5 Reasons Why Omnichannel Customer Acquisition is Critical for Banks in 2017
Last week, Celent analyst Bob Meara joined Avoka CXO Derek Corcoran to discuss how banks are implementing Omnichannel Customer Acquisition. During the webinar, Bob shared research on the importance of developing an account opening solution that works across all channels (mobile, desktop, call center, and branch) in order to provide a seamless onboarding experience for bank customers. Below, we outline the 5 key takeaways from the webinar that demonstrate why banks need to be developing an omnichannel customer acquisition strategy for 2017 and beyond.
Digital is Now the Primary Research Channel
Consumer banking behavior continues to shift rapidly, as people are now twice as likely to visit a bank’s website as they are to visit a bank’s branch when researching banking products. In addition, 45% of consumers report using a search engine to find info during their research process, almost twice the number of people who research using direct mailers like brochures and flyers. Since consumers are researching online, it’s important that your customer acquisition is optimized for digital as well.
Branches Are No Longer the Primary Interaction Point Between Banks and Consumers
Celent also found that over 50% of banking transactions are now occurring on virtual channels. This means that your products need to be accessible online and mobile friendly, not just in bank branches or at ATMs.
Despite Consumer Preferences, Branches are Still the Primary Account Opening Location
Even though banks understand that consumers are doing research online prefer to primarily interact with banks virtually, the vast majority of account openings are still being completed in a bank branch. This signals that banks are still lagging behind in their digital transformation.
Banks Are Missing out on Digital Sales
Celent also researched what type of digital sales goals that banks are selling, and asked how well banks were performing in terms of hitting those goals. First, they found that only 40% of banks have digital sales goals. Of those banks, 82% reported that they were “Somewhat Below” or “Well Below” hitting their online sales production goals. Clearly, banks still have a lot of work to do to optimize their digital sales initiatives.
Abandonment is a Significant Issue for Banks
Another suprising finding by Celent is that only about 50% of banks are following up on incomplete applications, and less than 1 in 4 banks can track applications through multiple channels (ex: if an application starts online and then is completed in a branch). This is a sign that most banks may not even be able to quantify how large of an issue abandonment is. However, it’s safe to assume that application abandonment and lack of sophisticated tracking is having a large impact on bottom lines.
To get even more insights on how to transform your omnichannel customer acquisition in 2017, view the on-demand webinar today!