For financial institutions, “onboarding” new customers is a critical process that begins when a customer opens an account and continues through the first 60 to 90 days following the initial contact.

The onboarding process presents an excellent opportunity for financial institutions to lead a customer toward a mutually beneficial relationship, which can translate into improved financial performance for the bank or credit union. A successful onboarding program can drive the adoption of more banking services, resulting in lower customer attrition, Increased customer profitability and higher customer satisfaction.

Fiserv commissioned Phoenix Marketing International and Capital Performance Group to identify customer onboarding best practices related to driving enrollment and activation of online banking and bill payment services. Five super-regional banks participated in the study. Based on the results, Fiserv and its partners identified the “Top 10” best onboarding practices that were categorized into four key areas.

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