Onboarding

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As Bancography has discovered from extensive research on attrition motives, miscues in the onboarding process by the sales associate, whether through miscommunication or overselling, create a no-win situation for the institution. The associate opening the account must make sure that the new customer understands all of the account's rules and policies, i.e., when the debit card will arrive, what fees to expect. If the customer experiences a long wait time for the debit card or an unexpected charge on the statement, he will become dissatisfied with the institution and may move his account.

Results from an onboarding study highlight the gap in what sales management expects from the sales staff and what is delivered. Monitoring this gap is commonplace in sales environments. As financial institutions push for the front line to become more sales-oriented, studies like this become more important. A consistently monitored onboarding process will lead to a higher rate of return on the institution's sales training investment.

Bancography's telephone-based instrument will measure five areas:

• Reason for selecting the institution
• Satisfaction of the onboarding process and the sales associate
• Satisfaction of the products and services obtained
• Likelihood to continue to use and to recommend the institution
• Suggestions to improve the process or products obtained