Digital Onboarding, Inc.

Century Credit Union knows that the right technologies can make smaller teams feel HUGE. Joshua Wallace (President & CEO) can now build fully engaged member relationships automatically! Here's what he said: "We found our membership was growing, but they were not actually engaged, so we're doing our best to stay fully engaged with members and retain them. We went with the Digital Onboarding [platform] because we knew there were so many opportunities to take advantage of. We have a staff of 35, and we are a growing credit union, but there's only so much we can do to take advantage of our membership of 9,000 plus. So, we're going to be able to put everything in a uniform manner in front of our members. We'll be able to continually remarket to them with things we want them to take advantage of." 💥 Credit unions are dedicated to helping local communities thrive, and Americans are struggling and want guidance. We are thrilled to help. #cudifference #creditunionsrock #creditunions #fintech #digitalbanking

Will Rhoads and the team at Sonata Bank found a new competitive edge in serving small businesses. Will told us: "We're trying to help solve the turnover problem for quick-service restaurants. Something that we ran into right out of the gate is that these employees have a lot of trouble navigating the financial system, and doing things like: • Moving their direct deposit • Transferring their subscription payments • Activating their debit card • Downloading and signing into the mobile app Digital Onboarding is really about assisting this segment of the underserved and underbanked population, helping them quickly onboard and deliver a financial services product that's easy to use and understand. Leveraging fantastic partners like Digital Onboarding can let us do things that would be very difficult for us to do ourselves." 💪 The Financial Brand covered this story recently: Check it out: https://lnkd.in/gxR_WywK #neobanks #communitybanks #bankmarketing #fintech #digitalbanking

Alkami Technology dropped a report: The High Interest Rate Environment and its Impact on Consumers and Financial Institutions. Here's the scoop: AMERICANS FLED TO CDs Racing for deposits, FIs offered attractive CD rates with shorter terms. Americans were thrilled. They traded Money Market accounts for high-rate CDs. Over the past 4 years: • CD openings rose 6X • CD balances rose 82% • AVG term dropped 51.2% (from 21 to 10 months) THERE IS A CD TIDAL WAVE COMING Watch out: 87.7% of CD balances are scheduled to expire in Q4 2024! FIs need a solid renewal strategy. Our advice 👉 We couldn't believe our ears when a customer told us how difficult it was to field an effective renewal campaign. They sent separate mailers for every expiring CD. That's right: If someone has 5 CDs expiring, their mailbox will get stuffed. There's a better way to grow. Go digital and show people the details of all their expiring CDs. Make it easy to take action. Baton Rouge Telco Federal Credit Union saved 168 IT hours annually and eliminated print and mailing costs for members who opted into digital communications. 🥳 HOUSING IS BECOMING UNAFFORDABLE FOR MANY 26% of millennials say buying a home hinders wealth building. From the data, we can see why. • Mortgage Cost/Sq. Foot: AVG home buyers’ budgets afford them 52% fewer square feet vs 4 years ago • Rent: Up 24.4% vs 4 years ago Our advice 👉 Young folks are desperate for guidance. Educate before selling. PEOPLE ARE CHOOSING HELOCs OVER MORTGAGES Despite higher interest rates, people now rely heavily on HELOCs to create liquidity from higher home values. • Mortgage originations fell 72.5% (2020 to 2023). • HELOC originations rose 24.2% (same period). MORE PEOPLE ARE USING THEIR HELOCs Many people open HELOCs but never draw from the line. That’s changed. The AVG drawn HELOC balance is up 31.7% (2021 vs 2023). Our advice 👉 HELOC openings peak in May, but don't blast your base with offers. We know a smart CU that detects large home store purchases (AKA Home Depot). They use the intel to cross-sell to the right audience at the perfect time! 💪 CARS ARE MORE EXPENSIVE TOO Supply chain challenges + rising interest rates = 32.5% to 57.1% higher monthly payments for a used or new auto loan versus 4 years ago. And, people are keeping their cars longer. Our advice 👉 We agree with Alkami. Instead of suggesting a new loan to account holders who recently paid off an auto loan, offer alternative uses for that money (e.g., high-yield savings or investments). THEY’RE NOT OPENING CREDIT CARDS Credit card payments are higher than 4 years ago, but Americans are not adding new cards to their wallets. Our advice 👉 People are maxed out. Help them gain control with financial education. Reward them when they achieve their goals. Visit The Financial Brand to get the report: https://lnkd.in/gZSRZRvj #creditunions #banking

