Digital Onboarding, Inc. Company Profile

Background

Digital Onboarding, Inc. is a Boston-based software company specializing in digital engagement solutions for financial institutions. Founded in 2018, the company aims to simplify the process of converting new account openers into engaged, long-term customers. Its mission is to make financial services more accessible by enabling banks and credit unions to deliver personalized communications and digital tools that facilitate the adoption of banking products and services.

Key Strategic Focus

The company's strategic focus centers on enhancing customer engagement and retention for financial institutions. It offers a fully automated digital engagement platform designed to:

Facilitate rapid enrollment in direct deposits.

Enable simultaneous updating of default payment methods across multiple merchants.

Allow acceptance of pre-approved offers using eSignature.

Simplify enrollment in eStatements and Courtesy Pay without requiring a login.

Provide secure retrieval of account and member numbers online.

Offer easy opt-in to email and text message communications.

Automate certificate of deposit (CD) renewals.

By delivering personalized messages, dedicated microsites, and enrollment workflows, Digital Onboarding aims to improve product and service adoption rates while providing actionable insights to its clients.

Financials and Funding

Digital Onboarding has secured a total funding of $63 million. In 2024, the company reported an estimated annual revenue of $7.6 million, with a revenue per employee of approximately $118,402. The company has experienced a 5% growth in employee count, reaching 64 employees.

Technological Platform and Innovation

Digital Onboarding's platform is purpose-built for financial institutions, offering features such as:

Templates & Self-Service Tools: Ready-made campaign templates and digital tools that simplify the adoption of banking services.

Insights & Analytics: Clear views of product and service usage, identifying opportunities to expand relationships and measure engagement.

Automated Targeting: An automated targeting engine with best-practice recommendations to reach the right audience without manual list creation.

Easy Setup & Ongoing Support: No software installation required, with support for tailoring templates or creating new campaigns from scratch.

Simple Data Imports: Data Connector Tool for easy data import via API, SFTP, or CSV, integrating with various systems.

These features enable financial institutions to deliver personalized guidance and change customer behavior effectively.

Leadership Team

Charlie Kroll: Chief Executive Officer

Ted Brown: Co-founder, Executive Chairman

Jonathan Crossman: Co-founder, Chief Technology Officer

Travis Bjorklund: Senior Director of Product

Hallie Wiseman: Senior Director of Marketing

Adam Westley: Senior Vice President, Sales & Strategic Partnerships

Kim Rose: Chief Customer Officer

Kristen Bernardo: Vice President of Finance & Operations

This leadership team brings extensive experience in financial technology and product development, guiding the company's strategic direction and operations.

Competitor Profile

Market Insights and Dynamics

The digital engagement platform market for financial institutions is experiencing significant growth, driven by the increasing demand for personalized customer experiences and the need for efficient onboarding processes. Financial institutions are investing in technologies that enhance customer engagement, reduce attrition, and drive profitability.

Competitor Analysis

Digital Onboarding operates in a competitive landscape with several notable competitors:

Smyyth: An independent enterprise specializing in financial services software, with an estimated revenue of $4.3 million and a team of 40 employees.

Greenshades Software: Developer of payroll tax processing software, serving approximately 35,000 customers with an estimated revenue of $4.3 million and a team of 153 employees.

Espresso-Controle de Despesas: A Brazil-based company offering expense management solutions, with an estimated revenue of $4.3 million and a team of 43 employees.

These competitors offer various financial services software solutions, each with unique features and market focuses.

Strategic Collaborations and Partnerships

Digital Onboarding partners with core and digital banking providers, account originators, fintechs, product solution companies, and other industry service firms to enhance its platform's capabilities and reach. Notable partners include:

Digital Federal Credit Union (DCU): Co-developed the Digital Onboarding platform to turn account openers into deep relationships.

First Heritage FCU: Achieved a 38% increase in eStatements adoption using the platform.

Deseret First Credit Union: Utilized the platform to enhance member engagement and service adoption.

These partnerships demonstrate the platform's effectiveness in driving customer engagement and service adoption.

Operational Insights

Digital Onboarding's platform offers several competitive advantages:

Personalized Customer Journeys: Tailored communications and digital tools that simplify the adoption of banking products and services.

Automated Engagement: Fully automated digital engagement processes that reduce manual efforts and increase efficiency.

Actionable Insights: Analytics and reporting tools that provide clear views of customer behavior and engagement metrics.

These features position Digital Onboarding as a valuable partner for financial institutions seeking to enhance customer engagement and drive profitability.

Strategic Opportunities and Future Directions

Digital Onboarding is poised for continued growth by:

Expanding Partnerships: Building relationships with additional financial institutions and fintech companies to broaden its market reach.

Enhancing Platform Capabilities: Investing in research and development to introduce new features and improve existing functionalities.

Entering New Markets: Exploring opportunities in international markets to diversify its customer base.

By leveraging its strengths in personalized digital engagement and automation, Digital Onboarding aims to solidify its position as a leader in the financial services technology sector.