backbase webinar feat. jim marous: state of the digital customer journey
TRANSCRIPT
State of the Digital Customer JourneyAcquisition, Onboarding and Cross-selling in Banking
Digital Customer Journey“A customer can buy a new mobile phone and set
up a data plan within ten minutes, or purchase travel insurance from an airport kiosk in less than three. Yet, the purchasing, onboarding and cross-
selling cycle for many banking products can average days or even weeks.”
Core ComponentsThe Customer Journey is defined as a collection of core features:
– Capture applicant data– Qualify applicants – Verify applicant identity (usually through third-party
data sources)– Real-time account funding– Automatically create accounts in the core banking
system– Application of advanced analytics– Real-time contextual engagement
Ancillary FeaturesNew features that are becoming the best-in-class standard in the industry:
– Contextual prequalification for and cross-sell of additional products
– Online banking single sign-on (bypassing some data entry and identity verification steps)
– Save and resume functionality (supporting multichannel processes)
– Electronic signatures (replacing signature cards)– Ability to upload photos of supporting identification
documents
Checking Accounts Opened by Channel
Account Opening Preferences
Why Consumers Visit Branches
Perceived Channel Benefits
Online Origination of Accounts
Mobile Origination of Accounts
Legacy Processes Cause Abandonment
Legacy Processes Cause Abandonment
Switching Channels During Opening
Multichannel Support Lacking
9 Steps for Optimal Account Opening Experience
1. Clean navigation2. Customer preparation3. Simple data collection4. Digital replacement of paper5. Pre-population of data6. Initiation of onboarding7. Retargeting of abandoned apps8. Move mobile process to branch9. Fund electronically
Why Onboarding?
Onboarding Impacts Profitability
Customer Onboarding Still Not Universal
Sub-Optimal Sequence and Cadence
More Contacts is Better than Fewer
The Need for Speed
Big Banks Seek Engagement
Thank you!Special Guest:
Jim Marous, Publisher Financial Brand, [email protected] Barry de Leeuw, Pre-Sales Engineer, [email protected]
Cristina Danila, Global Marketing Manager, [email protected]