Digital Onboarding, Inc.

You're not going to win over Massud Z. (Chief Experience Officer for DEPARTMENT OF COMMERCE FEDERAL CREDIT UNION) just by doing a slick demo. As a pragmatist, Massud is constantly evaluating new tech solutions against all of the possible alternatives. So, it was especially sweet when he shared this: "My biggest concern is always the amount of money that we're putting into this product. Is there an alternative path? I always look at where the value is in what we're doing. Can we hire staff? Can we do something marketing-wise on our own? How much would it cost? Does it make sense? Those are my critical concerns. I'm the biggest critic of everything that comes in, and I genuinely could not find an issue with the Digital Onboarding platform. After the demo, I said, 'Let's sign'. It made sense!" 💥 We know our platform offers one of the easiest ways to deepen customer & member relationships. But, it sure was nice to hear it from Massud! 🥳 #fintech #creditunions #cudifference #banking

3/4 OF CUSTOMERS & MEMBERS WANT THE SAME THING - to achieve financial wellness & stability. Marketers spend a lot of time diagnosing customers' & members' unique needs. But, when 75% of your base is craving financial advice, it's surprising that more FIs aren't delivering proactive help. Bankrate just released results from its annual Financial Freedom Survey. Check this out: Based on their current personal financial situation, 3 in 4 Americans (75%) say they are not completely financially secure (up from 72% in 2023). This group includes 30% who expect they will never will be financially secure. Here's what Principal US Economy Reporter, Sarah Foster, said: "Life always seems like it’d be better with just a little bit more money to spare. That’s even more true when the items Americans both need and want have been climbing in price. In the four years since the pandemic, comfort is no longer a commodity but a financial privilege, appearing to only be afforded to those wealthy enough to ‘eat’ the impact of inflation.” We're helping community banks & CUs deliver educational journeys & targeted offers that help people get & stay on their feet. Hit us up for help. #communitybanks #creditunions #bankmarketing #financialwellness

WE'RE HIRING a Strategic Accounts Manager to serve as the primary point of contact for our key financial institution customers. 💪 They'll understand: ◆ Customers’ business goals & how to achieve them with the platform ◆ How to inspire greater platform usage ◆ The ideal way to nurture customer relationships to fuel delight Check out the full job description & pass it on to every qualified candidate you know! https://lnkd.in/g3YjSg-h

TEXT MESSAGES DEEPEN RELATIONSHIPS. Yet, some banks & CUs are reluctant to send them. Why? Gartner reported that 98% of all text messages get read, which is nearly 5x higher than the average email open rate. Unfortunately, scammers and fraudsters are making things tricky for financial institutions. Customers & members aren’t always sure if text messages are legitimate. People want their financial institutions to use text messaging, but institutions are wary. Read our guide to learn: ◆ How institutions like Peoples Bank of East Tennessee, FVSBank, and Greater Nevada Credit Union are using text messaging to drive engagement ◆ SMS texting best practices and where to begin ◆ What Smishing is and how to respond if your bank is attacked #bankmarketing #communitybanks #creditunions #fintech

YOU CAN'T DEEPEN RELATIONSHIPS if you can't communicate on a relationship level. Your marketing platform isn't built for you. It uses a flat data model that's fine for e-commerce, but it doesn't understand multi-product relationships. The Digital Onboarding engagement platform is built for banks & credit unions, so it uses a relational data model. Now you can: ◆ Easily identify accounts they have, products they don't have & services they're eligible for. ◆ See account details like account statuses, APY, balances, maturity dates, payment dates, & more! See how it works: https://lnkd.in/gAMtXFPN #bankmarketing #communitybanks #creditunions #fintech

Capital Performance Group (CPG)’s Ally Akins & The Financial Brand analyzed banks’ marketing budgets & financial performance. The real story here is how traditional banks are getting ABSOLUTELY CRUSHED by fintechs. Here’s the scoop: FINTECHS CUT COSTS & OUTSPEND TRADITIONAL BANKS Banks must compete with national fintechs that are playing a different game, with drastically different resources. The 9 fintech holding companies they analyzed have AVG assets of $134B: American Express Co. Capital One Financial Corp. Discover Financial Services Green Dot Corp. LendingClub Corp. SoFi Technologies Synchrony Financial Ally Financial Cass Information Systems First off, fintechs have a tremendous cost advantage: They don’t rely on large branch or physical distribution networks. Secondly, fintechs are outspending traditional banks by A TON. To put it plainly, if a $3B bank is spending $2.1M (7 bps of assets), a fintech bank holding company of that size would be spending $25.2M (84 bps of assets). That’s 12x more - & some comparisons between asset classes are worse)! Our take 👉 It’s not just higher spending that’s placing fintechs well ahead—it’s their talent for designing differentiated products & simple experiences. Banks should take note because most are drowning in a sea of sameness. AVG SPENDING AS % OF ASSETS Fintechs have deep pockets & spend 8-14X more than banks on marketing. They invested an AVG of .84% of assets while traditional banks invested .06% - .11%: Our take 👉 Neobanks opened the lion’s share of checking accounts in '23. Their fat budgets are a key reason why. Assuming marketing dollars are wisely deployed, you’d expect 8-14X more spending to result in market domination. HIGHER SPENDING ≠ BETTER RESULTS Traditional banks, in general, grew marketing more slowly in ‘23 vs ‘22. Growing revenue remained an industry-wide challenge as banks fought for funding sources & competed against rivals of all kinds for deposits. As a result, only the largest banks managed to grow revenue faster than their non-marketing spend peers, while banks <$50B saw worse negative revenue change YoY than their peers. Our take 👉Why do FIs cut marketing budgets in difficult economic climates? Doesn’t it take more to grow? And when competitors cut spending & you hold strong, you’ve got a chance to leapfrog. WHAT TO DO TO SURVIVE Marketers can’t control their institution’s ability to remain profitable & to grow profitability further. However, they can contribute to their institution’s growth goals through targeted customer growth initiatives & campaigns that aim for customer retention & relationship deepening. Our take 👉Smart banks are wisely focused on driving more ORGANIC growth. They’ve studied how fintechs stamp out friction & deliver personalized guidance & offers that convert. If you want to better compete, hit us up! Read more: https://lnkd.in/eDtQEaYn

