Mastering Onboarding and Engagement for Banks and Credit Unions | Ep. 443 with Har Rai Khalsa & Corey LeBlanc

In this special episode of the Exponential Insights, James Robert Lay is joined by both Corey LeBlanc , co-founder and COO/CTO at Locality Bank, and Har Rai Khalsa ?? , CEO and co-founder of Swaystack. Together, they dive deep into the critical topic of optimizing onboarding and engagement for banks and credit unions.

They’ll share their expert insights on how addressing friction in your onboarding process can stop your financial brand from losing millions in loans and deposits, while also building stronger, more profitable relationships. Whether you're a financial marketer, sales leader, or executive, this episode is packed with actionable strategies to help your institution grow by transforming the customer experience from day one.

Join us as we discuss:

• Addressing Onboarding Gaps and Challenges
• Simplifying Complex Banking Processes
• Practical Steps to Enhance Customer Trust

The key moments in this episode are:

00:00 Welcome to The Banking on Digital Growth Podcast

02:11 Corey's Journey and Locality Bank's Growth

05:06 Har Rai's Reflections and Swaystack's Mission

06:22 Addressing Onboarding Gaps and Challenges

14:22 The Importance of Relationship-Driven Banking

16:55 Digital Growth Accelerator Program Overview

25:14 Simplifying Complex Banking Processes

27:34 Future Opportunities in Financial Services

34:44 Practical Steps to Enhance Customer Trust

41:28 Conclusion and Contact Information

Mastering the Art of Customer Relationships in Financial Services

In the highly competitive world of financial services, understanding the nuanced facets of customer relationships can mean the difference between thriving and merely surviving. This is especially true as we navigate the digital age, where expectations for seamless, intuitive experiences are at an all-time high.

Identifying and Eliminating Friction

Friction is the silent killer of customer loyalty. As financial brands strive to onboard and engage new accounts, they often overlook the small barriers that prevent full engagement. The Banking on Digital Growth Podcast, featuring James Robert Lay and guests Corey LeBlanc and Har Rai Khalsa, dives deep into these challenges and uncovers the strategies needed to eliminate friction in customer journeys.

Revisiting Roots: Relationship-Driven Banking

Corey LeBlanc, co-founder and COO/CTO at Locality Bank, reminds us of the original ethos of community banks—relationships. Yet, as digital transformation sweeps the industry, the human element can get lost in translation. Corey emphasizes the balance between leveraging technology for scale and maintaining the personal touch that builds trust. He argues that a focus on quality over quantity is essential, preferring 30 high-quality relationships over 100 fleeting ones each month.

Strategic Simplicity in Onboarding

Har Rai Khalsa, CEO and co-founder of Swaystack, shares insight into the gaps that exist between opening an account and active utilization. He emphasizes the need for personalization and strategic simplicity—delivering the right information at the right time to meet customer expectations. Through partnerships like those with SwayStack, banks can simplify complex onboarding processes, ensuring that each step of the journey is intuitive and aligned with customer needs.

Mapping Customer Journeys

A key takeaway from the conversation is the importance of mapping out customer journeys with precision. By focusing not only on macro journeys but also on micro journeys—such as onboarding and subsequent engagement steps—financial institutions can uncover blind spots and reduce friction. This involves a granular approach to understanding consumer emotions at every stage, from awareness to advocacy.

Building Trust Through Consistent Communication

Communication is crucial in building trust, which acts as the glue in any relationship. Financial institutions must be adept at not only providing information but also enabling action through communication channels. Simple steps such as creating targeted email sequences can transform new product utilizations by guiding customers with relevant, timely advice.

The Future of Financial Services: Predictive and Personalized Engagement

Looking forward, the biggest opportunities for financial brands lie in elevating trust through predictive, personalized customer engagements. Har Rai envisions a future where financial products are contextualized like e-commerce transactions, offering customers a seamless, intuitive experience that feels personal and trusted.

Take Action: Begin the Journey to Better Relationships

Corey's advice is clear: map out workflows, gather feedback, and optimize the points that matter most. Har Rai suggests enhancing communication strategies with practical tips, like personalized onboarding email campaigns tailored to each financial product. By focusing on these areas, financial institutions can improve customer satisfaction, deepen trust, and ultimately drive growth.

In summary, mastering the art of customer relationships in financial services requires a delicate dance between tradition and innovation. By keeping relationships at the core and leveraging digital advancements, financial brands can create meaningful, lasting impacts in the lives of their customers.