Attrition during the first year of a new account relationship ranges from approximately 35 to 45 percent — twice the rate of attrition among established account holders. You know that a good onboarding program helps stem attrition by building a foundation of early and meaningful dialogue with new account holders. But do you know what makes a good onboarding program great?download pdf
Until these questions are answered, it’s fruitless to start acquiring new account holders. In fact, it can be counterproductive. Acquiring anyone and everyone that walks through your doors will lead to higher attrition rates, more churn, and the costly cycle of gaining new accounts simply to replace the ones that are leaving.
Rewards programs appeal to many consumers — as long as they are being promoted. The old saying “out of sight, out of mind” applies here. After all, your account holder can’t act on what they don’t know (or don't remember).
Mobile banking is no longer just for Millennials and Gen Z. In fact, recent findings indicate that well over 50 percent of consumers under age 54 consider mobile deposit to be a “must have” or “nice to have” feature.