New Customer On-Boarding Processes Pay Big Dividends for Community Banks and Credit Unions
A new report from Aite Group, LLC shows that 55% of bank respondents indicate they see growth of deposits as a result of new customer acquisition. In a similar study, 58% of credit union respondents say they are experiencing deposit growth due to new members. In order to help community banks and credit unions retain more of these new customers and members, SEDONA Corporation, this week, introduced a new customer/member on-boarding process exclusively for their SEDONA CRM and SEDONA MRM clients.
Banks and credit unions have long known there is a short "honeymoon period" with new customers or members in which the bank or credit union can secure their financial services relationship. The first few weeks and months of this new relationship have been proven to be critical in determining the lifetime value and profitability of the new customers and members.
SEDONA's on-boarding process proactively drives relevant and timely communications between the financial institution and the customer or member in order to support lasting, growing relationships. SEDONA professionals support the financial institution and guide them through:
- Defining an on-boarding process for new customers and members.
- Developing training materials for staff who will use the process.
- Rolling out the on-boarding process at the institution.
- Creating measurement reports for calculating the return on the on-boarding process.
In the first days of the offering, SEDONA Corporation had several requests for the program from clients. "It can take up to six years to recoup the cost of acquiring a new bank customer or credit union member. I am not surprised our clients immediately saw the benefits of the program," commented
Advancial Federal Credit Union also signed up for the new program.
About SEDONA Corporation
SEDONA(R) Corporation (OTC Bulletin Board: SDNA) helps community banks, regional banks, and credit unions to thrive by enabling their entire organization to effectively identify, acquire, foster and retain loyal, profitable customers and members. SEDONA offers SEDONA CRM(TM) for banks and SEDONA MRM(TM) for credit unions, delivering software, services, and knowledge that provide the foundation for initiatives to improve customer acquisition, customer retention, profitability, referral tracking, cross-selling, sales culture support, marketing and organizational efficiencies, and marketing ROI. For additional information, visit the SEDONA website at www.sedonacorp.com or call 1-800-815-3307.
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," "anticipates," "plans," or "expects," and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
SEDONA(R) and Intarsia(R) are registered trademarks
and SEDONA CRM(TM) and SEDONA MRM(TM) are trademarks of SEDONA Corporation.
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This press release and prior releases are available on the SEDONA Corporation web site at www.sedonacorp.com.
SOURCE SEDONA Corporation