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Tag Archives: customer onboarding

Find the “Keepers”: Identify Your Most Profitable Customers and Grow Your Share of Business

This post is an excerpt of an article by Dragnet Solutions CEO Greg Cote for Western Banker Magazine. The full article is available on here. For most banks, non-interest income has been hovering around 2 percent since the recession. Banks are making various efforts to grow that income – efforts that include taking a hard […]

A Tale of Two Banks Pursuing Aggressive Growth Strategies

Imagine two banks that have decided to grow accounts aggressively. Bank #1: Open Now, Fix Later The first bank opens accounts for nearly anyone who enters the branch. Applicants walk in, meet with a banker, and walk out thinking that they have an account. Back-office processing for new accounts takes place in batch mode at […]

Cross-Selling is a Top Priority for Banks and Credit Unions in 2012

Earlier this year The Financial Brand published the results of its survey of 228 banks, credit unions, and community banks about the state of bank and credit union marketing. The survey asked these institutions what their top three marketing priorities were for 2012. The answers: Cross-selling, deepening relationships Loan growth Customer/member acquisition Obviously, answers 1 […]

Risk Management for Customer Onboarding

The customer onboarding process is fraught with risks. First, there’s the very real risk that your latest customer is a fraudster. Financial institutions expect to be hit with more fraud this year, including credit card fraud, check fraud, and account take-overs. Every time your institution opens an account, there’s a chance—too big a chance—that the […]

Customer Onboarding Still Needs Improvement

Banks have invested millions of dollars in branch IT and training, but all too often the customer onboarding process remains frustrating and error-prone. Take the example of a friend of ours who recently opened an account with a major U.S. bank. She visited a local branch to open a checking account. The branch staff were […]

Customer Onboarding: Two Critical Questions

When someone walks into the branch of a financial institution to open an account, the branch personnel need to answer two questions. First, is this person who they say they are? Second, do we want to do business with them? After a cursory examination of the person’s driver license and a few background questions, most […]

CRM and Customer Onboarding

Customer Relationship Management (CRM) records are obviously essential for any Financial Institution. CRM records are required for Know Your Customer (KYC) mandates, effective outbound sales and marketing initiatives, and daily business operations. You rely on your CRM records. But how are you entering these records in your CRM system? It turns out that CRM data […]