LAS VEGAS – Is your credit union telling members 'we're just not that into you?'

According to Jim Marous, SVP of corporate development at marketing agency New Control, that's how new customers may feel without an effective onboarding process.

“Banks spend so much time getting a customer in the door, so why would we not welcome and thank them,” he said to Financial Brand Forum attendees during a Friday morning session at Caesars Palace. “It may not give you the big win but it will give you the ongoing win.”

With organic growth as the key to profitability, he said financial institutions need to generate more business from their incoming and current customers. The first year rate of attrition among top 100 financial institutions is 25-40%.

Onboarding matters, Marous said, because it improves sales and satisfaction and has one of the best returns for the effort.

He added it's an ongoing process of communication, not a project, and begins with engagement.

To avoid getting bogged down in the details, Marous suggested starting small: Personalize communication, gather information and insights, leverage multiple channels, and communicate early and often.

“Most customers don't know what they should do next. Don't assume in onboarding efforts. A simple thank you or getting started email or video works great,” he said. “Work on engagement before you ever try to sell things. Make them like you first. Ask how can I be better than what they expect? How about a text saying welcome and an offer for a free ice cream? If you don't start small you won't get started.”

Instant Insights /

Onboarding Process Wins Over Time: Onsite Coverage

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