48 JULY / AUGUST 2019 Laura Ryan Product Manager CSI laura.ryan@csiweb.com CSI Secure Connect and CSI WatchDOG Social Compliance are Preferred Service Providers of the Indiana Bankers Association. OPERATIONS / TECHNOLOGY Customer Acquisition Best practices for the ultimate experience The race for customers is at an all-time high. Financial institutions face an unprecedented list of competitors, with increased pressure coming not just from other banks, but also from retail and technology giants like Amazon, Apple and Google – all looking to throw their hats into the financial ring. When it comes to customer acquisition and onboarding, financial institutions must ensure they provide consumers with the same mobile-first, seamless experience they have come to expect from each and every product, service and business they encounter. That amounts to a mobile-first, core-integrated account acquisition solution. Road to Revenue Growth Financial institutions increasingly seek to not only increase their customer base, but also strengthen relationships with existing customers through crosssales. An account acquisition solution must feature both an enrollment site for new accounts, as well as integration with a bank’s digital solutions to allow current customers a seamless way to add more products and services. And it must be available any time, via desktop, tablet and mobile device. Although growing deposits is a huge priority for financial institutions, they must strive to do so in the most cost-efficient manner possible, while still providing superior, personalized customer experience. Online acquisition tools allow customers to add accounts – sometimes multiple accounts or products in one session – while reducing banks’ costs associated with physical buildings and the employees to staff them. For example a new customer successfully opens a checking account. They’ve used the bank’s secure, online account-opening solution – thereby supplying their personal information and scanning their driver’s license for quick ID verification. They are approved for the account and receive instructions for funding it. Once the customer is onboarded, the bank can send personalized offers – via the new customer’s channel of choice – for additional solutions or add-ons to products they’ve already selected. This helps meet the customer’s individual needs and provides the best possible experience. Benefits to the bank are that it: • Educates the customer about its products and services; • Significantly boosts adoption rates; • Reduces the workload on more expensive channels. Mobile-First Accounts Sometimes even the most seemingly innovative acquisition tools can fall short of customer expectations. To avoid that, following are helpful online accountopening practices: 1. Customer knowledge and support. Deliver clear and concise knowledge of the products and services you’re offering, and provide guidance about the application process. Customers also should have the ability to ask questions directly from the application tool.
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