5/18/2009
SEDONA® Corporation, a leading provider of Customer and Member Relationship Management (CRM/MRM) solutions for the financial services market, today announced that the company's bank and credit union customers are seeing up to a 6% increase in new customer retention using SEDONA CRM/SEDONA MRM to automate their new customer on-boarding processes.
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.
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 Matt Keegan, Regional Sales Executive for SEDONA.
According to Connie Thienes, Director of Product Management, Heartland Financial, "We believe the first 180 days of a new relationship is the prime window of opportunity for expanding and solidifying our rapport with a new customer. To manage our on-boarding process manually would be an onerous task. SEDONA CRM simplifies the process, allowing our employees to focus their time on serving our customers rather than on administrative tasks."
Advancial Federal Credit Union also signed up for the new program. Deborah Griesbach, Vice President Marketing & Business Relations for the credit union, commented, "We are seeing an increase in member growth from Louisiana to Alaska, and new member on-boarding allows us to fulfill our mission of anticipating the needs of our members by providing timely, unbiased and intimate financial advice and a full array of technology-enabled products and services that deliver exceptional value."
