All aboard with Onboarding

With International Credit Union Week just around the corner, creating deeper, valuable relationships is what is on track for most credit unions. Onboarding is one way to accomplish that, as it has become one of the most effective and systematic ways of reaching out to new members. There has never been a better time to look at Onboarding as you get ready to participate in your credit union’s strategic planning session this fall.

Financial industry research indicates the best chance of cross-selling an additional products or services to a new member is highest within the first 90-120 days. Without a formalized program to “reach out” to new members quickly, about one fourth of your new members will leave within their first 12–15 months. An Onboarding program allows your credit union to see a greater response and return on marketing efforts when compared to campaigns directed to non-members.

Why is having Onboarding programming so important?  Increased cross-selling success and greater product penetration! Synergent Direct Marketing Services, an endorsed marketing solutions partner of the Pennsylvania Credit Union Association, works with credit unions from concept and design, through to program automation for welcoming new members.

The Onboarding process occurs within a 90-120 day period after a new member joins the credit union. Using a combination of e-marketing and direct mail, social platforms and outreach, points of contact are used to welcome the new member as well as to inform and educate them on products and services that best meet their needs and lifestyle.

When we work with partner credit unions, we see Onboarding building member loyalty with sticky products, adding new opportunities for lending, ensuring that the credit union is “top of mind” when members encounter a need for a loan, according to Doug MacDonald, Vice President of Synergent Direct Marketing Services. The opportunity to educate members on products and services a credit union offers, and even offer lending programming targeted to a member’s potential needs such as home equity loan to a home owner, or a home loan to a member who is a renter, has never been greater. A recent example:

Maine State Credit Union, Augusta, Maine
1,098 new members targeted
Nov. 2013 to May 2014

Product Growth Increased by:

  • 26.67% for Visa Classic Credit Cards
  • 62.50% for Visa Gold Credit Cards
  • 55.22% for eStatements
  • 67.20% for Home Banking
  • 100.00% for Mobile Banking