Case Study: Onboarding Program + Behavioral Triggers

Background:

A $1.1b Mid-Atlantic based financial institution wanted to implement an on-boarding campaign to increase user brand experiences and expand their new customer relationships during the first 120 days.

Objective:

To increase overall loan and deposit balances, engagement and retention rates among new customers over a 4-month period.

Action:

New customers were divided into four segments based on age, lifestyle and product usage criteria and targeted using relevant behavioral triggers and tailored offers during their first four months.

Results:

Average response rates were 9.5%, generating 799 additional new accounts, $920K in new deposits and $3.9M in new loans. The onboarding campaign generated $75,490 in total net profit, resulting in an ROI of 505%.