Onboarding
For a financial institution, the process for building loyal, profitable client relationships begins with the onboarding or new account opening process.
If clients are dissatisfied with the institution during the onboarding phase, they are more likely to leave that institution. The onboarding process sets
the tone for the future client experience, whether it will yield loyal, profitable clients or dissatisfied clients who move their accounts elsewhere.
The Onboarding White Paper explores why consumers selected their primary financial institution, examines the account-opening process and
analyzes the consequences of a poor onboarding process on loyalty and attrition.
Topics explored:
- Examines more than 4,000 new deposit account interviews collected over the past two years.
- Studies the original reason why clients chose institution.
- Rates the service quality of the account-opening process.
- Measures the loyalty of the client.
- Suggests next steps the institution should take toward improving the onboarding process.
Excerpt:
The next set of questions in the survey measured the loyalty of the new account holder by asking the likelihood to recommend the institution and to use
it for a future need. The final attribute pertaining to loyalty asked the respondent to rate the service compared to that of other institutions.
Those clients with a pre-existing relationship with the institution were slightly more loyal than the newcomers. Given that this account represented at
least the second product for the client, these results fell into expected ranges. The degree of loyalty expressed by the newcomers was impressive,
reflecting well on the onboarding process and the products or services purchased. Such good loyalty scores begged the question why suggested other
products and services was not higher, since apparently the new account holders would have been receptive.
Order Now
For more information, contact us at 205.251.6227 or research@bancography.com.
|
