Why your flashy website isn't winning you

as many banking customers as you’d like

February 20, 2019 | Digital Acquisition

Are your customer acquisition KPIs based on how many people click ‘Apply’? Or how many people go on to settle or deposit?

We’re guessing it’s the second one.

So why are you settling for a digital agency partner who only focuses on the first one?

Most digital agencies aren’t bankers and we wouldn’t want them to be. Let’s be honest, financial types aren’t the best at web design! You’re experts at banking and looking after your customers, not beautiful graphics.

Acquiring those customers in this digital age is complex though. A flashy website gets your potential customers clicking, but when it comes to converting them to long-term customers, there’s so much more to consider.

Beautiful front-end vs holistic acquisition strategy

Most digital agencies are experts in delivering beautiful, click-worthy websites. Their work is worthwhile as it increases dwell time, page views and brand consideration. It is only one piece of the puzzle though – digital agencies don’t have the financial industry experience to give you the necessary guidance to refocus the organisation on a holistic acquisition strategy.

Most digital agencies offer:

Fancy websites with beautiful designs and strong click flows, primarily listing your products and services for people to research

Sandstone Technology offers:

The significant financial industry experience and demonstrable results to show you how a holistic strategy of maintaining engagement with a prospect from the research stage, to the point of settlement or deposit, is the best way to convert the most customers

Bit of a difference, right?!

Gorgeous websites help sell more for eCommerce sites, but when it comes to banking, there’s so much more to it and your digital agency simply doesn’t have the experience in the right areas.

Winning banking customers in the digital age

Unless your digital agency has the following experience, they’re not giving you what you really need:

  • Insights into online buyer psychology specifically relating to lending and deposit banking products
  • An understanding of the current regulatory framework and obligations that financial institutions must adhere to
  • An understanding of the complete banking acquisition process – someone only becomes a customer once they’ve deposited or settled, not when they click ‘Apply’ or even finish the application.

The financial industry is facing complex challenges, and only a digital partner who has evolved with the industry can give your bank what it needs.

Why you’re missing out if you aren’t focused on a holistic Digital Acquisition strategy

Consider this – by the time a potential customer has decided to apply, they’ve already spent a great deal of time with your brand, researching and comparing.

Then they spend even more time filling out the application, only to be told they must wait for a decision.

What a disappointment!

The whole process feels clunky and unrewarding. No wonder up to 85% of customers who visit your website drop out before even completing the application form.

There is an immediate psychological disconnection between the customer and the product they’ve applied for. With trust in financial institutions at an all-time low, their faith in the brand falls even further.

They’re left with the feeling they’ve been tricked into providing their information, and now get nothing in return.

We’ve partnered with our customers to turn this around, thanks to our Digital Acquisition tools. We’ve helped them all surprise and delight customers in these early stages to increase their conversion rate and retain positive brand loyalty.

Sandstone Technology’s holistic Digital Acquisition strategy in action

As an example of why what we’re saying matters, we’ll share the story of one of our clients, who came on board with us several years ago.

They listened to our strategic vision of Digital Acquisition and we partnered with them to implement a significant change to their home loan business.

Using Sandstone’s innovative tools, we revamped their online home loan application process. It was less about a lick of paint, and more about sowing the seeds of a change to the bank’s processes.

We orchestrated a perfect marriage:

Great website + engaging online tools + back-end process upgrades

The result?

A significant increase in home loan conversions.

Except, after a year or so of working together, our client made a small tweak to the application process, against our recommendations.

The end result? Their conversion rate dropped by 50%. They quickly saw the light and changed things back to the way they were.

Think about what this means for your bank – if you’re not partnering with us, gaining access to our knowledge, experience and tools; you may be halving your home loan business without realising.

Why we’ve got the experience

We’ve been partnering with financial institutions across Australia, NZ, Europe and Asia for over two decades. Our team have an intricate understanding and experience of the financial services industry, particularly the challenges it has faced and continues to face. We’ve navigated the pitfalls and emerged with the learnings to drive positive change for our customers.

We’ve been by our customers’ sides to weather the storms of reforms, the GFC and parliamentary enquiries. With our help, they continue to thrive.

Can a digital agency say they’ve done the same?

It’s time to stop settling for a digital agency who doesn’t have the experience (and results to prove it) that we do.

Talk to Sandstone Technology about Digital Acquisition.

Get in touch to find out more.

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