White Paper. Developing a Successful Onboarding Program to Drive Customer Loyalty and Profitability

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1 White Paper Developing a Successful Onboarding Program to Drive Customer Loyalty and Profitability

2 For financial institutions, onboarding new customers is a critical process that begins when a customer opens an account and continues through the first to 90 days following the initial contact. This white paper explores why the onboarding process is so critical and presents ten best practices Fiserv identified through a study of five super-regional banks. The onboarding processes evaluated in this study encompass the account opening and online banking and bill payment enrollment and activation processes. These best practices provide banks and credit unions with a roadmap to evaluate and improve existing practices. The onboarding process presents an excellent opportunity for financial institutions to lead a customer toward a mutually beneficial relationship, which can translate into improved financial performance for the bank or credit union. A successful onboarding program can drive the adoption of more banking services, resulting in: Lower customer attrition Increased customer profitability Higher customer satisfaction According to a study conducted by Aspen Analytics, a leader in providing analytic solutions to Fortune 500 companies, customers who enroll and use online banking and bill payment are more loyal and profitable. Based on an analysis of data provided by Fiserv and a top financial institution of five million customers over a 16-month period, Aspen Analytics found: Online banking households are 44 percent less likely to leave the financial institution, or churn, than households who do not use online banking; active bill pay users 1 are 76 percent less likely to churn; and high bill pay users 2 are 95 percent less likely to churn Profitability is significantly higher for households that use online bill payment (2.5 times more profitable) and for high bill payment households (over 3.5 times more profitable) than households that do not use online bill payment 1 An active bill pay user/household is one who has paid a bill through the bank s bill pay service in the previous 30 days. 2 A high bill pay user/household is one that makes five or more payments per month through the bank s bill pay service.

3 Average Number of Cross-Sell Services Fiserv White Paper Bill Pay User 4.2 Not a Bill Pay User 2.5 Source: Consumer Billing and Payment Trends Survey, Fiserv, 2009 Rapid Onboarding Drives Profit and Lowers Attrition Use of Additional Services Spans Multiple Channels Churn Index Profitability Index Breakdown of Cross-Sell Services High Bill Pay Households* ATM Use 69% % Bill Pay Households Online Banking Households All Households Source: Aspen Analytics Online Bill Pay Longevity and Lifetime Value Study, February 2009 (Based on an analysis of data provided by Fiserv and a top financial institution) * Identified for this study as five or more payments per month Further research indicates that customers who use online bill payment have a deeper relationship with their financial institution. The 2009 Consumer Billing and Payment Trends consumer survey commissioned by Fiserv found that bill pay customers use an average of 4.2 services offered by their bank or credit union as compared to 2.5 services for customers who do not use online bill pay. The more services a customer uses, the less likely he/ she is to leave, resulting in a more profitable, longerlasting relationship. 2 0 Active Bill Payers Have More Integrated Relationships 257 Savings Account Debit Card Credit Card Money Market Account 11 % 19% 17% 39% Evaluating Onboarding Effectiveness Fiserv commissioned Phoenix Marketing International and Capital Performance Group to identify customer onboarding best practices related to driving enrollment and activation of online banking and bill payment services. Five super-regional banks participated in the study. The banks onboarding effectiveness was evaluated via the following methods: 50% 62% 61% 67% Bill Pay User Not a Bill Pay User % of Group 0% 20% % % % 0% Source: Consumer Billing and Payment Trends Survey, Fiserv, 2009 Average Number of Cross-Sell Services Bill Pay User Not a Bill Pay User 2.5 Source: Consumer Billing and Payment Trends Survey, Fiserv, Compiling and analyzing account onboarding and online banking/bill pay enrollment process metrics for each bank Conducting branch and online mystery shopping to compare customer experiences and validate the information banks provided regarding their practices and capabilities Mystery shoppers opened an account, enrolled in online banking and bill payment in the branch or online, and evaluated their experiences Breakdown of Cross-Sell Services ATM Use 69% % Tracking bank communications to the mystery shoppers for the first days following initial customer contact 1 Savings Account 67% 62% 61%

