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Improve engagement with new account holders who recently switched to your financial institution and you’ll see ROI and profitability rise.

Drive Account Activation and ROI Faster

There is a major disconnect in the financial institution marketplace. Reports show that consumers are eager to switch to a new financial institution, yet Alixpartners reports that only about 8% – 10% actually do. In fact, a survey from Javelin revealed that 21% of consumers cited the difficulty of switching as the primary reason they decided to stay with their current financial institution.

Take the pain out of switching

Typical switch kits involve paper forms and lots of phone calls. It’s such a poor experience that it often leads to inactive accounts and lost cross-sell opportunities.

In this digital era, account holders expect to be able to switch accounts with just a few clicks. Because SwitchAgent integrates seamlessly with your online banking environment, it provides the automated digital experience account holders appreciate, while it gives you the opportunity to onboard and cross sell much faster.

Don’t throw away acquisition dollars

According to Optirate, most banks and credit unions spend $250-$350 to acquire a new account. Often the new account holders get frustrated during onboarding and return to their old financial institution. SwitchAgent eliminates this frustration so your new account holder has a better first impression and you don’t waste your marketing dollars.

Enhance onboarding success

The first 90 days with a new account holder are vital to the long-term success of the relationship. Even the best onboarding program won’t work if you aren’t the primary financial institution for your new account holder.

According to American Bankers Association, financial institutions spend about $250-$400 per year to maintain an account. SwitchAgent allows you to build a strong, profitable relationship during this vital 90-day period — which means your investment in the account is well spent.

Drive Account Activation and ROI Faster

Easy, systematic process

Once a new account is open, SwitchAgent guides your new account holders through the process of re-routing their automatic deposits and withdrawals from their previous institution to yours. SwitchAgent’s online, self-service process allows your account holders to switch at their convenience, which results in an anchored, profitable, and active account.

The Process

The process is simple for both your financial institution and the account holder:

  1. You provide a link to your branded SwitchAgent website
  2. The account holder enters and submits biller & depositor information
  3. Order and merchant information is verified by Deluxe
  4. A customized switch schedule is sent to the account holder by email
  5. Switch notifications are sent to billers and depositors by Deluxe

Deluxe coordinates the schedule and makes sure your new account holders’ transitions are successful. Once they’ve switched, they’re ready to hear about the new products and services you have to offer.

Benefits for account holders

SwitchAgent eliminates one of the biggest frustrations account holders have when changing financial institutions. It puts the new account holder in a position to form a deeper and stronger relationship with your financial institution by providing your new account holders with:

  • Anytime, anywhere digital accessibility
  • A secure account transfer process
  • A scheduled, orchestrated transition plan
  • A positive experience and favorable first impression with your financial institution

Benefits for financial institutions

Deluxe started building its database of merchants in 2011 and we understand what information the merchants need to make a successful switch.

Account holders who use SwitchAgent are given an exemplary user experience that leaves them:

  • Properly anchored: The simple, online switching process allows new accountholders to perform the switching activities where they want, when they want, with an on-demand, web-based user interface.
  • Engaged and ready to buy: Once account holders are anchored they are likely to be more active and profitable for your financial institution. This decreases your reliance on branch personnel to drive account activation so your staff can focus more on developing relationships, providing advice, and selling your account holders the products and services they want.
  • Better positioned for retention: Accounts that are properly anchored, onboarded, and engaged are less likely to leave your financial institution. SwitchAgent puts you in a position to grow your account base while ensuring the accounts are anchored and less likely to leave your financial institution.


Drive Account Activation and ROI Faster

Contact us to learn how SwitchAgent can help to onboard and anchor your new customers.

Contact us to learn how SwitchAgent can help to onboard and anchor your new customers.

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