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

State of the Digital Customer JourneyAcquisition, Onboarding and Cross-selling in Banking

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.”

Core ComponentsThe 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

Ancillary FeaturesNew 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

Checking Accounts Opened by Channel

Account Opening Preferences

Why Consumers Visit Branches

Perceived Channel Benefits

Online Origination of Accounts

Mobile Origination of Accounts

Legacy Processes Cause Abandonment

Legacy Processes Cause Abandonment

Switching Channels During Opening

Multichannel Support Lacking

9 Steps for Optimal Account Opening Experience

1. Clean navigation2. Customer preparation3. Simple data collection4. Digital replacement of paper5. Pre-population of data6. Initiation of onboarding7. Retargeting of abandoned apps8. Move mobile process to branch9. Fund electronically

Why Onboarding?

Onboarding Impacts Profitability

Customer Onboarding Still Not Universal

Sub-Optimal Sequence and Cadence

More Contacts is Better than Fewer

The Need for Speed

Big Banks Seek Engagement

Thank you!Special Guest:

Jim Marous, Publisher Financial Brand, jmarous@thefinancialbrand.com Barry de Leeuw, Pre-Sales Engineer, barry@backbase.com

Cristina Danila, Global Marketing Manager, cristina@backbase.com