The strategy for onboarding new customers at a bank focuses on three main areas: streamlining applications, enhancing communication, and introducing incentives. Streamlining the application process involves creating a user-friendly online form and enabling digital document submissions. The goal is evident in initiatives like in-branch kiosks for assistance and simplifying identity verification. For example, offering automated application tracking enhances customer experience by keeping them informed at each stage.
Enhancing communication centers around personalized support and information dissemination. Assigning personal account managers for the first month encourages tailored assistance, while chatbots provide 24/7 support. Welcome emails and virtual workshops help new customers navigate the bank’s services effectively.
Incentives aim to attract and retain new clients by offering benefits such as welcome bonuses and fee-free services for a limited time. Furthermore, programs like referrals and loyalty rewards foster engagement. For instance, organizing appreciation events recognizes new customers and promotes ongoing interaction with the bank.
The strategies
⛳️ Strategy 1: Streamline the application process
- Develop an easy-to-use online application form
- Implement digital document submission to reduce paperwork
- Create a clear and concise checklist of required documents for applicants
- Ensure website and mobile app compatibility for a seamless user experience
- Provide a dedicated support line for onboarding questions
- Automate application tracking and updates for customers
- Offer in-branch kiosks for customers needing assistance with online applications
- Simplify identity verification through digital means
- Ensure that staff are well-trained in guiding customers through the application process
- Gather feedback from new users to continuously improve the application process
⛳️ Strategy 2: Enhance customer communication and support
- Assign a personal account manager to each new customer for their first month
- Send a welcome email with all necessary banking information and contacts
- Schedule an initial consultation to discuss customer banking needs and preferences
- Provide comprehensive onboarding materials, including video tutorials and FAQs
- Implement a chatbot for 24/7 basic customer support inquiries
- Conduct follow-up calls to ensure the customer is fully settled and address any concerns
- Offer virtual workshops explaining bank services and products
- Provide access to an exclusive new customer helpline
- Send periodic newsletters updating customers on new features and services
- Use customer feedback to personalise communications and improve service
⛳️ Strategy 3: Introduce new customer incentives
- Offer a welcome bonus for opening a new account, such as cash or reward points
- Provide fee-free services for a limited time to incentivise account usage
- Create a referral programme that rewards existing customers for bringing in new ones
- Introduce a limited-time promotion on premium services like loans or credit cards
- Offer discounts on partner services or products for new account holders
- Design a loyalty programme that rewards ongoing engagement
- Provide exclusive financial planning consultations for new customers
- Organise new customer appreciation events or webinars
- Offer personalised discounts based on customer profile and interests
- Measure effectiveness of incentives and adjust offerings based on feedback
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
