Improving Customer Onboarding with Financial Insights

This case study examines the challenges and solutions related to customer onboarding in banking institutions. It outlines how banks often rely on the initial opening balance of new customers to assign treatment groups, which can lead to missed opportunities for cross-selling and upselling. The study emphasizes the importance of identifying high-potential customers from day one using WealthComplete estimates of total household assets and deposits. By accurately assessing customer wealth, banks can optimize their marketing strategies and improve customer engagement. The analysis reveals that high-potential customers can increase their account balances significantly more than low-potential customers over a two-year period. The findings suggest that banks can achieve substantial incremental assets under management (AUM) by effectively identifying and targeting these high-potential customers. The study also highlights the gap in the share of total wallet between high-potential and best new customers, indicating the potential for growth if banks implement appropriate marketing strategies.