4 Ways to Improve New Customer Onboarding

The customer onboarding process can produce immediate and significant revenue; however, it can also mean missed opportunities. Without the right tools in place, financial institutions might miss the chance to cross-sell products to potentially profitable customers. Of course, improving the new customer onboarding process — for customers and banks alike — boils down to the ability to gain accurate insight about new accounts and customers from day one. See how Ted Koerner, national account manager for Equifax, spells out success for new accounts.

Don’t judge based on initial deposit amount

There are a number of reasons why new accounts are established with a low initial deposit, and it doesn’t always mean a customer with low wealth. “Consumers may only commit to minimum deposit amounts to meet account requirements for other incentives,” notes Koerner. “Or, because they are in transition and just need to quickly have a new account opened in the town they are moving to.”

Koerner points out that while there is some correlation of wealth to large balances, the reverse is not always true with smaller balances. The onboarding process is served best by remembering that a low initial deposit doesn’t automatically mean there is less potential with that customer.

Get a better picture of wealth

It’s basically impossible to predict a customer’s wealth based upon initial deposit amount; therefore, banks need to create a more complete picture of a customer’s assets, financial situation and total wealth based on intelligent data. The following information can be used to create the most complete customer profile possible:

  • household deposit balances and investmentshousehold spending behaviors
  • income and employment
  • credit usage and eligibility

Armed with the right information, you’re in a better position to solidify your relationship with a new customer based on personalized care and targeted offers that have higher acceptance rates.

Cross-sell relevant products and services

If you don’t have a complete customer profile, you’re in a poor position to offer someone new products and services. One of Koerner’s top priorities in onboarding is “to help better target relevant cross-sell offers based on true customer needs and financial trajectory.” If that’s the case, you’ll need to utilize a customer’s profile to strategically deploy offers that best meet current and anticipated needs — even if a customer started out with a low initial deposit.

Exceed expectations from day one

Equifax is poised to help financial institutions engender loyalty with even the newest of customers. By giving you the information you need to extend pertinent offers and better serve the new accounts in your portfolio, you can take a customer relationship in its infancy and create a lifelong opportunity for profitability. From data management to a more complete picture of overall wealth, Equifax can help you improve the customer onboarding process for a win-win situation: Better opportunity assessment for banks and better customer service for new accounts — all from day one.