ONBOARDING: RELATIONSHIP STRENGTHENING TOWARDS NEW CLIENTS WITH TIMELY OFFERS
To reduce attrition and deepen relationships with new households.
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.
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.
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%.
MARQUIS OnTrax | MARQUIS Creative