Digital account opening processes need to be smart enough to recognize each customer across various channels.
Wherever they are, customers should be able to access their application and resume the process at a later time, which includes the ability to begin it on a computer and pick it up later on another device (e.g., mobile smartphone). If a customer decides to call in for assistance, the call center agent should be able to easily access the account and see where the customer is in the process.
Internally, you should be using analytics to track customers through the sales funnel and see where applicants are dropping out. According to the
The entire DAO process should be transparent to your customers. This means making sure they understand the steps of the process, what they’ll need and what to expect. Including features such as a progress bar at the top of each step/page will help customers see where they are in the process from start to finish.
If any questions arise, customers should be able to contact a bank representative easily. You should also be asking customers how you can reach out to them (for instance, if approval is for less than expected). The more comfortable your customers feel as they navigate the DAO process, the better their experience will be.
"The Customer Delight Principle: Exceeding Customers’ Expectations for Bottom-Line Success, a book by Timothy Keiningham and Terry Vavra, explains the difference an extraordinary experience can make to a customer. The idea is that it takes more than customer satisfaction — it takes customer delight — to remember an experience, drive repeat business and increase customer loyalty. The goal is to create an experience your customers will appreciate and want to do again.
DAO has been a top priority for years now and the COVID-19 crisis has certainly accelerated the demand for digital services. Financial institutions must focus on creating frictionless, engaging and safe experiences for customers in 2021 and beyond.
While success starts with a world-class customer experience, it also requires processes for effectively managing risk and controlling costs. Therefore, it is important to understand how to build your ideal portfolio while continuously delivering outstanding experiences, which includes protecting against fraud, outpricing the competition and keeping your sales funnel full.
