The Challenge

Finex Credit Union wanted to improve their new member onboarding process to increase engagement and drive higher product adoption. In short, they wanted to build deeper relationships with their new members.

The credit union needed a strategy to leverage key data points about each new member to personalize the new member's onboarding journey, prioritize specific product sign-ups, and cross-sell additional services.

Utilizing HubSpot Marketing Pro, Finex also wanted to ensure that their email designs aligned with their branding and incorporated the latest marketing trends to maximize effectiveness.

The Goal

• Enhance member experience by creating a personalized new member onboarding journey
• Increase product adoption by informing new members about different services to ensure they are aware of the full range of offerings available to them
• Drive engagement through personalized communication and strategic email marketing via the HubSpot Tool

The Result

Finex's previous onboarding program results with only 3 emails: 

Finex's new onboarding program results with 16 emails:

We increased the number of emails going out to members in the onboarding program from 3 emails to 16 emails. Usually sending more emails is equated to lower average open rates. In this case though, we managed to double the click rate of emails. This shows that members of the credit union valued the increase of emails and valuable information in the onboarding process. 

Percentage increase from original onboarding: 

Sent Emails increased by: 55%

Email Opens Increased by: 63%

Total Clicks Increased by: 286%

The above shows the emails sent out for the new onboarding process. All onboarding emails' open rates are well above the average of 20%, and the click through rate is phenomenal. There is a very low unsubscribe rate, mostly 0%. All this to say, it is very important to keep communicating with your members after they have become a member. It is easier and more cost effective to convert the current member to signup for products in comparison to acquiring a new member.

The above shows the number of people enrolled and how many cross sell opportunities led to actual growth in loans and accounts. Any cross sell is great because without a comprehensive onboarding process, these numbers would be 0. The 15% of members onboarded got a checking account and they even got some referrals from the onboarding process. 3.72% got auto loans after the onboarding program. Since the program has been running less than a year, we hope to improvise based on the data we receive and make changes to adjust emails  based on their goals and see growth accordingly. 

Example map of how the workflow is set up:

Example of an email that is part of the onboarding marketing automation:

We created a custom video to go with their onboarding program to inform the new members of all the great features their online banking comes with. This video was not only used for onboarding but also incorporated on their website homepage and other platforms to create awareness:

You can do this for your Financial Institution as well, and we can help!

Our team can develop a custom plan for your onboarding program that works for your members/customers. Reach out to our team to schedule a call to demo one of the onboarding programs or get started. We can achieve great things together! Let's make it happen! 

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