A few months ago, I decided to become a member at a local credit union after relocating to South Florida. After a busy day of work, I opened an account online. I was thrilled to get started!
However, after submitting my application, I realized how far behind I was on a major project. I spent the next couple of days catching up, and completely forgot about my new account. A month has passed, and I still haven’t used my credit union’s account. No mobile app, direct deposit, or debit card.
When I searched my email for follow-ups or reminders, I found none from my credit union.
When I had previously opened a Chime account, I received 12 emails in the first 15 days. From referral bonuses to direct deposit switch to fee free overdrafts, Chime told me how to make the most out of my new account. The difference between my onboarding experience with Chime and my credit union was striking.
This frustrating experience left me wondering: how many other credit union members never receive activation emails. How often does my credit union use digital engagement to follow up with them?
The missed opportunity here is significant. According to The Financial Brand, 46% of checking accounts go inactive within the first year. Think of all the low cost, core deposits slipping through the cracks.
Win active relationships with 60-day new account onboarding
The first 60 days after an account has been opened are critical for educating your members. To make sure they fully engage with their new accounts, several steps need to be completed:
- Download the mobile app
- Set up e-statements
- Activate the debit card
- Switch direct deposit
- Link external accounts for savings and budgeting
- Increase funding in the first 60 days
- Refer a friend
Each of these steps is crucial to ensuring that members make the most of the services offered by the credit union. Without effective member engagement through email and digital banking, many members might overlook these steps, resulting in inactive accounts and missed opportunities.
Don’t let your members forget about their accounts. To tackle the onboarding problem, companies like Chime provide valuable inspiration.
At Swaystack, we’ve taken these key lessons to heart and developed a fresh approach to 60-day new account activation and onboarding. The time is now to drive increased account activity and boost your credit union’s revenue.
Sign up for a demo today and discover the difference personalized onboarding can make. Launch your first campaigns through email and digital banking in just 30 days!
Originally posted on CUInsight.com