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Episode 93 - Why Customer Rention is More Important than Acquision for your Bank or Credit Union
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In this episode of the FI GROW podcast, CEO Meredith Olmstead and Sales Director Danielle Fancher dig into a powerful conversation around customer acquisition vs. retention—and why focusing on deeper relationships with your existing members may be your most overlooked growth opportunity. From defining true onboarding to real-world tactics that work, they share actionable strategies to personalize, automate, and maximize every new relationship at your credit union or community bank.
Key Takeaways:
- Retention Costs Less—and Delivers More: It costs 5–7x more to acquire a new customer than to deepen a relationship with an existing one. Strong onboarding = stronger ROI.
- Onboarding Is More Than a Thank-You Note: True onboarding is a multi-channel, personalized, data-driven experience that nurtures product adoption and trust.
- Personalization Drives Growth: When onboarding is tailored to each user’s actions and needs, customers are more likely to open 3+ new products in their first 12 months.
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