Onboarding

Automated Onboarding with a Personal Touch

23% Drop in Attrition

Business Problem

In retail banking attrition rates are double – even triple – in the first 6 to 12 months for new customers. After analyzing the bank’s customers, FI Works was able to show the bank that their attrition rates were quite a bit higher for customers in the early days compared to longer standing customers. The bank decided it was time to put a formal onboarding process in place to improve customer retention.

Our Solution

The first recommendation FI Works made was to automate as much of the bank’s onboarding programs as possible. This would make sure there was consistency in execution, and that the programs were repeatable.

The bank’s team and their FI Works account representative worked collaboratively to develop an onboarding approach, design the campaigns (integrated email, branch-based phone calls, and direct mail) and targeting rules based on the new banking product/customer type.

Campaign details of how it worked.

All the onboarding campaigns were set up in the FI Works sales and marketing platform and, as the program grew, integrated with Marketo for automated email delivery and tracking. Below are the highlights of how the campaigns were developed and executed:

We solve the data dilemma in banking.

Solving the Data Dilemma

Daily Customer Data Updates

Timing is everything when it comes to onboarding. Sending out a welcome card four weeks won’t deliver a positive first impression. The FI Works solution consolidates and cleanses the bank’s customer data on a daily basis which was crucial to be able to drive the timely execution of each step in the onboarding programs.

“The first month to nine months is the danger zone for customer attrition.”

Keith Henkel, CEO, FI Works

We make intelligent targeting easy for bank sales and marketing

Making Intelligent Targeting Easy

Accurate, Timely Onboarding Targets

One of the unique capabilities of the FI Works system is its rules-based engine to drive campaigns and work queues based on very specific targeting criteria. Based on the daily customer data feeds which included banking products and activity dates, each step in a variety of onboarding campaigns were automatically generated. This included all the customer details needed to execute the multi-touch campaigns.

Personal Touch

Although this bank is one of the most renowned, high-performing banks in the U.S., its roots as a community bank run deep. Therefore, all the onboarding campaigns were developed to be executed at the branch level – keeping the relationship building local and personal. This can only be achieved if driven by accurate customer activity and data for each branch’s frontline banker.

The power of FI Works’ analytics is that you reduce the number of people to mail to without reducing the response.

We drive high-performance behavior.

Driving High-performance Behavior

Daily Work Queues

Every day the FI Works sales and marketing platform generates a list of onboarding tasks for each frontline banker with all the information needed – including talking points for calls, pre-developed emails and mailers. Handing feeding the bankers with everything they needed to be successful drove consistent action.

Campaign Dashboard Monitors Results

Onboarding dashboards were developed by the FI Works account representative to ensure management and the bankers could track onboarding work queues and activities. Full transparency helped manage any changes to resources needed to keep the onboarding engine moving forward.

Full Visibility to Attrition Rates

Another valuable benefit from FI Works dashboard is the ability to tie activity to the results. In this case FI Works clearly reported the downward trending of new customer attrition rates directly to the specific onboarding programs.

The Proof is in the Numbers

  • 23% Drop in Attrition
  • $400K Retained Annual Profit

“Good onboarding pays – increased retention and $400K in retained annual profit.”

Keith Henkel, CEO, FI Works