One of the biggest myths in digital account opening is that online sales will automatically result once the technology is in place. However, according to reports from Javelin Research and Mercator Advisory Group, although 70% of consumers prefer opening an account online to visiting a branch,more than 60% of new accounts are still opened in person. That is a big difference between customer preference and actual experience.
So why the disconnect?
A big part of it is that the success of a financial institution’s digital banking program is highly dependent on the strategies that are employed once technology is in place.If a financial institution doesn’t put together a comprehensive strategy for execution after implementation, their online account opening efforts could fail to deliver the expected results.These strategies fall into three main categories:
- Properly growing a digital sales funnel and filling the pipeline with high-quality prospects
- Creating an engaging,tailored user interface that delivers a single-channel experience
- Avoiding common obstacles and trying to streamline bottlenecks like identity verification and qualification
Taking the time to build a well-thought out digital account opening strategy will go a long way to ensuring the success of your program. Everything from conducting targeted marketing campaigns to cross-selling at the point of purchase to using analytics for bench marking your process will be invaluable as you refine your approach to digital banking and create the kind of experience that drives sales.
It’s also important to revisit your strategy regularly and evaluate what is working and what needs fixing, keeping up-to-date with constantly evolving account opening and banking technology trends. Staying relevant and being competitive for banks will require the use of the latest technology available.
For 10 steps to create a successful strategy to grow your digital account opening sales, read the full whitepaper, “From ‘Click’ to Customer”.