The initial weeks, days, and even minutes after a consumer opens a checking account are critical in determining how profitable that banking relationship will ultimately become. Over 20% of new checking account holders say it is too difficult to make a complete switch from their previous bank or credit union to a new one. This leads to costly dormant accounts and robs the “new” financial institution of future profitability, relegating them to a secondary banking role. In this webinar, we will delve deeper into six critical steps for a successful onboarding based on the onboarding experience of 600 consumers who recently open a new account.
This whitepaper, sponsored by Deluxe Corp., quantifies the value of effective engagement by analyzing revenue, the cost of acquisition, and the cost of servicing new checking account customers over the first three years of the customer relationship. The whitepaper was independently produced by Javelin Strategy & Research. Javelin maintains complete independence in its data collection, findings, and analysis.
You can also learn more about these findings by listening to our on demand webinar with Javelin.