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Rapid Action Team Results

Improving Account Retention with Rapid Action

Financial Services
A regional bank needed ideas to better engage new checking account customers to bring down rising attrition rates and increase cross-selling opportunities. Data indicated that 25% of new accounts were closed within their first 6 months of activation. A small team of employees across departments collaborated to improve onboarding procedures, resulting in nearly $68,000 of gains in the first year.

Situation

Inconsistent onboarding processes and low engagement with new checking account customers were driving high attrition rates for new accounts. Recent JD Power rankings highlighted this as a significant opportunity for improvement.

Team Engagement Strategy

A team of seven employees was assembled and equipped with Rapid Action, a toolkit for small problem solving teams.

Rapid Action Project Charter

How can we improve the onboarding experience of new checking customers to increase product penetration and reduce account closures?

Sample of Solutions Implemented

  • Created an onboarding checklist and updated the welcome kit which increased customer understanding of product features as well as JD Power ratings.
  • Customized the direct deposit enrollment process which removed barriers to engagement and decreased account closures.
  • Developed new tracking codes in an existing system to document onboarding activities which allowed for monthly reporting and targeted customer follow-ups.

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Rapid Action's powerful toolkit has helped hundreds of organizations achieve measurable results in less than 60 days while getting their team members engaged in long-term improvements. Download a Rapid Action Project Planner and see where you could be in 60 days!
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