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2 November 2011


  • It is amazing that more than 5 years after studies came out around the importance of insight collection at the new account desk, the importance of engagement services and the power of a strong, multichannel onboarding process, that banks continue to 'go through the motions' with new customers opening an account. They may never see you in person again and the opportunity to ask (and act on) questions around the reason for opening your new account, your financial goals, your channel preferences and what services you use at other financial institutions will never be better.

    Instead of trying to sell you additional services, the focus during the new account process should be on helping you switch your current relationships and building the engagement with your new account with direct deposit, online and mobile banking, debit cards and rewards programs. Doing otherwise is like trying to marry someone on the first date . . . it doesn't work like that.

    As Bank Transfer Day approaches, I wonder how many of the accounts being opened will become primary relationships. Based on recent research, almost half of new accounts opened either do not become primary relationships or never get funded at all. As we move more towards branchless banking, this challenge become more acute.

    Without adequate insight collection and a strong onboarding process, lifetime value of the relationship will not be optimized.