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The hidden goldmine in your P&L (Spoiler—it’s not what you think)

You’ve heard it before: Ideas are easy. Execution is hard.

Published: May 1, 2025

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In banking and credit unions, execution can feel especially overwhelming—because knowing where to focus is often the hardest part.

Here’s the good news: You don’t need to chase every shiny fintech trend to boost profitability. The biggest opportunities are often hiding in plain sight. You just need to solve the right problems.

Let’s dig into the low-hanging fruit—the overlooked lever you can pull to unlock big returns with relatively minimal effort.

The real threat to your profitability: Disengagement

Every day, people open new accounts—checking, savings, loans, CDs. In addition, the average Joe keeps a checking account for 17 years. That’s longer than most marriages!

‍Sounds like loyalty, right? Not so fast.

If your new account holders aren't setting up direct deposit, activating their debit cards, or signing up for eStatements, you’re losing out on revenue and relationship potential.

Therein lies the opportunity—and the problem. The biggest threat to your profitability is disengagement.

‍This is the real crisis for banks and credit unions today. According to J.D. Power’s 2023 Banking Satisfaction Study, account holders who feel “engaged” are 2x more likely to stay loyal and far more likely to adopt additional products and services.

‍And yet:

1 in 4 new checking accounts is closed within the first year,

often due to lack of perceived value or proactive engagement.

Source

Only 30% of indirect loan recipients

ever form a broader relationship with the institution

Source

Institutions that excel at onboarding

—especially in the first 90 days—see up to 50% higher cross-sell rates and significantly lower attrition.

Source

Digital adoption remains stagnant,

not because people don’t want it, but because the experience falls short.

Source

Bottom line: The biggest opportunity in the industry is about getting the basics right—and doing them better than your competitors.

Onboarding: The hidden goldmine

So, what happens after Joe opens his shiny new account?

Usually, not much. Maybe they get a brochure. Maybe an email. Maybe even a voicemail. And then... crickets.

If you want to compete with the Chimes, Chases, and BofAs of the world, you need to act like it’s 2025—not 2005. That means meeting people where they are, with seamless digital experiences that add real value from day one.

To address disengagement, you need to start by delivering personalized, timely, relevant experiences from onboarding on day one—and keep showing up in ways that build trust and engagement long term.

‍The good news? With the right tools and mindset, onboarding and engagement don’t have to be hard—or manual. And the payoff? Loyalty, wallet share, and long-term profitability.

If you’re bribing people to engage, something’s broken

Institutions famously use cash bonus offers to compensate account openers for going through the pain of activating their cards and adopting services like direct deposit.

If you need to offer cash incentives just to get people to use your product, you’ve got a problem. Plain and simple.

‍Imagine if Apple had to pay people $300 just to set up their new Mac. Ridiculous, right? Of course they don’t—because using their products is easy, fun, and actually enjoyable!

‍That’s how onboarding should feel. So stop offering cash to make your customers or members endure the onboarding process. If you need to bribe them, you’re doing it wrong.

Innovation is only as good as its impact

We know what you’re hearing at fintech conferences:

“Get on the crypto train!”
“Metaverse is the future!”
“You NEED AI, stat!”

But here’s the thing: You don’t have to chase every trend to stay competitive. In fact, trying to do it all leads to burnout and budget bloat.

So what will make a meaningful difference? Solving the right problems—especially ones that directly impact your customer and member experience, your team’s efficiency, and your bottom line.

For bank and credit union marketers, that starts with asking some foundational questions:

These are the areas where AI and automation can have a real, measurable impact. And you don’t need a team of data scientists to get started.

How to start smart

You don’t need a massive transformation to make a big impact. Just a smarter approach.

1️⃣ Begin with the onboarding journey. This is your golden window—first impressions matter. Use automation and AI to send timely, relevant messages based on behavior and preferences (we explain more about this below).

2️⃣ Automate what drains time. Think CD renewals, vehicle title collection, eStatement sign-ups, and loan follow-ups. These tasks are ripe for automation and free up your staff for higher-value work.

3️⃣ Use AI to personalize at scale. Instead of blasting the same message to everyone, use tools that dynamically adjust content based on account holder data. This is where AI shines—and it’s easier than you think.

Innovation doesn’t have to be painful. It just has to be intentional. Prioritize the problems that actually matter to your people and your mission—and leave the hype behind.

Summary: You’ve got three choices

You can:

The smart money? Fix onboarding.

It’s one of the simplest, highest-impact changes you can make. And the ROI shows up across your P&L—from increased adoption to reduced attrition to operational efficiency.

In other words, the real goldmine in your P&L isn’t a new product or a viral campaign—it’s making sure the people who already chose you actually stick around and use what you offer.

Starting with the right choice: Onboarding

Start by fixing the core of disengagement - your onboarding experience - while delivering the digital journey your customers and members deserve. Get started with Digital Onboarding.