Our attention is everywhere these days. We get bombarded by tweets, Facebook statuses and blogs (thanks for checking this one out by the way!) and it’s really tough to break through as everyone scrambles to reach their audience.
For banks and credit unions, the onboarding process is a critical moment to retain your customers’ interest. They’ve heard what you have to say, they understand what you’re offering and they’ve decided to open an account with you. You’ve worked hard to gain your customer’s attention. Hold on to it with an effective onboarding process.
When it comes to communicating with a new client, “[o]ne contact and one channel is never enough,” says The Financial Brand’s Jim Marous.
Your new customer – scratch that, everyone – is on multiple digital channels. Everyone checks their email, browses on their phone, is on at least one social network.* Moreover, people check out your website frequently to manage their account or look for products. Why wouldn’t you reach out to them through these channels to keep them engaged?
*To be specific, smartphone adoption is at around 70% and growing, while 72% of Americans are on at least 1 social network.
Setting up a multi-channel onboarding process
There’s no secret for incorporating multiple channels into onboarding; It only requires an informed plan of action and some gumption.
Start by outlining where and how you’re going to reach people – in the branch? On your website? Over email?
Then figure out how to engage them. Keep in mind, people are bombarded by product offers and often ignore them, so think in terms of awareness and brand image to capture attention.
For example, if a DINK couple came in you might engage them around the topic of buying a home, but not by trying to approve them for a mortgage. Instead, let them know that you’re there as a resource. With the right system in place you can follow up with them through multiple channels using targeted communications. Establish your brand’s image as a place that has not only products, but answers to important questions.
Another example might be parents opening an account for their child. They might want to learn something about helping their child save for college. Your onboarding communications should be able to adapt to their interests. You can target them with a follow up email that conveys tips for college planning and advice on how to manage their child’s account.
It’s important to realize that one-size-fits-all marketing isn’t as effective today. With so many sources vying for attention, you need marketing content that can be relevant to an individual, not just to swathes of demographics.
Multi-channel onboarding is still a burgeoning field. Financial institutions are still working out what the right strategies are for them. Now is the time to innovate and do spectacular things. To quote Jim again, “Just do it.”