Onboarding Case Study
A 70-branch regional bank, engaged Infusion to design a New Customer Onboarding Communication Program. The program was designed to provide personal contacts delivered through multiple channels over the first 3 months of the customer relationship.
The campaigns have proven successful for the bank. The program has elicited 36,806 responses with a cost of $8 per response since 2011. Customers included in the program are showing significant lift over a random control hold-out in key categories:
- Checking balances are up by an average of $616 during onboarding among those included in the program. This is compared with the balance of $196 for the control group. This increase resulted in a $24 million annual incremental checking balance impact. Five years of compounded impact equals $120 million in incremental checking balances.
- Household deposits are up $1,078 during onboarding among those included in the program compared to $204 for the control group. This resulted in a $26 million incremental deposit impact to date. At a 3.50% margin this component alone produced a compounding 220% program ROI.
- Program to date retention of High Deposit Profile customers is 6% higher for those included in the program compared with the control group of 446 incremental High Deposit Households retained.
- Customers included in the program show greater growth in online banking and loan product penetration during the onboarding period compared with the control group.