Digital Onboarding, Inc.

Lindsay Cuda (VP of Marketing) & the team at First Heritage Federal Credit Union just grew eStatement enrollments by 38%! Paper statements can cost CUs $12-36/member/year, so it's a huge win. 💥 How'd they do it? They made enrolling EASY. Here's how: The CU used to email members & link them to digital banking to enroll. Members had to navigate multiple pages to find out how to opt in & many didn't. First Heritage reinvented the eStatement enrollment process. Instead of making members log in, they let people enroll outside of digital banking with an eSignature. In just 7 months, 2,300 members ditched paper statements. The adoption rate with the simpler process is 38% higher than it used to be! Friction is expensive. Simple experiences make members happy & save CUs a lot of time & money. Well done, First Heritage! 🥳

We're in Austin at the Future Branches conference! Find Trevor Thompson at Kiosk T2 to hear how we're helping banks turn account holders into deep & profitable relationships. Make it easy for customers to adopt more products & digital services, guide them through system upgrades & mergers, and help them renew multiple CDs at once. 💥

WE'RE HIRING a Growth Marketing Manager to design & execute scalable marketing programs to drive top-of-funnel growth, customer retention & customer upsell success. . 🚀 They'll bring a strong analytical mindset, a creative approach to problem-solving, a talent for persuasive storytelling & a proven track record in B2B demand generation for software or tech companies. See more details & apply here: https://lnkd.in/g8mpavZU

FRICTION IS EXPENSIVE. Here's a quick example: Banks & CUs spend an awful lot of $$$ printing & mailing paper statements. Does anyone really want them? Probably not. Paper statements: Can be easily stolen & pose fraud risks vs. eStatements: Stored securely behind FIs' firewall & encryption protocols So, why doesn't everyone enroll in eStatements? FRICTION. 😩 The average digital banking session lasts just 90 seconds. People don't want to fish around figuring out how to enroll. Our advice 👉 Make enrolling easy. Help them opt in without having to log in. 💥

THIS JUST IN:  Bank Director & Crowe dropped the results of their 2025 Bank M&A Survey. Here's the topline: As the industry navigates a complex landscape of rising interest rates & regulatory challenges, a sense of optimism is emerging regarding future M&A activity. Bank leaders are increasingly open to strategic acquisitions to drive growth & enhance their competitive position. Scale to drive technology investments & geographic expansion are the top factors driving acquisition strategies. 43% of bank leaders are very or somewhat likely to acquire another bank by the end of 2025 (up from 35% last year). Patrick Vernon (Senior Manager of Strategy & Transaction Advisory Services for Crowe) weighed in: "The general sentiment in the industry is that M&A is back on the table. Banks have been actively restructuring their balance sheets, which has improved valuations and created opportunities for strategic deals." Emily McCormick (VP of Editorial & Research for Bank Director) added: "Anecdotally, bankers are factoring further cuts in interest rates into their expectations for 2025, which should relieve pressures on deposit costs. However, uncertainty lingers as loan portfolios reprice, raising concerns about credit quality & potential impacts on bank earnings." Our advice 👉 Banks pursue M&A to gain efficiencies & competitiveness, but deals can go sideways if communication isn't properly managed. The reputational risks associated with a botched conversion are enormous, yet anticipating & managing all communication risks can feel impossible. Make the most of your investment. Check out our guide: Learn about: • The importance of M&A communications • 10 tips for mastering the art & science of M&A communications • Best practices from institutions with M&A experience

WE'RE HIRING UI/UX Designer! They will play a crucial role in shaping the user experience of our platform by creating intuitive, engaging, & visually appealing interfaces. 150+ banks & credit unions use the platform to: • Help new & existing account holders adopt services & fully utilize their accounts • Deepen relationships with intelligent cross-selling • Guide account holders through mergers & system upgrades • Automate manual work & eliminate paper-based servicing processes Our team is fully digital, which means you can work from anywhere in the U.S. We offer generous healthcare coverage, unlimited PTO, & 401(k) participation. This is a fantastic opportunity to join an awesome team at a fast-growing company! See the role details & apply here: https://lnkd.in/gxpbTVvJ

Christopher Murray & the team at Island Federal did something incredible - they reduced attrition for checking account holders by a whopping 25%! 👏 Checking accounts are key to winning household relationships, but many CUs invest in speedy account opening and forget about onboarding. People need help adopting services, don't fully understand the benefits, and barely use their accounts. Island Federal's Cash Back checking account has no monthly fee, no minimum balance requirement, and comes with uChoose Rewards® that lets members earn 1 point for every $2 they spend on their debit cards. The CU educated its front-line staff and leveraged our platform to ensure Cash Back checking account openers understood the value of the rewards program and other account benefits. Personalized journeys included self-service tools that made it easy to enroll in services: • Direct Deposit Widget: Let members instantly enroll in direct deposit without logging into their HR portals or contacting Social Security • Secure Personalizations Widget: Helped people retrieve their member numbers online, so they can enroll in services • Card on File Widget: Let members make Island Federal’s debit card the default payment method at a variety of merchants simultaneously • Mobile App Widget: Automatically directed members to Island Federal’s page in the App Store that matched members' mobile device types Christopher had this to say: “Acquiring checking accounts is expensive, and it’s imperative that we retain our relationships. I am absolutely thrilled that our front-line staff and the Digital Onboarding platform educated members on their account benefits and kept them engaged. Reducing attrition by 25% is a big achievement!”  🥳 #creditunions #cudifference #digitalbanking #fintech

WE'RE HIRING a Manager of Professional Services to lead our team of consultants, project managers, and technical specialists. They'll help our bank and credit union customers implement our platform quickly and successfully and provide ongoing strategic support to maximize the value financial institutions receive. Our team is fully digital, which means you can work from anywhere in the United States. We offer generous healthcare coverage, unlimited PTO, and 401(k) participation. See the details and how to apply: https://lnkd.in/gNgMqe5g #fintechjobs #techjobs #bankingindustry #creditunions

CommonWealth One Federal Credit Union cut its 1st-year attrition rate for checking account holders by 10%! That's a really big deal. 🥳 Karyle Thornton (CMO) told us: “Acquiring checking accounts is expensive, and the onboarding (account activation) process can make or break success.” FIs spend hundreds of $$$ just to acquire a new checking account. They're willing to do this because checking accounts can be key to winning household relationships. Except, 25-40% of checking accounts get closed within the 1st year due to friction during the onboarding process. Commonwealth One solved the engagement challenge. 💪 Instead of just TELLING PEOPLE what to do, the CU now delivers personalized onboarding campaigns that help account openers DO THE THINGS: • DIRECT DEPOSIT: The CU makes it super easy for members to enroll online & or retrieve their account numbers if they prefer to enroll via their HR portal or Social Security. • DIGITAL BANKING: Members can also retrieve their account numbers instantly to enroll in digital banking. • MOBILE APP: So many CUs have similar names. Commonwealth One makes it easy to get the right app by detecting users' device types & automatically sends them to the right page in the right app store. Smart CUs know that making things relevant & simple for members is one of the best ways to build deep & sticky relationships that last. Way to go, Commonwealth One! 👏 #creditunions #cudifference #directdeposit #digitalbanking

IN CASE YOU MISSED IT: Galileo Financial Technologies' '24 Consumer Banking Report sheds light on how FIs can drive better customer & member ROIs. It’s all about driving engagement. Here’s the scoop: The report focuses on where consumers primarily conduct their banking activities, recognizing that most people deal with multiple providers. DIGITAL BANKS WIN ACCOUNTS BUT TRAIL ON ENGAGEMENT As of April ‘24: • Top 20 traditional banks = 2.7B customers  • Top 20 digital banks= 3.8B customers 🏆 Sure, digital banks acquired 41% more customers, but they’ve struggled to engage them. In fact, they’re at the bottom: % of respondents that report having their PFI relationship at various FI types: • Big 4: 38% • Super regional bank: 19% • CU: 14% • Community bank: 13% • Regional bank: 7% • Digital bank: 6% 👈 • Other: 3% USAGE BENCHMARKS Direct deposit continues to be a good signal for primacy, with well over 80% reporting they make direct deposits with their PFI. Regular use of digital banking, ATMs, credit monitoring services, & digital wallets (in that order) are also solid indicators of PFI status. How often respondents use different channels: • Mobile banking: 58% weekly | 72% at least monthly  • Online banking: 44% weekly | 66% at least monthly • ATM: 25% weekly | 56% at least monthly • Visit a branch: 9% weekly | 33% at least monthly CUSTOMERS & MEMBERS ARE CHEATING ON THEIR FIs  “People are curating a suite of financial services within & outside their primary FI, & the PFI probably doesn’t even know it.” This really stings: “Customers (& members) use other FIs for key services even when their PFI offers that same service.” 😳 WINNING REQUIRES TIMELY, HYPER-PERSONALIZATION “Banks & CUs that can’t recognize a customer’s or member’s immediate need miss a big opportunity to meet that need before a competitor does” In the good ol’ days, you could wait for someone to visit a branch to discover what they need. Not anymore. “60% of people said they prefer to do everything without human interaction. Being at the point of need requires data that can be used to create nimble, timely, hyper-personalized experiences.” ATTRITION CAN FEEL INVISIBLE “Customers might not leave your FI, but they might stop adding value and complete most of their financial activities elsewhere. FIs must offer their customers highly curated offers at the point of need & at exactly the right time. Only data-driven strategies will enable this.” 💡 See the full report: https://lnkd.in/g8C_fpjd Data gathered via Datos Insights #communitybanks #creditunions #digitalbanking #bankinginnovation