When it comes to online account opening best practices, there’s no shortage of good advice. Whether it’s 10 steps to grow digital account opening sales, a cheat sheet to achieve digital growth is just 30 minutes a week or even analysis of the trends driving the industry, there’s plenty of guidance available to put banks on the path to success.
But what about KPIs? You wouldn’t know how much weight you’d lost on your diet if you never stepped on a scale so how are banks to know if their efforts to create engaging online account opening solutions for their corporate customers are working?
To effectively track progress, banks must start by identifying the most important KPIs and then following them closely to understand the progress that’s being made.
There are some KPI secrets you need to know, however, that can help bolster your online account origination practices. Here are a few now…
- Website visitor-to-application conversion
While it would be nice to indulge the notion that your website could function as a digital branch, with customers visiting often and completing applications seamlessly, it’s simply not yet a reality. But it can be. There are several easy-to-implement actions banks can take to see an immediate lift in performance.
Start by tracking how many visitors your site sees month over month. If traffic is trending downward, t’s time for immediate action because poor traffic always translates to a weak digital channel. How many of your visitors are clicking the “apply now” button? Applicants won’t jump through hoops to find the forms they need, so make it easy for them by putting important calls to action in highly visible locations.
2. Application start-to-completion rate
In addition to measuring how many prospects click the “apply now” button, it’s also important to understand how many people fully complete the application as well. This will give you insight into how much friction your account opening process might have. Industry average indicates that 61% of customers will complete the account opening process. If your banks sees results below that average, it’s time to consider changes to the user experience, such as minimizing unnecessary key strokes, reevaluating risk and fraud parameters and ensuring the entire process can be completed digitally, without a visit to the branch.
For four more secrets, check out the ebook “Online Account Origination KPI Tracking: The 6 Secrete You Need to Know,” which features the stories of 3 large national banks and the tactics they used to optimize their online account opening experience.