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Does your onboarding process mean smooth sailing or turbulent seas for your customers?

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Does your onboarding process mean smooth sailing or turbulent seas for your customers?

Banks may have moved on from toasters to great account rates, airmiles, and other perks to welcome new customers. But while those are enticing, a positive onboarding experience delivers a far more valuable payoff for both customers and banks.

Consider this: A 2017 article in ABA Bank Marketing estimated that an efficient onboarding process could improve new customer retention rates by 25%–50%, boost cross-sell campaign responses 1.5–2 times within the first 90 days of new account openings, and increase revenue from new customers by 35%–40%.

So, how are the majority of financial institutions creating, analyzing, and maintaining successful omnichannel onboarding strategies? We decided to find out. Between August and December 2017, we invited a select group of 77 senior banking and financial industry executives to participate in our survey on customer onboarding strategies in banking. The respondents were from global financial services firms with revenues ranging from under $250 million to over $1.5 billion.

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