4 Based on the results, Fiserv and its partners identified the Top best onboarding practices. These best practices were categorized into four key areas: Data collecting and mining information People employee training and sales execution Process systematic approach to key onboarding steps Communication coordinating and timing consumer messages Overall, we found the banks were doing better in Process and Communication and less well in Data and People, which is most likely due to the higher technology and human resource costs associated with the latter areas. Current Onboarding Activity Shows Ample Improvement Opportunities Indexed to Full Utilization Top Bank Average Low Bank Data Collecting and mining information People - Employee training and sales execution Process Systematic approach to key onboarding steps Communications Coordinating and timing consumer messages Data: Best Practices Translate into Higher Activation and Improved Cross-Selling The top three data-centric onboarding best practices being used by the financial institutions in this study are: Ask customers for their preferred time and method of contact Collect and confirm addresses at each interaction Mine customer activity and account balance data for targeting and messaging The first two best practices involve the collection and maintenance of customer data. It is essential to obtain and maintain accurate contact information so communications involving the cross-selling of other products and services reach the customer. At least one of the participating banks requires customer-facing employees to confirm addresses during each interaction, requires online banking customers to provide valid addresses and has a central unit responsible for maintaining all addresses. The third best practice helps banks understand when to sell which products and services. The mining of customer data can help prioritize cross-sell, up-sell and enrollment/ activation objectives by segment and customer for more tailored, relevant messaging. One bank in the study utilizes 90-day reports for senior executives to summarize, evaluate and identify areas for improvement in its cross-selling efforts. 2

5 Indexed to Full Utilization Top Bank Average Low Bank Data Collecting and mining information By employing best practices to ensure customer data is accurate and current, and using data to develop more relevant and timely communications, the highestperforming banks in the study reported: The top two people-oriented onboarding best practices being used by the financial institutions in this study are: Create employee advocates to promote online banking and bill pay Streamline customer takeaways and encourage representatives to use them Despite the increase in online account opening, the primary line of communication with any new customer remains customer-facing employees. The information a new customer receives when opening an account depends heavily on the knowledge and motivation of the bank employee. If employees have first-hand knowledge of how online banking and bill payment work and the benefits these services provide, they are more likely to promote and sell them to customers. 82 percent of Demand Deposit Accounts (DDAs) with confirmed addresses 17 percent of enrolled bill payment subscribers activated their service within 30 days and 20 percent within days A cross-sell ratio of 5.4 products per customer for new customers, which is two products greater on average than the next closest bank in the study Study participants encourage employees to provide new customers with a takeaway that provides next steps on how to enroll and become an active user of online banking and bill pay. To ensure consistent use of the takeaways, the banks emphasize the importance through training and performance measurement. Simplifying account opening takeaways helps standardize customer interactions and encourage subsequent customer activation. People: Customer-Facing Employees are Critical to Onboarding Success For purposes of this white paper, people refers to the customer-facing employees of a bank or credit union. This would include branch, call center and online customer service representatives. Finally, the highest performing banks further incent employees by incorporating the enrollment and activation of key relationship-enhancing services, such as debit card, direct deposit, online banking, and bill pay into frontline incentive plans and performance scorecards. Incentive and training programs should focus on enrolling and activating not only new customers but also existing customers into online services. 3

6 Indexed to Full Utilization Top Bank Average Low Bank People - Employee training and sales execution Utilizing these best practices to encourage, motivate and reward its people to enroll and activate customers in online banking and bill pay, the highest-performing banks in the study reported: 88 percent of customers who enroll in online banking activate the service 11 percent of DDAs are actively using online bill pay 28 percent of active bill pay users are receiving e-bills 55 percent of new customers use estatements Process: Streamlined Onboarding Processes Increase Online Services and Debit Card Activation The top three process-focused onboarding best practices being used by the banks in the study are: The best performing banks have a streamlined account opening process that automatically enrolls new customers in online banking and bill pay. If assumptive enrollment at account opening is not feasible, financial institutions should strongly encourage employees to enroll all new customers in online banking and bill pay by placing more emphasis on this step during training and on performance scorecards. Additionally, financial institutions need to closely examine the online banking enrollment process if it is not completed during account opening. New customers who do not enroll in the branch and do not have an active debit card typically face a longer, more cumbersome online banking enrollment experience. With this in mind, banks should consider providing live chat capabilities for customers enrolling online, and they should ensure call center representatives are adequately trained to help customers enrolling online. Regardless of when or where they enroll in online banking, customers should be automatically enrolled in bill payment. Fiserv marketing analysis has shown that customers are more likely to enroll in and activate online banking services when provided with an incentive. One bank offers customers the opportunity to earn monetary incentives for activation and recurring use of multiple online services such as bill pay. Other examples of effective multi-channel customer incentive programs include coordination of direct mail, and online offers that concurrently or subsequently reinforce the selling message and offer. Auto-enroll new customers in online banking with bill pay across channels Execute multi-channel customer incentive programs to drive adoption of online services Focus on activating debit card usage and encouraging direct deposit In addition to encouraging employees to enroll new customers in online banking and bill pay, several of the participating banks focus on driving adoption of debit cards and direct deposit. Both services establish the checking account as the primary account, making the customer a better target for online banking and bill pay and other banking services. Before implementing this best practice, banks should assess the potential 4

