Somerset Trust Company Selects Digital Onboarding Inc. to Deliver Superior Customer Service and Convenience
Published on March 19, 2018
Somerset Trust Company, an independent community bank with over $1 billion in assets, has selected Digital Onboarding Inc., a SaaS technology company that provides a fully automated new account activation platform, to maximize customer engagement rates while completely eliminating the cost of phone calls, paper forms, and postage from the process.
“In an industry like banking where products are heavily commoditized, it’s strategically important for Somerset Trust Company to remain laser focused on delivering superior customer service and convenience.” said John Gill, Chief Operating Officer for Somerset Trust Company. “Instead of giving customers paper welcome kits with forms and instructions on how to activate their new accounts, we are leveraging the Digital Onboarding platform to offer a fully digital experience and intuitive, step-by-step guidance from start to finish.”
Javelin Strategy and Research reported that 25% of consumers believe that tasks such as enrolling in online banking are complicated which negatively affects customer engagement and new account activation rates. Since a fully-engaged customer drives $5,724 more in annual revenue compared to an inactive customer, the impact of an effective and efficient new account onboarding experience can be significant.
“New customer attrition rates can be as high as 40% because consumers believe that tasks such as enrolling in online banking, downloading a mobile app, and switching direct deposits are harder than they actually are,” said Ted Brown, CEO of Digital Onboarding Inc. “The Digital Onboarding platform addresses this issue and I am thrilled that Somerset Trust Company is using it to deliver a state-of-the art onboarding experience while completely eliminating the costs associated with paper-based onboarding processes.”
About Somerset Trust Company:
With over $1 billion in assets, Somerset Trust Company is an independent community bank serving customers in the state of Pennsylvania. Since 1889, Somerset Trust has been committed to providing excellent service and competitive products as well as maintaining a high profile in the growth and economic development of the markets it serves.
About Digital Onboarding Inc.
Digital Onboarding Inc. is a SaaS technology company focused on helping banking and credit union customers activate their financial services products. Digital Onboarding provides a fully automated new account activation platform that is more efficient and effective than traditional phone calls, emails, direct mail, and print brochures, driving profit by increasing new customer activation rates.
For additional information, visit https://www.somersettrust.com.
For Somerset Trust Company media inquiries, contact: Roberta Lohr, lohr@somersettrust.com, (800) 972-1651
For Digital Onboarding media inquiries, contact: Laurie McLachlan, laurie@digitalonboarding.co, (617) 921-2916
