Onboarding programs create more profitable customers and reduce attrition, increasing customer retention by 5% increases profits by 25% to 95% (Harvard Business School).
A properly onboarded checking customer is more likely to set up direct deposit, bill pay, and other “sticky” product features, increasing the likelihood of a long relationship with the bank. Retail banking customers who are fully engaged bring 37% more annual revenue to their primary bank. (Gallup)
Banks need to open lines of communication with new customers as soon as possible. Providing information about the customer’s new product, making sure customers know where to go if they have questions, informing customers about additional tools such as online banking or a mobile app are important components of a quality onboarding program. Informed, engaged customers generate more revenue.
Syntropy Group’s Onboarding Programs utilize your customer data to develop the onboarding strategy and segmentation logic that best fits your customer base and business goals.
A key component to our philosophy is consistently measuring campaigns and analyzing reports, allowing us to calibrate and refine campaigns, building on prior successes. Quick iterability is paramount to experimentation and calibration, which is why we offer digital printing for our Direct Mail programs (offset printing available if desired).
Syntropy Group can support a full range of channels for onboarding including: direct mail, email, branch calling, text message (SMS) alerts, and more. We can use your creative assets or develop each piece for you. Our skilled, in-house developers can integrate with your current CRM or develop the contact management infrastructure you need.