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Acquiring and retaining customers and members is a priority for all financial institutions (FIs). one of the important ways to do this is Make sure your digital account opening process is flawless,
Unsurprisingly, a Harris Poll found that 51% of surveyed respondents named the convenience, defined as being able to do anything digitally that can be done in a branch, “digital banking.” as the most important quality in experience”. Thus, FIs need to make it as easy for digital visitors to find information, research options and open new accounts as it is for branch visitors. Yet, this is often easier said than done—the application abandonment rate is 60% after just 5 minutes.
Making this issue more urgent is the fact that some generations will not only give up on an application if the process is too cumbersome, but they will also change financial institutions. BAI research found that the likelihood of Gen Zers to change their primary financial institution if a better digital banking experience was offered elsewhere increased from 60% last year to 73%. Millennials showed similar numbers and switching Gen Xers increased from 42% to 60%. With this in mind, it is important to make opening a digital account seamless, and having the right interaction tools is key.
Access real-time context and guidance
When your customer service reps can see what digital users are viewing and how long they stay on certain pages, they can proactively offer help before they leave. By providing real-time support in consumer-preferred channels like live chat and video, you can more easily connect and guide them through their online journey. live observation and cobrowsing Provide reps with valuable context so online visitors don’t need to explain what they’re doing, reducing overall engagement time and increasing the likelihood of application completion.
Leverage Business Rules and Digital Routing
Automated set up with real-time live support Business Rules and Digital Routing Can help lead visitors to your digital assets or a specific representative right from the start to make account opening as easy as possible. With concise business rules to identify signs of conflict, coupled with effective digital routing, financial institutions can proactively engage with applicants and better steer them on their digital path to avoid abandonment. Once these are automatically established to work, only periodic review is required to ascertain their continued effectiveness. This makes your chances for online conversions more consistent.
Maximize Seamless Communication
At the end of the day, digital users want seamless interactions, including seamless transitions from one communication channel to another. While there are still many banking customers calling for assistance today, this number will dwindle as digital adoption continues. to be a digital customer service The solution, which is flexible enough to move from one channel to another, allows financial institutions to access any channel for their digital account openers. When applicants can start with live chat and seamlessly upgrade to audio or video as their intent grows, FIs reduce dropoff and drive conversions. having a platform that can accommodate a seamless, channelless™ engagement makes account opening as well as any other digital banking activities easier and more likely to cross the finish line.
As the race for market growth continues, opening a digital account is an essential process for optimization. Don’t hold back when the right digital tools are available to keep you ahead of the pack.
For more information on how to use Glia’s digital customer service solution to drive mass digital account opening and aggregate conversions, visit Check out this infographic,
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