In retail banking, attrition rates are double – even triple – in the first 6 to 12 months for new customers. After analyzing this 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.
The first recommendation FI Works made was to automate as much of the bank’s onboarding programs as possible. This would ensure consistency in execution and the option for programs to be repeated.
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.
All the onboarding campaigns were set up in the FI Works sales and marketing platform and, as the program grew, integrated an automated email system for delivery and tracking. Below are the highlights of how the campaigns were developed and executed: