Case Study: Island Federal Credit Union reduces attrition and boosts digital adoption with Digital Onboarding

Island Federal Credit Union reduces checking attrition by 25% with Digital Onboarding

Island Federal Credit Union faced a challenge with high attrition rates among its Cash Back checking account holders, which was eroding long-term member value and increasing acquisition costs. To address this, the credit union partnered with vendor Digital Onboarding, Inc. to leverage its digital engagement platform for onboarding and nurturing new members.

The solution from Digital Onboarding involved automating a series of personalized emails and SMS messages to educate members and drive adoption of key services like direct deposit and the mobile app. This strategy resulted in a 25% reduction in attrition, a 20% increase in digital banking enrollment, and a 14% boost in online banking adoption, significantly improving member retention and lifetime value for the credit union.

Island Federal Credit Union