Analytics and Segmentation Drive Deposits and Transactional Activity
Your financial institution is spending considerable money on account acquisition. And it appears to be working – you’re seeing steady growth in your account base. So why aren’t you seeing comparable growth in your revenue numbers? Once you take a careful look at your new account activity, you might find that a good percentage of these new account holders never fully onboarded with you. A successfully onboarded account holder will generate more deposit activity, use more products and services with your institution, transact more heavily and stay with you longer.
Research has proven that the level of engagement closely correlates with the profitability of checking accounts. But your account holders won’t generate profitable activity until they’re fully onboarded and committed to your bank or credit union as their primary financial institution. The Account Revenue Solution™ allows you to leverage big data and digital strategies to successfully onboard new accounts, drive cross-sales and boost transactional activity.
- You had a strategy to increase the onboarding rate of newly opened accounts?
- You could boost transactional activity of even the most inactive accounts?
- Such a program could deliver a 3 to 1 ROI or greater?
Enhanced revenue through successful onboarding, increased transactional activity and cross-sales.
No more wasted acquisition costs on consumers who open accounts and then disappear. The Account Revenue Solution includes an early onboarding strategy.
Engaged Account Holders
Be sure your account holders are actively transacting with your institution. Engaged account holders generate more profits for your institution.
Targeted, dynamic messaging and offers customized to specific account holder segments for increased success.
Turnkey, comprehensive solution including marketing, reward fulfillment, training and ongoing consulting.
KPI Tracking Dashboards
Our ARS program provides you with numerous graphic-rich dashboards to track KPIs such as account opening activity, incremental profit delivered by each account, comparisons of actual performance to pro forma, debit card activity and more.
Retail Best Practices
Velocity’s ARS team provides implementation, an on-site kickoff meeting, frontline training, help with creating or improving a sales culture for your employees, marketing, operations/delivery and reporting.
Pay only for usage. There are NO minimum monthly fees, marketing expenses, incentive or rewards expenses or program management costs.
In order for community financial institutions to grow, they need to consistently monitor and measure critical account data points and modify their procedures accordingly.
The megabanks are opening exponentially more accounts than regional banks, credit unions and community banks. Download our free white paper to learn why!
Fill out this form to immediately download the white paper, and we will contact you to discuss your 2021 Reacquisition Strategy!
Community financial institution management teams must develop strong deposit strategies that ensure future growth and institutional stability.