🗓️ THURS, 9/19: Learn how to build fully engaged customer & member relationships - automatically! Join Mark Cardella, CUCME (AVP of Marketing & Communications at Pacific Service Credit Union), Charlene Roca (Marketing Manager at Baton Rouge Telco Federal Credit Union), Adam Westley, & Laurie McLachlan for proven strategies & tools. Learn how to: - Drive services adoption automatically - Target your base with precisely the right offers - Streamline and digitize CD renewals & other notifications Register here & pass it on: https://lnkd.in/gxwV7fTB #bankmarketing #communitybanks #creditunions #memberengagement

Brooke Bayliss (First Bank Of Alabama) cracked the code! Serving customers in rural areas can be challenging. Brooke and the team figured out how to deliver a great customer experience from a distance.💥 Here's what she said about the role our platform plays: "The main reason we went with the Digital Onboarding platform was we didn't have anything, and we serve very rural markets. Account openers were coming in and getting their notebooks with all their checking account documents. There was a one-pager that told them about the other things the bank offered: How to activate their debit card, how to sign up for online banking, and things like that. We were looking for a platform to help us and found Digital Onboarding. It has been a game-changer for us! 🥳 Account openers get a whole journey once they open their account. It shows them how to activate their cards, sign up for online banking, etc. Then it walks them through different products we have. It's totally changed the way we communicate with our customers!" #communitybanks #bankmarketing #retailbanking

ZYNLO® Bank, operated by PeoplesBank, fuels growth by attracting young, financially curious, digital-only customers. Brittny Williams (SVP of Growth & Partnerships) & the team are crushing it! Check out the results! 💪 REDUCE ATTRITION Goal: 25% reduction Actual: 64% reduction INCREASE BALANCES Goal: 10% Actual: 115% INCREASE TRANSACTIONS Goal: 1 more per month Actual: 6 more per month ZYNLO had been relying on an email platform that made it difficult to trigger campaigns & understand performance. The team knew it must excel at deepening new relationships from a distance to drive profitability. Britt was attracted to our platform’s ability to automatically trigger the right campaigns based on the customer's lifecycle stage. She also loves our friction-removing widgets - especially the Direct Deposit widget which eliminates the need for PDF forms. She said: “You make it digital where customers can set direct deposit up on their own without having to go to HR. We thought that was a game-changer. My advice to anyone considering using Digital Onboarding is to look at your team structure. I run a really lean team, and having Digital Onboarding allows me to get more out of the FTEs. And, if you don't have access to deep analytics that can help you decide what to do next because of prior results, Digital Onboarding would be a great solution.” 💥 #bankingindustry #neobanks #communitybanks #bankmarketing

BANKS CAN DIFFERENTIATE THEMSELVES. While many banks try to appeal to everyone with generic value propositions, Tennessee-based Sonata Bank adopted a niche approach. It’s betting on simple, frictionless experiences. The bank is filling a need in the quick-service and fast-casual restaurant industry where employee turnover rates are sky-high. It works with customers to lower staffing costs by avoiding recruitment, training, and hiring – delivering a bottom-line impact that can be life-changing for these businesses. Sonata had adopted Jack Henry’s Open Anywhere solution for speedy account opening but needed an account activation (onboarding) solution to ensure the relationships become profitable. The Sonata team recognized a follow-on problem standing in their way: Employees weren’t using the accounts they opened, especially the financially underserved and those unfamiliar with navigating the U.S. banking system, like first- and second-generation immigrants. To ensure that fast-food employees can adopt banking services and get up and running immediately, the bank will leverage the Digital Onboarding engagement platform. It’s designed for this purpose. It removes friction and makes financial products easy to understand and adopt. Sonata’s model is to scale with technology and automate processes to create efficiency gains. The Digital Onboarding platform is a key part of its strategy. While the bank did consider building its own solution, the team concluded that the Digital Onboarding platform offered a more holistic and personalized approach. It will allow the bank to scale faster and deliver a better experience for low-income and young franchise employees. 💥 Sonata’s own board is comprised of quick-service restaurant franchise owners, including the Chairman, whose legacy of ranking as one of the Top 100 franchise owners in the U.S. with more than 40 years of experience in QSR restaurant ownership informs many of the decisions Sonata Bank makes around fintech innovation. So they understand the employee turnover challenge. And while there are many reasons behind it, there was one issue the bank could address: Most employees lack solid financial management skills and struggle to make ends meet. Sonata Bank is about to change that! 💪 See the full story in The Financial Brand: https://lnkd.in/gxR_WywK #banking #neobanks #communitybanks #bankmarketing

