Inconvenient

Customers must start and finish long applications in one sitting and on one device, regardless of what might be more convenient for them.

Overwhelming

Standard applications often ask for years of customer data — before a customer is even approved.

Time Consuming

Opening an account online with some of the traditional banks can require as many as 100 clicks.

Personalized

Studies show a firm’s revenue tends to increase after achieving a certain level of personalization and hyper-personalization.

Frictionless

More than 50% of consumers want an experience where they can switch seamlessly between physical and digital channels.

Digital

73% of consumers agree that financial services firms should lead on creating and using emerging technologies.

Digital leaders in banking see as much as 44% more growth than less digitally-mature banks. Banks are under pressure to deliver a digital experience that meets the incredibly high standards of the next generation of banking customers, which is…

15% to 20%
increase in revenue per user

2-4x
increase in conversion of logins to completed sales

2-3x
increase in monthly logins per active user

less time on transactional activities

40%

improvement in operational efficiencies

30%

reduction in onboarding time

80%

But there’s still time to meet these needs and become the bank people love.

Holistic

In the past decade, deposits for the top 25 largest U.S. retail banks have doubled, while combined branch footprint shrank 15%. Retailers that deliver a holistic experience that bridges online and offline provide a superior customer experience. Want to learn how WSECU successfully migrated 165,000 members into its holistic digital banking experience?

Digital-First

Tech titans Amazon and Netflix reported conversion rates of 74% and 93%, respectively — compared with a staggeringly low 15% for banks. Investing in the digital experience can help close that gap, recapturing the opportunity to convert 85% of potential customers. Want to learn how BKS Bank transformed its business culture to build a truly omnichannel banking platform?

Personalized

Banks that use digital channels to capture a wide range of data and build up a profile of their customers are empowered to deliver more personalized — and therefore more appealing — product offers, resulting in as much as a 19% lift in revenue. Want to learn how BCV digitized its personalized investment advice to create a customized private client platform?

Engaging

Don’t stop at enabling customer transactions, which is a passive way to serve customers. Instead, create an experience that actually engages customers and draws them into interacting with your products and services — banks that do so can see significantly higher product adoption compared with banks that don’t. Want to learn why banks that focus on engagement see a 4x product adoption among new customers?

Seamless

Seamless automation allows a financial institution to deliver a high-quality onboarding and product experience around the clock, no matter when or where a customer engages with the product. In fact, offering a seamless onboarding experience has been shown to boost conversions as much as 10% to 15% within the first year. Want to learn how BKS Leasing used automation to reduce its time to process a lease application by 90%?

These quick, significant wins make it clear that today’s digital account opening experience leaves a lot of money on the table.