Phoenix Synergistics Onboarding Programs: The Consumer Perspective

Feb 2017 | Financial

Onboarding programs are receiving a great deal of attention in today’s financial marketplace. These programs are designed to develop and enhance financial relationships from inception. In essence, onboarding is a short-term strategy that can lead to long-term and loyal relationships. There are a number of steps that can be part of the onboarding process.

The first step is often an assessment of customer needs when the product or service is first purchased. This step can be followed with some form of thanking the customer for the purchase. A series of steps can follow such as inquiries about product usage, satisfaction, and problems or concerns. These steps can utilize a variety of forms of communication from traditional mail, email, telephone calls, as well as a mix of channels. It is valuable for these contacts to occur early in the relationship and that they are personal and frequent. As a result of these contacts, cross selling can either follow or additional sales may be an adjunct to the onboarding process.

While most onboarding is associated with checking accounts, purchases of all types of financial products and services may benefit from the onboarding process. In developing and implementing onboarding programs, it is essential for providers to understand the consumer perspective. How do consumers respond to the onboarding process? Do consumers consider some steps as valuable, while others are seen as too much of a good thing? What channels are preferred? This Phoenix Synergistics survey will examine these issues as well as others to provide financial institutions with clearer insight into the consumer perspective on the onboarding and sales process.


    • I. List of Exhibits
    • II. Executive Summary and Implications
    • III. Strategic Insights
    • IV. Market Competitive Intelligence


    • V.Comprehensive Strategic Summary
    • VI. Survey Results
    • VII. Methodology

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