Alliant Credit Union: A renowned financial institution digitizes onboarding to drive revenue and quickly engage new customers

The Challenge

When it came to supporting their ambitious member growth and digital banking goals, Alliant Credit Union realized that their existing, analog onboarding process led to friction points, time delays, and a generally tedious customer experience. Their original onboarding process involved a slow, antiquated direct mail campaign that new members received 7-10 days after creating new accounts.
Moving forward, Alliant Credit Union looked to increase speed of engagement and strengthen their customers’ connection to digital banking tools by:

Their three key goals were to:

  1. Create a frictionless process of onboarding, making it easier and faster for
    new members to fully use their accounts
    from day one.
  2. Educate customers on digital banking tools, including cross-selling additional products like credit lines and personal loans.
  3. Capitalize on new-customer excitementby encouraging mobile app downloads and emphasizing membership perks.

Results

With the new, proactive and digital-centric onboarding email campaign, Alliant Credit Union made the switch from a slow, analog process to a dynamic, digital customer journey, personalized to the individual member. Remarkably, the campaign allowed Alliant to see incremental revenue within the 7-10 days it would have taken the old direct mail piece to even arrive at customers’ homes.

The new digital campaign addressed known onboarding pain points and increased awareness, engagement, and depth-of-wallet with the following KPIs:

52%

of those emailed downloaded the Alliant mobile app

5%

Went on to make a mobile deposit

2%

Opened a credit account

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The Path to Success

Powered by Selligent by Marigold relationship marketing solutions, Alliant’s newly digitized welcome campaign for new members focused
on the following objectives:

The solution was built around these key concepts:

  • Faster and simplified onboarding, with a better user experience Alliant Credit Union automated a
    four-part welcome email campaign to address new member pain points, educate them on products, and onboard them quickly. Not only does the process help build customer trust and loyalty, but reducing pain points and friction also increases digital banking adoption, and improves net promoter scores (NPS) and depth of wallet.
  • Personalize the journey map The automated onboarding email campaign now uses personalized content marketing to drive new members to digital banking channels, engage them in alternative products (based on their existing products), and cross-sell additional products at the height of their excitement about joining Alliant.
  • One step at a time Onboarding now means funneling customers into a carefully crafted journey: first, an email nudging online account activation, then a second email to prompt downloading the Alliant mobile app – unless profile data in Selligent by Marigold indicates that members have already done so. Emails three and four complete the education with tutorials on digital banking tools and cross-selling offers for products the customer has not yet purchased.