FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Velocity Solutions has released a new white paper commissioned from Cornerstone Advisors: “The Reacquisition IMPERATIVE: Why Financial Institutions Must Reacquire Customers Through Engagement.” Cornerstone Advisors conducted an online survey of 3,004 U.S. consumers, revealing that most banks and credit unions fail to consider the critical role that consumer engagement plays in profitable relationships. The survey data show that customer or member engagement is a strong predictor of—and driver of—relationship strength. However, most financial institutions simply do not see strong levels of engagement from their account holders.
This 35-page white paper contains 37 figures, graphs or tables based on consumer survey data and Velocity Solutions is offering it free to the banking and credit union industry. A live Webinar presenting an executive summary of the findings will be hosted by Velocity Solutions on October 14, 2020. The Webinar will be presented by the author of the white paper, Ron Shevlin, Director of Research for Cornerstone Advisors, and Steve Swanston, EVP of Velocity Solutions.
Some of the highlights of the white paper include:
- What’s prompting consumers to open new checking accounts?
- What are the preferred channels to open a new account?
- What do consumers like/dislike about the account opening experience?
- Are financial institutions taking the opportunity to get to know their new account holders during the account opening experience?
- Are your peer financial institutions effectively onboarding account holders with targeted communications? Where are they succeeding – or failing?
- What would motivate consumers to transact more frequently with their debit card?
- What does “engagement” mean? How would you define it? Do you know how to measure it?
- How does engagement level relate to a consumer’s use of various products and services?
“This report confirms what we’ve observed from years of working with banks and credit unions,” said Christopher Leonard, CEO of Velocity Solutions. “We emphatically tell our clients that opening the account is only the first step in a profitable relationship. Those accounts need to be activated and onboarded to result in profitability, with the account holder actively transacting and engaged with other products and services. Our experience and our data have shown us that most financial institutions are not effectively optimizing each stage of the process. Consequently, accounts become inactive. Cornerstone’s research confirmed our hypothesis. This is why we continue to refine and develop innovative strategies for maximizing account holder activity, engagement and performance throughout the entire account life cycle, and why our solutions have proven to be so successful for our clients.”
Click Here to download the white paper: The Reacquisition IMPERATIVE: Why Financial Institutions Must Reacquire Customers Through Engagement.
Click Here to register for the live Webinar on October 14, 2020.
About Velocity Solutions, LLC
Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions is the leading provider of revenue-driving solutions for community banks and credit unions. Our Velocity Intelligent Platform™ powers all of Velocity’s solutions, using machine-led intelligence that delivers powerful analytics and drives revenue, deposits and loans to our client financial institutions.
About Cornerstone Advisors
Cornerstone Advisors delivers consulting services, industry insights and executive forums aimed at helping financial institutions improve their profitability and performance—quickly and efficiently. Armed with nearly two decades of experience, the philosophy that financial institutions can’t improve what they don’t measure, and an authoritative database of performance metrics and vendor contract data, Cornerstone can show banks and credit unions how laser-focus measurement can lead to more competitive business strategies, better vendor contracts, educated technology decisions and purposefully re-engineered processes.