In Focus: Onboarding
Argent Credit Union, a $185 million credit union in Chesterfield, Virginia, uses image.works’ Onboarding program designed to promote their growth and retention of new members.
Onboarding is a critical process that begins when a new credit union member or bank customer opens an account, and continues through the first 60 to 90 days following the initial contact. This time frame is when new accountholders are most likely to sign up for other products and services. An effective Onboarding program is an excellent opportunity for banks and credit unions to cross sell and build loyalty – which can help you reduce attrition rates by up to 50%.
How It Works
image.works’ Onboarding program works to give you the most meaningful contact with new accountholders at the most critical times. Argent Credit Union chose our Multiple Touch Direct Mail program with three touches and Cross-Media Marketing to give new members multiple opportunities to see Argent CU’s products and services and an easy way to sign up.
- An eye-catching “welcome” postcard with cross-media marketing that featured reminder email blasts and personal online landing pages for easy product sign-up
- After 30 days, a second touch promoting loans was sent.
- After 60 days, a third postcard featuring checking was sent.
Four months into the campaign, Argent saw huge numbers in ROI, new income and new products opened:
- 4,210% ROI
- $200,107 in new income
- Two mortgages, eight checking accounts, three auto loans, three credit cards, two certificates of deposits and 10 secondary savings accounts were opened by targeted new members.
In Their Words
Argent Credit Union continues to use image.works’ Onboarding program to welcome new members, increase member loyalty and boost their bottom line!