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Session Description:
When it
comes to engaging, growing and retaining
customers, few initiatives
have as much of an impact on the
customer’s experience and a financial
institution’s long-term profitability as
an effective onboarding strategy.
Onboarding is far more than a one-time
welcome program for new account
holders. It is an ongoing process of
effectively creating organic growth by
transitioning new account holders into
satisfied, profitable and loyal
customers. In fact, onboarding is one of
the few experienced-based initiatives
that also provides a major financial win
for financial institutions if handled
correctly.
New account holders are both important
and unique. They are most likely to
purchase additional products and
services—and, paradoxically, they are
most likely to leave the organization.
In fact, the number of new customers who
attrite during the first year ranges
from approximately 28% to 35% or more
. . . a rate three times higher than
established account holders.
Although these new account holders are
considered high risk, they also have
the potential for high reward because
they are extremely receptive to the
cross-sell of products and
services—providing financial
institutions with
twice the motivation to target this
segment. New customers expect to be
contacted by their financial institution
and they are in switch mode, offering an
ideal opportunity to expand on the
relationship.
The consequences to financial
institutions of not retaining their
first-year customers can be severe—not
only during that first year, but also
over the course of the seven- to
nine-year average lifetime of an account
holder.
This presentation will provide an inside
look into the current trends in
new customer onboarding, and will
outline the business case that makes
onboarding an exceptional investment for
financial institutions. Participants
will learn the value of early
communication, the impact of multiple
contacts with the customer, and the ten
essential elements of a successful
onboarding strategy. Case studies from
across the country will be referenced in
this presentation with an Onboarding
White Paper being offered to all
participants in this program.
This session is appropriate for senior
financial executives with responsibility
for Retail Banking, Customer Loyalty,
Customer Acquisition, Customer
Experience, Marketing, and Strategy
Groups.
About Jim Marous:
Jim Marous is the Marketing Services
Director for Harland Clarke. Jim
specializes in serving the financial
institution industry sector, assisting
clients in the deposit, loan, investment
services, electronic banking and
small business product areas.
Jim has over 30 years of financial
industry marketing experience, working
at various banking organizations in the
Midwest prior to moving to the
direct marketing agency side of the
business 17 years ago. During his
tenure at various direct marketing
organizations, he has worked with more
than two dozen leading financial
institutions in the US and Canada as
well
as providing support to firms in the
retail, hospitality, travel, and B2B
industries.
About Harland Clarke Marketing Services:
Harland Clarke was formed in 2007 by
combining the products and services of
Clarke American Corp. and the printed
products segment of John H. Harland
Company. Together, both highly respected
companies have over 200 years of
combined experience, each with a rich
heritage, traditions of innovation and
performance excellence. Harland Clarke
offers an expanded suite of direct
marketing services, delivery and
anti-fraud products, contact center
services and checks and check-related
products to the financial institution
market, including banks, credit unions,
thrifts, and securities firms.
Harland Clarke is a leading provider to
financial and commercial institutions as
well as individual consumers and small
businesses. The business subsidiaries
and brands making up Harland Clarke
include: Alcott Routon, B2Direct, Checks
In The Mail, Clarke American, Harland
and Liberty. The company, headquartered
in San Antonio, Texas, has a national
presence with over 16 manufacturing
facilities and 11 customer service
centers.
www.HarlandClarke.com
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