BEAVERTON, Ore. – First Tech FCU wanted to connect more strongly with new members in the first 30 days after they joined the credit union.
So late last year, the $8.3 billion CU launched its "New Member Welcome Series" as a way to interact with new members early and often as well as create a consistent onboarding experience. The campaign includes a series of automated e-mails and scheduled follow-up phone calls.
The results were impressive.
Some 80% of members who joined the CU in June and received the New Member Welcome Series had opened a checking account by Oct. 31 vs. 61% of members who did not receive the outreach.
Similar differences in engagement were noted in several other categories, including: average deposits ($14,000 vs. $5,000); enrollment in direct deposit (42% vs. 26%); use of e-statements (65% vs. 51%); and, active use of online banking (69% vs. 62%).
Before implementing this program, First Tech said the member onboarding experience varied based on where someone opened his/her membership – branch, online or over the phone.
"We historically provided branch and call center employees some standard materials at account opening; however, follow up communications and the member experience were inconsistent," the CU explained. As a result of this lack of consistent communication, new members often would have follow-up questions or were unaware of products and services that would enhance their First Tech experience.
Cross-Functional Team
The CU assembled a cross-functional team to identify common member questions and create personas for core member profiles that helped the team better understand member needs and wants. The team researched best practices from other leading financial institutions and documented what an "ideal" cross-functional experience flow and process looked like.
The result was a series of coordinated communications that included the following:
- Welcome e-mail – This message welcomes new members and includes basic information to get them started, such as links to enroll in online banking, find a branch/ATM and the routing number for direct deposit.
- Security e-mail – To assure the new members their money is safe and what the CU is doing to ensure it stays that way.
- Social e-mail – Encourages members to engage with First Tech on Facebook and Twitter.
- Online/Mobile Banking e-mail – Introduces First Tech's online banking and mobile apps. Reminds members how to enroll or download the apps, and provides key tips to configure features.
- Checking e-mail – If a member has a checking account, this provides a few tips to help them get the most out of it.
- Products and Services e-mail – This message mentions a few ways First Tech can help members strengthen their financial lives.
- Follow-up phone calls – An automatic queue in Salesforce, its CRM system, reminds First Tech employees to reach out and contact new members to answer any outstanding questions.
