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
If your goal is to increase digital customer acquisition at your bank, then this is your challenge:
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.
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.
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:
Using a digital customer acquisition platform solves the hard problems and saves months of development and integration. The pre-built pieces include:
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.