7 issues that can impact debit card activation, such as product and rewards program competitiveness and product promotion. Indexed to Full Utilization Top Bank Average Low Bank Process Systematic approach to key onboarding steps By using these best practices to strengthen the online banking/bill pay enrollment and activation processes, the highest-performing banks in the study reported: 78 percent of new customers enroll in online banking and bill pay 53 percent of new customers are active bill pay users 77 percent of new customers have active debit cards Communication: Consistent Onboarding Communication Leads to Greater Satisfaction and Activation The top two communication-oriented onboarding best practices being used by the better performing financial institutions in this study are: Designate one unit to coordinate onboarding activities across channels Communicate consistently throughout the optimal window of 15 to days after initial customer contact The bank that received the highest scores in the communication area utilizes a central system to initiate and monitor client contact throughout the onboarding process. It also leverages scripts and communication templates to ensure consistent messaging and to define standards for leaving messages and handling frequent outcomes. When possible, financial institutions should establish a central unit within their organization to oversee the onboarding communication process across channels. The same bank established an objective to contact percent of new customers with a targeted communication either by phone, or postal mail during the first days after account opening. With a very short window during which a customer is likely to respond, it is imperative to effectively communicate with each customer. Indexed to Full Utilization Top Bank Average Low Bank Communication Coordinating and timing consumer messages 5

8 By utilizing these best practices to consistently communicate with customers throughout the onboarding process, the highest-performing banks in the study reported: 9.1 (out of ) customer satisfaction rating for branch account opening 9.1 satisfaction rating for online account opening 8.7 satisfaction rating for new customer online banking and bill pay enrollment 45 percent of DDAs actively using online banking and 11 percent using bill pay Recommendations to Ensure Best Practice Execution at Your Financial Institution Data Ask for preferred time and method of contact Collect and confirm addresses at each interaction Mine customer activity and account balance data for targeting and messaging People Create employee advocates to promote online banking and bill pay Streamline takeaways and encourage representatives to use them How Does Your Onboarding Program Compare? Our analysis of the onboarding practices of five participating financial institutions illustrated that while individual banks often excel in one or more areas of the onboarding processes, no bank is taking advantage of every key opportunity. The onboarding process is a critical first step to building long-lasting, profitable relationships with your customers. That s why it is important to develop an effective onboarding program that maximizes your success. If your bank is not doing so already, Fiserv encourages you to take the time to assess your existing onboarding program to determine whether or not you employ any of the best practices outlined in this paper. You should also validate that your program is being executed as designed. Then take the next step and identify which best practices you could implement today, tomorrow or in the next year. From increasing enrollment and activation of online services to enhancing customer loyalty and profitability, incorporating these best practices into your onboarding program can help improve your business. Process Auto-enroll new customers into online banking with bill pay across channels Execute multi-channel customer incentive programs to drive adoption of services Focus on activating debit card usage and encouraging direct deposit Communication Designate one unit to coordinate onboarding activities across channels Communicate throughout optimal window of 15- days to stimulate activity If you have any questions or would like to learn more about how Fiserv can help you evaluate and grow your customer relationships, please contact your Fiserv representative. 6

9 About Fiserv Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management and Insights & Optimization, and leading the transformation of financial services technology to help our clients change the way financial services are delivered. Visit for a look at what s next, right now. 7

10 Fiserv, Inc. 255 Fiserv Drive Brookfield, WI Fiserv, Inc. or its affiliates. All rights reserved. Fiserv is a registered trademark of Fiserv, Inc. Other products referenced in this material may be trademarks or registered trademarks of their respective companies /

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