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Backbase webinar feat. Jim Marous: State of the Digital Customer Journey

Customer loyalty and retention, two of the most important considerations in measuring business success in banking, are created by truly knowing your customer and offering a superior customer experience.

However, banks need to improve customer experience, and digital channels are the best way to achieve this. Many FIs know this already, yet still find it difficult to seize the opportunity, despite knowing many customer pain points, such as no real onboarding process, a personalization gap, and lack of a seamless omni-channel experience.

In this new Backbase webinar, we have talked to the renowned industry thought leader Jim Marous, co-publisher of The Financial Brand and publisher of the Digital Banking Report, about the importance of digital channels, about onboarding, and about the multi-channel process.

The webinar agenda covers:
The importance of digital channels
Digital onboarding
The commitment to the digital
The real online customer experience: the omni-channel process

Backbase webinar feat. Jim Marous: State of the Digital Customer Journey

  1. 1. State of the Digital Customer Journey Acquisition, Onboarding and Cross-selling in Banking
  2. 2. Digital Customer Journey “A customer can buy a new mobile phone and set up a data plan within ten minutes, or purchase travel insurance from an airport kiosk in less than three. Yet, the purchasing, onboarding and cross- selling cycle for many banking products can average days or even weeks.”
  3. 3. Core Components The Customer Journey is defined as a collection of core features: – Capture applicant data – Qualify applicants – Verify applicant identity (usually through third-party data sources) – Real-time account funding – Automatically create accounts in the core banking system – Application of advanced analytics – Real-time contextual engagement
  4. 4. Ancillary Features New features that are becoming the best-in-class standard in the industry: – Contextual prequalification for and cross-sell of additional products – Online banking single sign-on (bypassing some data entry and identity verification steps) – Save and resume functionality (supporting multichannel processes) – Electronic signatures (replacing signature cards) – Ability to upload photos of supporting identification documents
  5. 5. Checking Accounts Opened by Channel
  6. 6. Account Opening Preferences
  7. 7. Why Consumers Visit Branches
  8. 8. Perceived Channel Benefits
  9. 9. Online Origination of Accounts
  10. 10. Mobile Origination of Accounts
  11. 11. Legacy Processes Cause Abandonment
  12. 12. Legacy Processes Cause Abandonment
  13. 13. Switching Channels During Opening
  14. 14. Multichannel Support Lacking
  15. 15. 9 Steps for Optimal Account Opening Experience 1. Clean navigation 2. Customer preparation 3. Simple data collection 4. Digital replacement of paper 5. Pre-population of data 6. Initiation of onboarding 7. Retargeting of abandoned apps 8. Move mobile process to branch 9. Fund electronically
  16. 16. Why Onboarding?
  17. 17. Onboarding Impacts Profitability
  18. 18. Customer Onboarding Still Not Universal
  19. 19. Sub-Optimal Sequence and Cadence
  20. 20. More Contacts is Better than Fewer
  21. 21. The Need for Speed
  22. 22. Big Banks Seek Engagement
  23. 23. Thank you! Special Guest: Jim Marous, Publisher Financial Brand, Barry de Leeuw, Pre-Sales Engineer, Cristina Danila, Global Marketing Manager,