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Improving Digital Customer Acquisition for Banks

Acquiring Bank Customers Digitally

Is your objective to make it easier for your bank to acquire customers digitally?

Digital customer acquisition for banking is by necessity more complex than a retail transaction.   But Amazon trains consumers that if their transaction is not simple, they won’t complete it.  The bank account opening experience must be optimized to be easy.

That’s why abandonment rates for online account opening average 85% across deposit, credit card and loan accounts

Banking Digital Customer Acquisition Challenge

If your goal is to increase digital customer acquisition at your bank, then this is your challenge:

  • Create a solution with exceptional customer experience across phone, laptop, branch and call center – also known as Omnichannel.
  • Reflect your brand and bank value proposition.
  • Rapidly comply with regulatory and compliance requirements.
  • And do it quickly – coming to market in weeks or months, not years.

A typical approach to bank digital customer acquisition takes 12-24 months to complete one product.  Then each round of changes or addition of a new product requires an additional 6-9 months.   That’s not an agile solution and puts your bank at a competitive disadvantage if that is your only path to digital account opening.

Dedicated Platform for Account Opening

Banks have realized that building directly on top of core systems is more complex than they thought.  An alternative, successful approach is to utilize a platform dedicated specifically to the customer acquisition process, separate from the core systems.   Banks already have a dedicated platform to market their services – the web content management system.   Now they need one designed to capture the online account opening transaction.

Agility to Make Changes

Getting to market is only part of the challenge.  Abandonment patterns are tricky, almost impossible to get perfectly right at first attempt.  The system must provide two things to make the customer acquisition rates reach targets:

  • Analytics, down to the field level, to illustrate exactly where the delays and abandonment occur. Its not enough to see that a prospective customer abandoned the application, you have to understand WHY.
  • Rapid iteration, including A/B testing, to insert changes and measure improvements. And this must take place without coding changes, because it cannot tolerate a long software release cycle
Requirements for a Fast to Market Solution

Using a digital customer acquisition platform solves the hard problems and saves months of development and integration.   The pre-built pieces include:

  • Omnichannel support, including mobile capabilities built in
  • Integrations with identity, risk, compliance, credit, fraud and e- signature services
  • Abandonment follow-up and links to the sales team CRM
  • Detailed analytics and agile iteration to measure results and make changes

See a quick illustration of how to reduce abandonment and increase speed to market in this 2-minute video.  Then get in contact with Avoka to learn how it can help you.

Additional Resources