46% of newly opened accounts go inactive within the first year. What can you do about it?
How many of your consumers go inactive during onboarding?
According to the Digital Banking Report, 46% of newly opened accounts go inactive within the first year. This shocking reality is the result of blind spots in bank and credit union onboarding processes.
What does your onboarding experience look like?
With many banks and credit unions sending new account holders a single welcome email upon approval, the contrast between onboarding at a community financial institution and neobanks like Chime has never been greater.
What can we do about this?
The challenge lies in understanding why newly opened accounts go inactive and how to personalize onboarding moving forward to win primary financial institution and top of wallet status.
In this episode, we hope you enjoy James Robert Lay, CEO of Digital Growth Institute and Har Rai Khalsa’s discussion about helping banks and credit unions compete with megabank and neobanks through personalized onboarding and engagement.
