| 
Belmont Savings Bank has announced a partnership with Boston-based Digital Onboarding Inc. to enhance the bank’s customer engagement by increasing new checking account activation rates. Digital Onboarding’s platform replaces expensive paper welcome kits, making it easier for customers to activate their new debit cards, sign up for online and mobile banking and switch direct deposits.
“We are proud to be partnering with Digital Onboarding’s innovative platform, which will maximize account activation rates, and strengthen the bank’s focus on customer relationship expansion,” Hal Tovin, COO of Belmont Savings Bank, said in a statement. “This partnership represents the latest fintech offering from Belmont Savings. Digital solutions are an exciting space for us, and we look forward to working closely with Digital Onboarding’s team moving ahead.”
Javelin Strategy and Research has reported that 25 percent of consumers believe that tasks such as enrolling in online banking are complicated, which negatively affects customer engagement and new account activation rates. Since a fully engaged customer drives $212 more in annual profit compared to an inactive customer, the impact of an effective and efficient new account onboarding experience can be significant.
“While some technology initiatives can make banks feel impersonal, Belmont Savings Bank is proving that delivering a fully automated onboarding experience can benefit the P&L while strengthening the connections between customers and the bank,” Ted Brown, CEO of Digital Onboarding Inc., said in a statement.
Belmont Savings’ partnership with Digital Onboarding Inc. is the latest digital undertaking by the bank. Previously, Belmont Savings announced it was working with the big data company Gryphon Network to fine-tune colleague outreach and assist in the sales process by monitoring all call activities.
This article has been updated to correct the amount a fully engaged bank customer drives in annual profit.
