North Shore Bank, a community bank with twelve branch locations and more than $800 million in assets, has selected Digital Onboarding Inc., a SaaS technology company that provides a fully automated new account activation platform, to ensure that customers may access the full benefits of their new accounts.
When a customer opens a new account, it’s important that they are able to take full advantage of it after leaving the branch,” said Joe Bartolotta, Senior Vice President and Chief Customer Officer for North Shore Bank. “By educating and encouraging customers to log in to online banking, download the mobile app, and switch their direct deposits, the Digital Onboarding platform helps to maximize new account activation rates and further increase customer satisfaction.
The Digital Banking Report from the Financial Brand showed that new customer attrition rates range from 25% to 40% due to suboptimal onboarding processes. Yet, nearly half of U.S. banks and credit unions have not implemented an onboarding process for new checking account customers.
To build deeper and more profitable relationships, banks and credit unions need to think beyond the account opening transaction and ensure that they have effective onboarding processes in place,” said Ted Brown, CEO of Digital Onboarding Inc. “I appreciate the chance to partner with a customer-focused institution like North Shore Bank to optimize the experience for new account holders.”
"In addition to driving account activation and customer engagement, the Digital Onboarding platform enables North Shore Bank to become more operationally efficient by eliminating the cost of phone calls, paper welcome kits, and postage from the onboarding process. We believe that this will make us even more competitive in the marketplace.” said Christopher Pesce, Vice President of Marketing for North Shore Bank.
For Digital Onboarding media inquiries, contact: Laurie McLachlan, laurie@digitalonboarding.com, (617) 921-2916
About Digital Onboarding Inc.
Digital Onboarding Inc. is a SaaS technology company focused on helping banking and credit union customers activate their financial services products. Digital Onboarding provides a fully automated new account activation platform that is more efficient and effective than traditional phone calls, emails, direct mail, and print brochures, driving profit by increasing new customer activation rates.