Customer Case Study: Island Federal Credit Union reduces attrition by 25% for checking account holders>> Read the case study
BREAKING NEWS
Digital Onboarding grabs $58M to help banks with profitable customer engagement
> Read more
Customer Case Study: Island Federal Credit Union reduces attrition by 25% for checking account holders>> Read the case study
BREAKING NEWS
Boston, MA (July 21, 2022) – CommonWealth One Federal Credit Union (CommonWealth One) selected the Digital Onboarding engagement platform to deepen member relationships and drive organic growth. The credit union will leverage the Digital Onboarding platform to help members adopt account-related banking services and additional products.
CommonWealth One FCU launched a strategic initiative in order to increase member engagement and product and service delivery. The credit union recently upgraded its digital banking platform and, after reviewing several different technologies, selected the Digital Onboarding platform as the next tool in their arsenal to improve members’ digital experience and attract and retain younger members.
“Members traditionally come to credit unions for low-rate loans, and with increased competition from banks and fintechs, they do not always return for more services,” said Karyle Thornton, Chief Marketing Officer, CommonWealth One. “Credit unions need a proven relationship-building strategy, and they should start by examining how they welcome new members. We invested in the Digital Onboarding platform because it allows us to deliver highly personalized campaigns that make it easy for members to enroll in services and adopt additional products. Since Digital Onboarding serves many credit unions, the team offers expert guidance and best-practice campaign templates, which is invaluable for small teams.”
The Digital Onboarding engagement platform triggers email and text messages that connect members with personalized microsites. Digital, self-service tools help them switch their direct deposits in seconds, make their new cards their default payment methods at places like Amazon® and Venmo®, adopt digital banking services, etc. Credit union executives recently named Digital Onboarding the winner in the Digital category for CreditUnion.com’s fifth-annual Innovation Series.
“The Digital Onboarding platform is a smart system that tracks the products and services members adopt,” said Thornton. “We can automatically remind members to enroll in additional services like direct deposit and mobile banking, and we can deliver customized cross-sell offers as soon as additional financial needs arise.”
The Digital Banking Report’s Account Opening and Onboarding Benchmarking Study showed that 25 to 40 percent of new checking accounts are closed within the first year. Driving early engagement is the key to building long-lasting relationships. Today’s members demand personalized, digital communications and tools that eliminate the friction associated with new member onboarding processes.
“The competition from fintechs and national banks is fierce, and credit unions must drive organic growth if they are going to compete and win in the long run,” said Ted Brown, CEO, Digital Onboarding. “I look forward to partnering with CommonWealth One to deliver a best-in-class new member experience and digital journeys that drive long-term relationships and satisfaction.”
About CommonWealth One Federal Credit Union
Since 1944, CommonWealth One, headquartered in Alexandria, VA, has grown to become one of Washington, D.C. and Northern Virginia’s top credit unions. CommonWealth One is a full-service, member-owned, not-for-profit financial cooperative committed to being its members’ lifetime financial partner. CommonWealth One has branches in Washington, D.C., Alexandria, VA, and Harrisonburg, VA (including at James Madison University). For additional information visit https://www.cofcu.org.
About Digital Onboarding, Inc.
Digital Onboarding Inc. is a SaaS technology company focused on helping banking and credit union customers activate their financial services products. Digital Onboarding provides a fully automated new account activation platform that is more efficient and effective than traditional phone calls, emails, direct mail, and print brochures, driving profit by increasing new customer and member activation rates. For additional information, visit https://www.digitalonboarding.com. For Digital Onboarding media inquiries, contact Laurie McLachlan at laurie@digitalonboarding.com or (617) 921-2916.
Sign up for Digital Onboarding emails
You'll receive exclusive content including: timely and timeless news stories, research, and financial services industry insights. You may unsubscribe at any time.
