The Digital Onboarding engagement platform helps banks and credit unions turn account openers into deep and profitable relationships.
About Digital Onboarding
With the Great Wealth Transfer of approximately $84 Trillion from Boomers to Millennials, the banking industry faces increasing pressure from more technically savvy consumers. Millennials want to be able to open accounts and access funds digitally and view omnichannel access as a “must-have”. Specifically, 87% of Millennials expect omnichannel communication access as a base level of service.
The technological challenges are only further exacerbated at local banks and credit unions (CUs). Currently, only 1 out of 10 credit unions offer omnichannel banking and 37% of CUs identify themselves as laggards. Many local banks and credit unions are still forced to rely on cold calling and postal marketing to connect with their customers. To preserve and further engage their members and set themselves up for success in the new era of digital banking, local banks and credit unions need easy-to-configure and vertically focused CRM, marketing, and communications systems.
Why We Invested in Digital Onboarding
Local banks and credit unions have positioned themselves as safe, personalized, and community-centric options for consumer banking. While leaning into the mission of advancing their community, local banks and credit unions have historically relied on brick-and-mortar branches to provide services and education for members. However, as wealth shifts to Millennials and Gen Z, banks and credit unions have been forced to provide online products to keep up with consumer demands – an area where these financial institutions have historically struggled, leading to many disengaged customers and inactive accounts.
When the Volition team first met Ted Brown, CEO of Digital Onboarding, his passion for the business and industry was remarkable. Through Ted’s leadership experience in sales at Anderra, he was able to deeply study the opportunity to serve local banks and credit unions in a dedicated manner, and ultimately, successfully launch Digital Onboarding. Today, by providing a wide array of engagement, onboarding, and product enrollment solutions, Digital Onboarding has helped its customers bring their highly personalized experiences to members online. The Company stays highly attuned to customer pain points and further develops the platform around customer needs.
As a capital-efficient, founder-led business, Digital Onboarding embodies the key values of a Volition business. The Company is relentlessly dedicated to customers and their success while helping local banks and credit unions further expand technological capabilities into the future. We are proud to partner with the Digital Onboarding team and support the team in their mission.