to increase annual profitability per 100,000 new accounts by over $2,000,000 per year” by onboarding new accounts.

Credit unions can benefit tremendously by establishing a formal onboarding process. If you need help setting up your onboarding process, feel free to contact me at sgonynor@quabbinmining.com

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One Response to What is Onboarding Anyway?

  1. Hi, I enjoy your weblog. Is there something I can do to obtain updates like a subscription or some thing? I am sorry I’m not familiar with RSS?

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