Onboarding: a $12b Institution Case Study2016-12-20T14:47:53+00:00

Project Description

ONBOARDING: RELATIONSHIP STRENGTHENING TOWARDS NEW CLIENTS WITH TIMELY OFFERS

Objective:

To reduce attrition and deepen relationships with new households.

Analysis:

This $12 billion institution had an attrition rate of 14.4%, and nearly 60% of their households had only one product. Since the propensity for opening new accounts is highest in the first few months of a relationship, an onboarding program was a logical first step.

Action:

An 8-flight program was developed, with each new household receiving a series of letters or emails. The letters were versioned by age for a more targeted message and included specific branch information for ease of response, while the emails provided direct links to the relevant pages on the institution’s website.

Results:

In the first six months, the institution gained more than $13.5 million in new account balances, with a profit of over $83,000. The attrition rate of targeted households showed a marked decrease, averaging just 7.98% over the course of the program, and the institution enjoyed an overall ROI of 358%.

SOLUTIONS USED

MARQUIS OnTrax | MARQUIS Creative