Banks and credit unions have poured resources into the account opening journey to streamline the process from “Apply Now” to “Funds Accepted.” But it’s the onboarding process that comes afterward that will truly dictate whether new applicants will take steps to adopt the new financial institution as their primary FI, not just another FI.
In simpler times, traditional onboarding relied on a marketing outreach campaign in the first months after a customer opened a new account. But that sort of old-school onboarding isn’t going to cut it anymore in a mobile-first era when apps and digital banking are packed with features designed to deepen banking relationships and boost profitability.
Best-in-class “ongoing onboarding” practices ultimately determine which institution wins primary status, where consumers turn for additional financial products, which card wins top-of-wallet and top-of-phone status, and other key indicators of a profitable relationship.
Learn about Javelin's Digital Engagement Index, which distills over 50 digital banking habits among U.S. consumers into a single indicator that predicts customer and member engagement levels.