Growing consumer interest in digital banking services—combined with the necessity to modify normal in-person operations during the past 12 months—has caused a major change in the way banks and credit unions connect with account holders. Over a very short time span, the options available for new account openings shifted almost entirely to online and mobile channels, leaving a gap in personalized, one-on-one interactions.
No doubt, as traditional service options have been disrupted, enhanced technology and digital capabilities have provided increased flexibility and convenience for consumers when opening accounts and completing financial transactions.
However, when it comes to offering an overdraft service that provides your account holders with peace of mind when faced with financial shortfalls, vigilance in providing ongoing communications cannot be overlooked. To establish account holder trust and remain compliant, care must be taken to ensure easy access to consistent program messaging and digital support functions that help account holders resolve their issues with a full understanding of how the service works and how to use it responsibly.
Communication is essential for successful onboarding
According to the results of a recent onboarding study, despite the importance of early engagement, only about half of the financial institutions surveyed had an onboarding process in place. Among those that did, the process had not been optimized for the level of communication desired by account holders.
Establishing a more personalized, information-driven approach to your digital onboarding strategy is an effective way to reinforce your new account experience. Plus, it can increase account holders’ understanding of how your overdraft program works and build confidence in your commitment to helping account holders meet their financial needs.
Provide consistent messaging across channels
Going forward, whether or not consumers continue to rely heavily on digital access to transact their financial business, a commitment to ongoing communication is essential. Failure to provide consistent, up-to-date information about the products and services you provide—like overdraft privilege—can increase account holder confusion and reduce their reliance on your institution as their primary source of financial services. What’s more, it can lead to increased risk of compliance and legal scrutiny of your program’s processes.
An overdraft program provider with knowledge and experience in program implementation, management and the changing regulatory environment can ensure your onboarding and account service strategy includes all of the components you need to keep your account holders informed and confident when financial challenges arise—whether they are accessing your services in a nearby branch or via their choice of digital channels.
JMFA is one of the most trusted names in the industry. Whether it’s recovering lost revenue, uncovering new savings with vendor contract negotiations, creating more value, serving account holders better or delivering a 100% compliant overdraft service—JMFA can help you deliver measurable results with proven solutions. To learn more, please contact your local representative or call us at (800) 809-2307.