EPAM Continuum released its 2024 Consumer Banking Report. The highlights: WHEN IT COMES TO SWITCHING, IT’S MOSTLY TALK ◆ Last year, 30% said they’d be willing to switch banks in the next year ◆ Only 9% actually did When people switch, it’s usually driven by a life event—a new job or house, etc. But one lifecycle event stands out—when they turn 18. Our take 👉 18-year-olds may not be the most profitable, but they’re valuable because people don’t switch banks often. The average American has had their checking account for 17 years. When people open accounts, be ready to help! BANKS AREN’T WINNING PRIZES FOR DIGITAL EXPERIENCES Just 17% of U.S. respondents said they were happy with their banks because of the intuitive digital experience. Our take 👉 No kidding. Account openers have to navigate archaic processes. Direct deposit PDFs feel like 2005. To build profitable relationships, deliver personalized digital guidance. Help people use their accounts & open more. PEOPLE VISIT BRANCHES BECAUSE DIGITAL IS HARD 86% of respondents used a branch in the past year, and it wasn’t because they had to. The top reason they went was to make a deposit. They do it because it seemed too difficult to do digitally. Our take 👉 It doesn’t make sense to pour millions of $$$ into building digital banking features no one uses. People don’t remember features. They remember how you MADE THEM FEEL. Winning banks are building intuitive experiences that make banking feel easy. YOU’RE NOT THEIR ONLY FI 74% said they use additional FIs. Here’s the kicker: A quarter of people who cheated reported having 3+ additional products. Popular products include: ◆ Credit cards: 37% ◆ Savings: 31% ◆ Checking: 21% A quarter of them use a 3rd-party app, like PayPal. They use fintechs for: ◆ Cashback: 35% ◆ Budgeting: 30% ◆ Financial planning: 32% Our take 👉 If you offer cashback rewards & budgeting, make sure customers know! Don’t communicate features. Message benefits! PEOPLE ARE STARVING FOR FINANCIAL GUIDANCE 70% of those aged 18-54 say receiving personalized recommendations is important. Our take 👉 Especially in today’s economy, FIs need to deliver proactive advice. Community banks are there to help people succeed - not just to sell products. Leverage your data to discover when they need help & deliver personalized offers. BANKS NEED MORE DATA & BETTER ACCESS Banks must collect data about habits, intentions, preferences, & unmet needs. In an ideal world, they would use three types of data: ◆ Financial data that they have ◆ Financial data that they do not have ◆ Non-financial data Our take 👉 We’ve talked to so many FIs that have data—it’s just hard to access. Marketers waste so much time manipulating their data to deploy campaigns. So, don’t just get your hands on the data. Get tech that makes it easy to leverage it. Read the report: https://lnkd.in/gfzAV2um #communitybanks #bankmarketing #fintech

Adam Westley, Colleen Palmer Dabbs, Nicole Brooks, & Laurie McLachlan are in Denver this week for some sales & marketing strategy work & in-person fun. The city gets 300+ days of sun each year, so it's rare to see the sky after heavy rain. What a night!

MAKE YOUR MARKETING TEAM FEEL HUGE! 💪 When banks & CUs buy our platform, they get access to a team of specialists. Carlos Ronquillo (Marketing & Training Manager for Garden Savings Federal Credit Union) put it this way: "The Digital Onboarding platform is so easy to use! 💥 It automates my marketing and makes my life easier. I have been with Digital Onboarding for two years and have had two Account Managers. I currently work with Shannon Phelan. She is amazing! 🥳 I get to throw my crazy 'marketing guy ideas' at her, and she can hit the ground running. I have a team of Support behind the scenes that makes our creative come to life." If you're looking to change the way that you do email marketing - and even digital marketing in general - I would definitely give it a chance. Look at Digital Onboarding so that you can revolutionize the way that you connect with members." #creditunions #cudifference #fintech #banking

Dave H. brought our trucker hat to Quinten, Switzerland!🇨🇭 Deepening banking relationships can feel like climbing a mountain, 🏔 but the right technology can make a massive difference. If you're in the industry & want to look cool like Dave, request your hat here: https://lnkd.in/gbb6_yiP