Digital Onboarding, Inc.’s Post

We had a fantastic week in Phoenix at #JHConnect & hope to see you in September in San Diego! Ian Wallace Matthew Little Rick Menjivar Colleen Palmer Dabbs Destin Wilson-Nix Benjamin Geiger

HEADED TO SAN ANTONIO this weekend for the Independent Bankers Association of Texas Annual Convention? • Meet Scott Fennell & Trevor Thompson at Booth 111. • Stop by our booth for a tequila tasting from 2:15 PM - 6 PM on Sunday. 🍋🟩 • On Monday, 10/7, don’t miss Ted Brown at the General Session to learn how to drive engagement & make account holders profitable. • Later in the day, Tricia Hrotko will host an educational session to help bankers build deep & profitable customer relationships through better onboarding & smarter cross-selling. We hope to see you in Texas! 🤠 #ibat

WE'RE HIRING a Marketing Content Producer who will work closely with our CMO (Laurie McLachlan) & Marketing Creative & UI Director (Nicole Brooks). They'll help with:   • Illustration creation & editing • Video creation, editing, & animation • A possible future podcast series • Designing eBooks, case studies, slide decks, & other materials Check out the job description, & instructions for applying & please pass it on. https://lnkd.in/g9uY_bgP

DIGITAL TRANSFORMATION is a massive investment. At least for now, the payoff feels like a fantasy. Just look at the data: THE BIG BET Banks and CUs are pouring money into digital transformation spending an average of $780K per $1B in assets, up 3X versus two years ago. They’ve invested in speedier applications, better digital banking, and slick fintech apps. Has the Big Bet been worth it? CAN YOU HEAR THE CRICKETS? Digital application volume dropped for the second straight year, neobanks are winning the lion’s share of new checking accounts, and customers and members aren’t fully engaging. Institutions are left with too many deposit and loan-only relationships. They spend a boatload to acquire unprofitable customers and members who cheat on them with third-party providers. THE OVERLOOKED OPPORTUNITY FIs are laser-focused on acquiring more customers and members faster and building slick digital features that live behind a login. They forgot to invest in building a bridge. To build sticky and profitable relationships, banks and CUs need a winning engagement strategy. They still rely on paper welcome kits, mailers, and phone calls to win people over. Cornerstone Advisors & Alkami Technology released a 2024 report with some important data that sheds light on this issue. Check it out here: https://lnkd.in/dCGzckxN #communitybanks #creditunions #digitalbanking #neobanks

Banks & CUs communicate with account holders A LOT. But too often, they use the wrong medium, & it backfires. Liz Froment wrote a piece for The Financial Brand: From Alerts to Engagement: How SMS (Text) Marketing Builds Long-Term Customer Relationships. She shared some solid points: WHEN IMMEDIACY IS KEY, SMS BUILDS TRUST According to the 2024 Consumer Texting Behavior Report from EZ Texting, 84% of consumers check their texts within 15 minutes. 👀 SMS [text messaging] has trust-building power, especially in high-stakes moments. It isn’t just a messaging tool; it can be a trust-building mechanism. Real-time updates create a psychological contract with customers [and members]. Our take 👉Communication is supposed to BUILD relationships—not KILL them. Yet, FIs spend a lot of $$ on old-school mailers—even for urgent matters. If someone overdrafts, they need to know before they overdraft again. (How many $35 burritos can anyone afford?) People check text messages all the time. More often than they check personal email. And a lot more often than they open their mail (if they ever do). Slow communication kills relationships. DON’T BLAST—PERSONALIZE & MAKE IT RELEVANT SMS isn’t just about blasting generic messages; it needs to be another path to building trust, delivering personalized experiences, and creating the kind of positive engagement that translates into lasting customer [and member] relationships. SMS messages based on real-time customer data, like sending proactive notifications based on spending patterns, have been shown to increase customer retention by over 30%. 💥 Our take 👉It’s not as if CMOs don’t understand the value of personalized messages. It’s just so darn hard for them to pull off. They’re held hostage by legacy systems. Their marketing platforms use flat data models that make it nearly impossible to visualize relationships & tailor messaging. It’s also the case that most institutions haven’t captured consent to text message customers & members. The Digital Onboarding engagement platform uses a RELATIONAL data model & it makes it easy for institutions to capture consent to send personalized text & email messages when it matters most. Check out the article: https://lnkd.in/dTSea98j #communitybanks #creditunions #bankmarketing

