Are You Truly Engaging
With Customers During Onboarding?
Most banks struggle getting retention and deposit levels from digitally originated accounts to the same level as those historically recorded from in-branch onboarding processes. Â
The movement to digital as the primary source of engagement with customers has been well documented, but there is a gulf across banking in terms of ability to engrain and entrench relationships. While digital laggards segregate onboarding and servicing, leaders are continuously rolling out tools and functions that encourage engagement after initial account creation to drive digital channel use, increase deposit levels, and create higher and more sustained levels of customer lifetime value.Â
Of the brands tracked by the Digital Banking Analyzer, 37% of US institutions enable account funding by account linking, 74% of which enable the capability via a third party API provider. In the UK, 63% of retail checking providers offer instant application (same day) decisioning. More than half of these brands encourage new customers to add their debit card details to their digital wallet upon approval.
Personalized journeys, streamlined direct deposit processes, immediate enrollment and advances in digital communications are just some of the foremost mechanisms banks are using to embed and deepen longer term and more frequent channel engagement from the initial stages of the relationship. And leaders are continually refining and developing these processes. Â
How can Curinos help you engage customers during onboarding?
At the Digital Banking Analyzer we have global onboarding and servicing data across:Â
- Retail checkingÂ
- Business bankingÂ
- Credit cardÂ
- Savings accounts
- InvestmentsÂ
- MortgagesÂ
- Unsecured lending Â
- Commercial bankingÂ
We help financial institutions identify strengths, gaps, and opportunities across online and mobile banking functionalities to benchmark against competitive sets and specific institutions.Â
Digital Banking Analyzer
Onboarding Journey
Benchmarking
