First State Bank & Trust trades its 2x2x2 engagement strategy for an automated approach

The Digital Onboarding engagement platform is helping 140+ banks & credit unions turn new account openers into multi-product relationships

 Boston, MA (March 18, 2024) - First State Bank and Trust, which serves communities in Southeast Missouri, selected the Digital Onboarding engagement platform to maximize the value of its existing customer base. New account openers and existing bank customers will have access to digital guides and self-service tools that make adopting banking services and additional products easy.

“While we previously relied on traditional tactics and personal outreach to drive early engagement, it was difficult to ensure consistency, and the strategy did not drive great results,” said Shelley McTigue, Vice President and Retail Sales and Communications Officer, First State Bank and Trust. “Our team spent time designing a new onboarding process, but we realized it was going to be a lot of manual effort and lacked the all-important self-enrollment piece Digital Onboarding has to offer. We knew we could make much swifter progress by adopting the Digital Onboarding platform. It is purpose-built for financial institutions, and we are thrilled!”

Many banks still rely on analog onboarding processes, like the outdated 2x2x2 strategy where institutions communicate with new account openers two days, two weeks, and two months after account opening. The obsolete approach typically includes tactics like paper welcome kits, phone calls, generic mailers, and emails. Enrollment friction prevents new customers from adopting critical account-related services like direct deposit, digital banking, and automatic card payments, which drive customer profitability. 

“First State Bank and Trust plans to offer digital account opening soon, and having a strategy to engage new account openers immediately is vital,” said McTigue. “The banking industry is extremely competitive, and customer acquisition is costly. The Digital Onboarding platform will help us ensure that the accounts we acquire become profitable, long-lasting relationships.”

According to the 2023 Future of Finance Report, 64% of customers do not have positive digital experiences in banking, and 39% say poorly integrated customer service tools are the primary cause of frustration. As a result, 25-40% of new checking accounts are closed within the first year. 

“Mailers and basic emails tell customers what they need to do to adopt services, but they do not help customers complete the tasks,” said Robb Gaynor, Chief Operating Officer, Digital Onboarding. “Too many banks are laser-focused on new customer acquisition without a solid engagement strategy. First State Bank and Trust understands that removing friction from the experience is key to building lasting customer relationships. We are excited to work with such an innovative bank!”

‍About First State Bank & Trust
‍For over 90 years, First State Bank & Trust Co. remains a locally owned financial institution in Southeast Missouri. Through the commitment of its officers, directors and employees it has grown to serve seven locations and continues to be a strong, stable, and independent community bank with local management at each location. To find out more, visit FSBTrust.com.

‍About Digital Onboarding
‍The Digital Onboarding engagement platform helps banks and credit unions turn account openers into fully engaged and profitable relationships. With personalized messages, microsites, and self-service enrollment tools, the platform helps people enroll in direct deposit and update default payment methods, adopt eStatements, retrieve account and member numbers, open additional products, and more. For additional information, visit https://www.digitalonboarding.com.