Credit unions bet on indirect loans to attract new members. Here’s the rub: When people shop for a vehicle, they choose the loan with the best rate. They don’t consciously choose a CU and don’t automatically expand their relationships. Natalia Custodio (Vice President of Marketing at UNCLE Credit Union) understands that betting on the indirect channel for growth requires a solid engagement strategy. She told us: “One of the main reasons we're using the Digital Onboarding platform is to help us in the indirect space. Almost 80% of our auto loans are indirect. When we were looking to simplify the process, we found out that our indirect team was manually sending emails from their personal email addresses and giving out account numbers and online banking information (how to sign up, make their payments, etc.) We could not believe that was still happening! So, when we found out that Digital Onboarding could tell folks what their monthly loan payment was and how to get into online banking (when they're probably not sure who Uncle CU is), we were absolutely beyond excited to join!” 🥳 We've helped: • $1.4B CU get 13% of indirect members to open additional products • OCCU | Oregon Community Credit Union get 50% more indirect members to adopt eStatements & reduce the length of time to enroll by 63% • Harborstone Credit Union get 60% of indirect members enrolled in online banking & 3% to open checking accounts. $1.1B asset CU increase digital service adoption rates for indirect members by 450% 💥 #creditunions #autoloans #cudifference

We are thrilled to welcome Kim Rose as our new Chief Customer Officer! 🥳 She has a reputation for being a vocal advocate for the needs and preferences of customers, and she’ll help us continue to champion a customer-centric culture throughout the company. Kim is also an exceptionally talented people leader. She is passionate about mentoring and helping her team grow in their careers and always puts people first. She has an impressive track record in designing and scaling post-sale teams, and we feel incredibly fortunate that she joined our company. 💥

David Rozner joined the team this week as Director of Sales Operations! He will support Adam Westley & the sales team by developing & optimizing our revenue operations process. He's a real pro & will help us drive growth & improve efficiencies across the sales organization. David, we're thrilled that you joined us! 🥳

Tyler Smart joined our team as Staff Engineer! He is a leader within the engineering team who drives the technical vision, product architecture, and development work. Tyler is a strategic thinker with a deep understanding of engineering principles, a passion for innovation, and the ability to lead and mentor our talented senior engineers. Welcome to the team, Tyler! We're so glad you're here. 🥳

Velera (formerly PSCU) dropped a new report titled The Psychology of Payments: Understanding Your Member’s Mindset to Achieve Long-term Growth. Here’s the scoop: PEOPLE RELY ON CREDIT OR DEBIT—NOT BOTH Credit & debit card users think differently. Velera worked with Mastercard, & here’s what they discovered: CREDIT CARD USERS ARE… • budgeters who plan & save • financially confident & focused on enhancing their lives  • concerned with prioritizing future outcomes • strong mental accountants who view their money within separate spending categories DEBIT CARD USERS ARE… • non-budgeters who spend the money that’s there • not financially confident & focused on getting through the week • concerned with making purchases for their immediate needs & happiness • unaware of their financial standing & view their money as a single pool BUDGETERS ARE SELF-SERVE & ❤️ NON-CASH REWARDS Budgeters aren’t motivated by low APR & balance transfer offers, because they typically don’t carry over credit card balances. They enjoy a challenge, ❤️ the “game” of finding the best deals, & want positive reinforcement for their behaviors. They can be swayed by gamification & rewards. To win them over, offer targeted, feature-rich rewards programs. Deliver self-service tools that help them quickly & easily manage their day-to-day spending & budgeting. Our advice 👉Play to their deal-seeking habits, and gamify your marketing. Use progress meters in and outside digital banking to consistently show cardholders how close they are to earning rewards. NON-BUDGETERS NEED HANDHOLDING & ❤️ CASH BACK Non-budgeters are motivated by the ability to save money & easy ways to manage their budgets. Cash back has more value to them than non-cash incentives, as it means more money in their pockets. They look for the lowest APRs & can be swayed by low-rate balance transfer offers. To win them over, help them AUTOMATE SELF-CONTROL. Deliver self-service tools & proactive triggers that allow them to limit spending in certain scenarios or receive notifications. Offer advice & personalized product offers when certain triggers occur (such as overspending in certain categories). Highlight services that help control spending.  They value predictability, protection, & encouragement to practice responsible habits. Provide more support, safety, & security. Focus less on making it feel like an “adventure.” Give them fewer choices & a clear path to achieving their goals. Our advice 👉Mailed notifications take days to arrive. When someone has a low balance, alert them immediately. If they overdraft, send an instant digital alert to help them get back on track. Use the insight to deliver education & highlight services that can help. Check out all of the findings & get the full report here: https://lnkd.in/gmFDCvnc