Acquiring loyal, profitable banking customers these days is an interesting challenge. You’re marketing enticing deals, and visitors are hitting your website in record numbers. You’re talking to more potential customers than ever before, even in an increasingly crowded and fragmented market. But! Too many potential customers are dropping off. Not enough are finalising their applications or hanging around for their approval. Too many are pulling out before the end of the cooling-off period.
At Sandstone Technology, we call this whole process – from initial website visit to onboarded customer – ‘Digital Acquisition’. The reason you aren’t converting as many customers as you want is a lack of bank-wide strategic focus on Digital Acquisition and not having the right experienced external partner to help guide you.
Digital Acquisition and why it’s so important
Digital Acquisition in the banking industry is complex. Converting website visitors to customers is much more than having a great User Interface (UI) on your site. You’ve probably already got a fast, intuitive front end, but you’ve crunched the numbers, and it’s just not converting. Your UI/Digital Team have done their best, but they’re only handling one piece of the puzzle. They’re probably unaware of the complexities other teams face – integration with back-end and external systems for identity checking and credit decisions, to gathering and reviewing customers’ supporting documentation, to name just two.
Converting customers needs to be a considered strategy from that first click, all the way to the end of the onboarding process, with the customer at the forefront of every decision. This is why it‘s so complex. It requires input and continued commitment from across the bank.
We know from experience, though, once everyone is on board, the results speak for themselves.
Where is your UI/Digital Team going wrong?
Your UI/Digital Team have delivered the goods – you’ve got a sparkly website that’s driving increased visitors and your dwell time is increasing. Your marketing and content strategy is firing on all cylinders. However, when it comes to converting those visits and clicks into actual customers, your drop off rates are scary.
The issue lies in your Digital Team only having scope to see one piece of the puzzle.
They don’t have visibility or understanding of how complex the puzzle really is. It’s an inordinately delicate balance between meeting consumers’ desires and needs, while meeting your bank’s own needs and obligations.
Why is Digital Acquisition so complex?
Digital Acquisition is complex because it is the perfect marriage between your bank’s and consumers’ needs and desires. It’s not just about filling in a form or having a flashy website.
Consider this – consumers want hassle free, engaging and rewarding experiences on the path to them realising their dream. They want their house with the swimming pool, not to have to fill out their employment details three times.
You want to convert the customer by giving them a quick decision; while gathering other useful information for cross/upselling. However, you also need to meet your regulatory and compliance requirements, risk and credit management criteria and cover operational necessities.
How do you translate this into a process that is interesting and sticky enough for potential customers to want to journey through? All while also ensuring it talks to your back-end systems and meets your obligations.
Focusing on a Digital Acquisition strategy
We know from our experience with dozens of financial institutions across three continents – once the organisation shifts its focus to a truly customer-centric Digital Acquisition strategy, there is a positive impact on conversion, brand loyalty and profitability.
Here at Sandstone Technology, we help our clients navigate these complexities. We work with you as a partner to ensure the strategic direction is dedicated to the customer from the first click to onboarding, while meeting your obligations. We make the complex simple.