Every bank & CU wants to deliver an awesome experience. But sometimes, technology throws a curveball. Outdated systems make it difficult to communicate the way FIs would like. So, they feel forced to do things that sabotage the experience & reduce profits. Here’s a good example: When CDs mature or leases expire, FIs waste resources sending notifications. Mailers are slow to arrive & don't exactly scream innovation. The customer & member experience isn't great & the whole operation is expensive. 💰 We don't blame marketers. We blame their marketing platforms. You see, importing data into most platforms is a real pain in the neck. FIs have to manipulate their data to make it usable. It's because most platforms use flat data models. They’re fine for e-commerce. But they weren’t built for banks & CUs. They make it impossible to understand and visualize multi-product relationships. FIs feel forced to send separate mailers for every expiring CD someone has. That’s right. If someone had 5 CDs about to expire, they’d get 5 mailers. 🤪 That’s not a great look, and it’s not a great experience. Our platform uses a relational data model—just like your core system. It lets you send a digital notification about MULTIPLE PRODUCTS SIMULTANEOUSLY—or deliver a unique notification for each product. Most importantly, it makes it easy for account holders to take action. Get the details: https://lnkd.in/gAMtXFPN #banking #communitybanks #bankmarketing #creditunions

Jay Tuli and the team at Leader Bank CUT INBOUND CALLS 27% by helping clients understand escrow adjustments 💪 Lindsey Rohan (First VP of Bank Innovation) had this to say: “This is a win/win! Mortgage clients are getting the help they need, and we are saving time and money by greatly reducing the number of phone calls we receive! 💥 The Digital Onboarding engagement platform helps us deliver highly personalized campaigns that clients truly value.” THE CHALLENGE Previously, loan clients were inundating the bank with phone calls because they needed to understand how the annual escrow adjustment process worked. Common questions included: • Why is my monthly payment going up? • What will my monthly payment be if I pay the shortage versus if I don’t? • How do I pay for the shortage? • How can I access my escrow statement? Although clients received emails that directed them to review their statements and a list of frequently asked questions, they required human support to navigate the process. THE SOLUTION Leader Bank tapped into the annual loan escrow statement data to create a more personalized campaign using the Digital Onboarding engagement platform. The new campaign helped clients understand their unique situation regarding the escrow adjustment process and the steps needed to fund the shortage or receive their surplus payment. Clients received an email linked to a personalized microsite that displayed their escrow shortage or surplus, the escrow disbursement for the next 12 months, and payment plans and options. The microsite also included a call-to-action button that enabled clients to make one-time payments. AUTOMATION DRIVES OPERATIONAL EFFICIENCIES By answering clients' questions before they're asked and delivering the details that people need to understand their situations, Leader Bank is delivering a much better customer experience that should result in improved retention rates. The best part is they're also saving time and $$$. 🥳 Paola Dutschmann Dorothy Zahir Ryan McNulty Kerry Ferraro Sydney Clapp #communitybanks #bankmarketing #fintech #escrow

🗓️ HAPPENING 9/19: Join Mark Cardella, CUCME (AVP of Marketing & Communications at Pacific Service Credit Union), Charlene Roca (Marketing Manager at Baton Rouge Telco Federal Credit Union), Adam Westley, & Laurie McLachlan for proven strategies & tools that can help your bank or CU automate your way to full customer & member engagement. Learn how to: - Drive services adoption automatically - Target your base with precisely the right offers - Streamline and digitize CD renewals & other notifications Register here & pass it on:https://lnkd.in/gxwV7fTB #communitybanks #bankmarketing #creditunions #fintech