New Member Onboarding — The Best Practice

1. New Member Onboarding — The Best Practice Michael Neill & Assoc. Inc. 888-440-0552 mike@michaelneill.com www.michaelneill.com

2. Why the New Process? • Because the road to ______ is paved with good intentions. • Because this is what I hear about even the best programs I have seen or implemented. • So are the MSR’s doing that? • We hope they are • They are certainly supposed to • Not as consistently as we’d like but the process is there.

3. Why the New Process? • The process looks great (on paper) • When I review the actual results they are ok, but not great. • MSRs rarely have/find the time for consistent new member follow up • MSRs rarely have the attributes for new member follow up • No urgency/no accountability create no action

4. First Things First • The most ignored step is closing business at the initial point of sale. • New Member Follow Up Selling is trying to fix a partial “fail.” • Get better at selling and closing at the initial point of sale!

5. Develop an Initial New Member Pattern Match • Each Credit Union must make that determination. • Example • “Mighty Mikey Checking,” with Debit Card • Loan with a balance

6. Develop a 90 Day New Member Pattern Match • Example • “Mighty Mikey Checking” • Debit Card • Loan with a balance • Estatement • Bill Pay • Mobile Banking • Direct Deposit

7. MSR Has Initial Point of Sale Responsibility • Day 1 • “I look forward to helping you become a valued member. While we are working together I hope to find some ways to save you money. I’ll be sharing those with you.” • “What service fees are you paying on your current checking account?” • “I think I can save you money.”

8. How Do I Offer it? • Checking includes all services and the goal is relationship not account • “Our best account, “Mighty Mikey Checking,” will save you money and make life very convenient for you. You’ll save the monthly service charge you pay at XXX plus you automatically receive free Bill Pay, Mobile Banking, Direct Deposit and Debit Card and e-statements. All this adds up to saving you money and makes everything more convenient for no more money. I’ll set that up for you so you can start saving money now.” • “I think I’ve found another way to save you money. If your interest rate on your auto loan isn’t as low as 1.99% we can probably save you lots of money. What is your approximate current rate and how many months do you think you have left?” • Calculate Savings on your system.

9. How Do I Offer it? • Assume the Sale • “We can save you about $1,200. I can take car of that now so you can start saving money today.” • Anything which is not opened at Point of Sale now goes to a New Member Onboarding Specialist. • Most likely working in the call center

10. New Member Follow Up Selling Process • The MSR has onboarding responsibility at the initial point of sale. • A New Member Onboarding Specialist has responsibility day 2 to day 45-90.

11. New Member Follow Up Selling Process • New Member Onboarding Specialist Operation • Welcome email • Use CRM for documentation and ID of next product to offer. • Welcome call • Check on Member Experience • Offer Products • Follow up on voice mails • Follow up on requests to speak later

12. Notes • Hire based on PXT • Outbound Call Sales Match • Train Outbound Skills • The process • Developed • Documented • Tracked in CRM

13. Notes • Set Goals and Track • Initial point of sale • 45-90 Days • Incentives • MSR • Day 1 • New Member Onboarding Specialist • Day 2 - 45

14. Benefits • Sense of urgency for cross selling by MSR • New Member On boarding gets done! • The person with the time and attributes to do it well does the job. • Limits the time at the initial point of sale for both MSR and Member