E-Mail On-Boarding Welcomes New Members

Credit Union Magazine
April 9, 2010 | COMMENTS

Having a formal, electronic welcoming process encourages new members to expand their relationship with the credit union, providing a greater benefit to both member and institution.

That's the theory behind Meriwest Credit Union's new e-mail onboarding program, which informs new members of important services and products that would enhance their financial relationship with the credit union. Onboarding messages also target single-product members to expose them to the variety of products and services available to them as Meriwest members.

Meriwest's marketing team developed specific “eWelcome” communications for use within their e-mail service. The first eWelcome e-mails started going to new members last June.

During the first 90 days of a new membership, members receive e-mail communications from the institution at staged intervals.

The first week's e-mail has simple “welcoming” language inviting the new member to visit the Meriwest Web site for a more in-depth review of the credit union and provide further information on services available to them.

Over the next few weeks, welcoming e-mails highlight electronic services such as online banking, bill pay, and direct deposit, as well as core products that members may not have previously selected.

At the 30-, 60- and 90-day marks, the messages include specific and targeted marketing:

• At 30 days, if the member doesn't have a checking account, he or she will receive communication highlighting available checking services. If the member has a checking account, an alternative e-mail would suggest payroll direct deposit.
• At 60 days, the credit union emphasizes auto lending and its Personal Auto Shopping Service. Alternative communications are sent depending on the adoption of products and services over that same period.
• At 90 days, Meriwest will share the credit union's Homeowner Advantage program and highlight home purchase loans and real estate refinancing.

“It is no secret that members using multiple products and services have a much stronger relationship with their credit union than single-service members,” says Tony Cortez, Meriwest's vice president of marketing.

“The most advantageous time for adopting additional products and services is during the first 90 days of the relationship. We felt if we could communicate the institution's core product and service offerings during this period, we would have better-informed members with deeper relationships,” adds Cortez.

Using the series of e-mail messages has been beneficial to the marketing budget's bottom line, Cortez adds. “This campaign allowed us to maintain communication with our members so we could provide information about our products and services at a time when budgets are being trimmed in all areas.”

Reprinted with permission from Credit Union Magazine Online.