Develop Onboarding: a $2.2b Institution Case Study 2017-05-22T15:04:01+00:00

Project Description

DEVELOP ONBOARDING

Objective:

To develop an Onboarding Program that develops client relationships and increases balances.

Analysis:

Onboarding begins when a new client opens their first account. The first 90-120 days thereafter provide an excellent opportunity to develop the relationship. Successful Onboarding can lead new clients to seek out additional products and services, effectively reducing the possibility of attrition and increasing both client profitability and satisfaction. The impact on the bottom line for a bank or credit union can be profound.

Action:

Working with their MARQUIS consultant, the financial institution’s leaders developed an energetic Onboarding program to nurture new client relationships. In the first year, they spent just under $80,000 on monthly letters, e-mails and weekly reminder welcome letters for new clients.

Results:

The new Onboarding program has generated 1,391 new deposits totaling $7,252,423. Additionally, the program has resulted in 1,284 loans totaling $34,292,413. This Onboarding program was able to prove that every $1 spent generated $4.82 in profit margin. Effective Onboarding can move the client relationship to the next level at a pivotal moment, generating demand for new products and increasing the likelihood that this new client relationship will continue to grow for years to come.

SOLUTIONS USED

MARQUIS Creative | MARQUIS OnTrax