Digital Onboarding
Overview
Digital Onboarding is a technology company that offers a platform designed to improve customer engagement and retention for banks and credit unions. Founded in 2015, the company is based in Boston, Massachusetts. It was established by Ted Brown and Jonathan Crossman after their experience in fintech accelerators. As of 2024, Digital Onboarding has raised a total of $62 million in funding, with its latest Series B funding round securing $58 million led by Volition Capital.
Recent Developments
- January 18, 2024: Digital Onboarding announced it had raised $58 million in growth capital from Volition Capital to further develop its digital engagement platform. This injection of capital will enable the company to expand its product offerings and enhance customer segmentation and profile management features.
- January 2024: The company emphasized its focus on additional segmentation and profile management, marketing attribution, machine learning integration, and embedded fintech functionalities to better serve its financial institution clients.
- March 2024: Armstrong Bank and First State Bank & Trust adopted Digital Onboarding’s platform to improve customer journeys and expedite service adoption.
- November 2023: East Cambridge Savings Bank and Buckeye State CU implemented the Digital Onboarding platform to engage customers from the first interaction and drive product utilization.
- September 2023: Pittsford FCU and ZYNLO Bank began using Digital Onboarding to foster stronger relationships and ensure newly opened accounts become active and engaged.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2015 |
| Headquarters | Boston, Massachusetts, USA |
| Founders | Ted Brown, Jonathan Crossman |
| Revenue | Not disclosed |
| Profits | Not disclosed |
| Key Investors | Volition Capital, Detroit Venture Partners, FINTOP Capital |
| Industry | Financial Software |
| Number of Employees | Approximately 50 as of 2023 |
Early History
Digital Onboarding was founded in 2015 by Ted Brown and Jonathan Crossman. The company originated from the fintech accelerator activities at Digital Federal Credit Union. Initially, it was named SalesBrief, focusing on the B2B sales cycle, before pivoting to engage with banks and credit unions by providing a digital engagement platform in 2017. The pivot aimed to address gaps in customer engagement by leveraging digital tools to automate and enhance the onboarding process.
Company Profile and Achievements
Digital Onboarding offers a software-as-a-service (SaaS) platform aimed at financial institutions, primarily banks and credit unions. The platform enables these institutions to improve customer engagement by automating the onboarding journey.
- Business Model: The platform offers a suite of tools, including digital communication systems and widgets, to enhance customer interaction from account opening to service adoption.
- Major Achievements:
- Successfully partnering with over 140 financial institutions by 2024.
- Raised $58 million in Series B funding to expand its digital engagement offerings.
- Pioneered the adoption of digital tools that allow quick service activation, such as direct deposits and mobile banking, increasing product utilization and customer retention.
- Product Features: The platform features comprehensive engagement tools, personalized digital journeys, and self-service options which help banks and credit unions retain customers and enhance profitability.
Current Operations and Market Position
As of 2024, Digital Onboarding operates with a focused strategy of enhancing digital customer engagement for financial institutions. The company is positioned as a leader in bridging the gap between account opening and effective customer engagement, specifically targeting onboarding processes to reduce customer churn.
- Market Impact: By improving the onboarding experience, the platform ensures quicker account activation and enhanced customer satisfaction, thereby increasing retention and cross-sell opportunities.
- Strategic Initiatives: With the recent funding, Digital Onboarding is poised to roll out advancements in machine learning to personalize the customer experience further and is looking to scale its current operations by doubling its workforce.
Conclusion
Digital Onboarding is a significant player in the fintech space, dedicated to transforming how banks and credit unions engage with their customers. With robust technological innovations and strategic financial backing, it continues to make strides in providing user-friendly, efficient, and effective solutions for the financial services sector. The company’s trajectory suggests continued growth and importance in shaping digital engagement strategies within financial institutions.