Javelin Report Finds What PFs Already Know: Faster Onboarding Is Critical

Onboarding speed isn't merely a consumer nice-to-have, according to a new Javelin study, but it has a concrete impact on whether customers engage at all and how many dollars they entrust.

"Banks and credit unions can boost the profitability of a new customer an estimated $212 a year with effective onboarding that emphasizes engagement," the report said. "Fully engaged customers are four times more likely than inactive customers to identify the new bank or credit union as their primary FI. Fully engaged customers not only 2.7 times more financial accounts than inactive customers at the new FI, but they also intend to open more accounts in the next 12 months." How much more? Three accounts versus an average of one-half of one account.