Digital transformation for customer communications

Introduction

Open More Accounts By Meeting Customers Where They Live, Work and Play

Every community financial institution wants to encourage customers to open accounts with their organization. But to win over customers, especially younger customers, you need to stop waiting for them to come to you, and start putting your products where your customers do their research and banking. Today’s financial customers are impatient and fickle, and may well consider a competitor if you can’t fulfill their desire to open an account at the moment it occurs, through their preferred channel.

Open More Accounts By Meeting Customers Where They Live, Work and Play

Businesswoman typing on laptop at workplace Woman working in home office hand keyboardEvery community financial institution wants to encourage customers to open accounts with their organization. But to win over customers, especially younger customers, you need to stop waiting for them to come to you, and start putting your products where your customers do their research and banking. Today’s financial customers are impatient and fickle, and may well consider a competitor if you can’t fulfill their desire to open an account at the moment it occurs, through their preferred channel. Here are three circumstances in which you can onboard more customers by optimizing the account opening experience:

Corner the DIY Account Opening Market
To attract digitally savvy customers, you need to be ready to act instantly when they express interest in your products. For example, if you invest in a targeted display ad on Facebook, and a mid-twenties prospect clicks through in the middle of the night, don’t miss the opportunity to allow that individual to act on the offer in real time. Have the ad point to a self-serve account opening application, so they can complete their application at once. If you simply tell them to come into a branch during operating hours, chances are good that you’ve lost your prospect to a competitor before the sun is up. For more tips on improving the digital account opening process, you should check out “What’s killing your digital account opening rates?

Community Events into Member Recruiting Powerhouses
Offering solid self-serve options for account opening is a good start, but you also need to consider other ways of being accessible to your prospects. For example, many credit unions and community banks find success by recruiting new customers at sporting or community events, or even the local mall. But here too, the same principle holds true – you have to make it simple for customers to open accounts in the moment.
Pick an account opening solution that’s mobile-friendly and includes image-based identification capture and e-signing, so it’s all paperless. Then, simply equip your service reps with tablets, and they can assist prospects in completing their application immediately on-site. Just sending prospects home with piles of brochures and account application paperwork to complete on their own will never get the results you are hoping for.
Offer More Value to Select Employee Groups
Providing banking services to Select Employee Groups (SEGs) is an important way credit unions can grow their member bases. To increase engagement rates at SEGs, send your service reps right to their place of employment, armed with specific information about how your CU can benefit them, plus the technology they need to open accounts right away. This is a win-win approach, as it offers real convenience to SEG members as well as helping your CU grow. But it only works if your staff can open accounts away from the branch. Otherwise, you’ll have an uphill battle as you try to encourage SEG members to come in to a branch after work hours.
Preventing the Bottlenecks That Stall Account Opening
To sell more accounts, you need to satisfy the desires of customers who increasingly want to be able to open a new account or an additional account with your credit union or community bank almost instantaneously. To do this, you’ll require a solution for account opening that enables omni-channel account opening in less than 10 mins. You’ll also want an integrated solution with features like e-signature, so customers can complete applications without having to print and mail paperwork, or visit a branch. Remember, every extra keystroke, question, or click will increase your abandonment rates. Conversely, making your bank or CU as accessible as possible to prospects, and making the account opening process immediate and frictionless can be the key to successful growth for your organization.

Not sure if your existing tech stack will help you meet increasing customer expectations? Take 10 minutes to chat with a Doxim expert, and we’ll tell you how we can change your account opening process for the better.

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