Whitepaper • Nov 5th '23
The Engagement Banking Revolution, contains summary information about banking and fnancial services. The content is a refection of the input provided in interviews with the mentioned Change Makers. The content is current as of its initial publication date February 2022. Although the book may be revised and updated at some time in the future, the publishers and authors do not have a duty to update the information contained in the book, and will not be liable for any failure to update such information. Neither the publishers and authors nor those interviewed make any representation as to the completeness or accuracy of any information contained in the book.
The book is written as a general guide only. It should not be relied upon as a substitute for specifc professional advice.
Whitepaper • Nov 5th '23
But actually getting a loan is often a frustrating experience. Lending is one of the least digitized services in banking and usually involves a tedious application experience, as well as a lengthy wait time. This is mainly due to the inherent credit risk involved, which typically requires review by multiple departments, as well as multiple steps and complex workflows.
And the financial institutions that update their lending customer experience? In many cases, they simply retain the cumbersome steps and requirements from their past, ensuring the new journeys are nothing but a digital version of the same old story. 1 But customers aren’t buying it anymore, after being spoiled by the instant gratification of embedded players like Klarna or Afterpay. They deserve better, and they know it.
Whitepaper • Nov 5th '23
Many financial institutions have become reactive, not proactive. In attempts to put a temporary fix on their problems, they’ve added point solutions that have led to data silos and a disjointed customer experience. There’s no room for innovation while solving the daily problems created by outdated operating models.
The result? A fractured set of journeys for customers and employees – including tedious manual processes, incoherent customer and employeefacing apps, and laborious onboarding procedures. These problems not only drive up costs and reduce agility for the financial institution, they also make it impossible to create the exceptional experiences that customers now demand.
Whitepaper • Nov 5th '23
It’s true. And when you compare this number to Netflix or Apple, who boast conversion rates of 93% and 62.5%, respectively, things look even worse.2 That’s not how you build a business — and it’s certainly not how you gain loyal customers.
It’s also incredibly wasteful of your bank’s time and resources. These potential customers have already made it through the awareness and consideration stages of the acquisition journey, and now they want to open an account and purchase your products. But the experience is so broken, complex, mind-numbing, and repetitive that they’re dropping off from the application process — and that often means you’ve lost a customer for life.
