This document discusses the importance of online experience for acquiring and retaining customers in banking. It notes that most online leads are lost within 5 minutes if not followed up on quickly. The document proposes developing an Online Business Banking Experience Index to measure and improve banks' online experiences, with the goal of optimizing the experience across channels and using data to qualify and prioritize leads better.

1. Chris&an Bartens
Founder & Director, Datalicious
July 2015
Part of the Veda Group

2. Commercial in Confidence
Using data to fa,en the funnel
5

3. Commercial in Confidence
Online experience key influencing factor
6

4. Commercial in Confidence
Online experience key to acquisi@on (and reten@on)
7
ONLINE
EXPERIENCE

5. Commercial in Confidence
The Online Business Banking
Experience Index
The OBBE Index
8

6. Commercial in Confidence
• Brief: Move all personal/business banking to new bank
– Contact preference is email as I’m a busy man ...
• Challenge: Experience, relevance, response, speed
• Evalua@on criteria ...
– Organic, paid search campaigns
– Landing page relevance, experience
– Contact op&ons: Phone, email, live chat
– Automa&c lead nurturing, display retarge&ng
– Use of data to priori&se leads
– Speed of lead follow-up
The OBBE Index
9

7. The Online Business Banking Experience Index
DISCLAIMER:
THIS IS A STUPID INDEX

9. Test start
1:28 PM

13. Hi there,
I'm looking to move all my personal
and business banking to a new bank and
would like to find out more about your
products including services to help with the
migra<on. I'm pre>y busy running my
business so I would prefer email contact so I
can respond in my own <me. My email
address is cbartens@datalicious.com.
Cheers, Chris

23. This is not
a witch hunt!

51. Duration
111 min
Test end
3:19 PM

54. Commercial in Confidence
• Most online leads go cold in about 5 minutes
• 21x decrease in lead qualifica@on a_er 5 minutes
• Approx. 50% of leads are never followed up at all
• Average response @me for leads is 44 hours
• 78% of sales go to the first responder
A few addi@onal sta@s@cs
57

55. S@ll not a
witch hunt!

56. The Online Business Banking Experience Index
TADAA … DRUM ROLL

57. The Online Business Banking Experience Index
THE OBBE INDEX

58. The Online Business Banking Experience Index
DISCLAIMER:
THIS IS A STUPID INDEX

59. Commercial in Confidence
The OBBE Index
62

60. Commercial in Confidence
Let’s imagine the ideal experience
63

61. Commercial in Confidence
• Online experience influences acquisi@on and reten@on
• Being in the consumers ini@al mindset is no longer enough
– Mass adver&sing and a website is no longer enough
• The quality and relevance of the en@re experience counts
– Across channels, devices, products, business units, etc
• Technology and data can help op@mise the experience
– 3rd party data can help qualify and priori&se leads
• Poten@ally significant opportunity in cold leads
In summary …
64

62. Commercial in Confidence 65
Part of the Veda Group