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
Financial institutions are increasingly able to leverage a staggering amount of data about how their account holders behave online and off. In unprecedented detail, marketing teams can see what consumers...
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).