Ongoing Onboarding: The Key to Deeper Customer Relationships

As the banking industry grapples with how to deepen digital engagement beyond glance-and-go activities like reviewing balances, digital banking strategists must rethink how financial institutions onboard customers over the long haul. In addition to streamlining the application process, FIs now must slowly but surely introduce applicants to the many mobile and online features available to move money, manage finances, and protect and service accounts. That requires embracing ongoing onboarding strategies that develop deep digital engagement and lead to relationships built on valued services, advice, and trust. 

The Javelin four-stage relationship-building model reconceptualizes the onboarding process to stretch from the account application and onboarding to well into the customer relationship. Done correctly, this approach can help shoppers get through the account-opening process, set the relationship up for success and digital engagement, drive adoption of digital features that will boost engagement and increase the FI’s share-of-wallet, and move customers toward advice-driven relationships with the FI.

Key questions discussed in this report: 

• How can FIs upgrade their onboarding process?
• What are the important stages of a successful onboarding approach?
• What strategies can FIs use to ensure their onboarding processes set customers up for deep digital engagement and advice-driven relationships? 

Companies Mentioned: 

Bank of America, CardWiz, Chime, DailyPay, Earnin, NerdWallet, Payactiv, Smart Asset, U.S. Bank