Customer loyalty and retention, two of the most important considerations in measuring business success in banking, are created by truly knowing your customer and offering a superior customer experience. However, banks need to improve customer experience, and digital channels are the best way to achieve this. Many FIs know this already, yet still find it difficult to seize the opportunity, despite knowing many customer pain points, such as no real onboarding process, a personalization gap, and lack of a seamless omni-channel experience. In this new Backbase webinar, we have talked to the renowned industry thought leader Jim Marous, co-publisher of The Financial Brand and publisher of the Digital Banking Report, about the importance of digital channels, about onboarding, and about the multi-channel process. The webinar agenda covers: The importance of digital channels Digital onboarding The commitment to the digital The real online customer experience: the omni-channel process

1. State of the Digital
Customer Journey
Acquisition, Onboarding and
Cross-selling in Banking

2. Digital Customer Journey
“A customer can buy a new mobile phone and set
up a data plan within ten minutes, or purchase
travel insurance from an airport kiosk in less than
three. Yet, the purchasing, onboarding and cross-
selling cycle for many banking products can
average days or even weeks.”

4. Core Components
The Customer Journey is defined as a collection of
core features:
– Capture applicant data
– Qualify applicants
– Verify applicant identity (usually through third-party
data sources)
– Real-time account funding
– Automatically create accounts in the core banking
system
– Application of advanced analytics
– Real-time contextual engagement

5. Ancillary Features
New features that are becoming the best-in-class
standard in the industry:
– Contextual prequalification for and cross-sell of
additional products
– Online banking single sign-on (bypassing some data
entry and identity verification steps)
– Save and resume functionality (supporting
multichannel processes)
– Electronic signatures (replacing signature cards)
– Ability to upload photos of supporting identification
documents

6. Checking Accounts Opened by Channel

7. Account Opening Preferences

8. Why Consumers Visit Branches

9. Perceived Channel Benefits

10. Online Origination of Accounts

11. Mobile Origination of Accounts

12. Legacy Processes Cause Abandonment

13. Legacy Processes Cause Abandonment

14. Switching Channels During Opening

15. Multichannel Support Lacking

16. 9 Steps for Optimal Account
Opening Experience
1. Clean navigation
2. Customer preparation
3. Simple data collection
4. Digital replacement of paper
5. Pre-population of data
6. Initiation of onboarding
7. Retargeting of abandoned apps
8. Move mobile process to branch
9. Fund electronically

17. Why Onboarding?

18. Onboarding Impacts Profitability

19. Customer Onboarding Still Not Universal

20. Sub-Optimal Sequence and Cadence

21. More Contacts is Better than Fewer

22. The Need for Speed

23. Big Banks Seek Engagement

24. Thank you!
Special Guest:
Jim Marous, Publisher Financial Brand, jmarous@thefinancialbrand.com
Barry de Leeuw, Pre-Sales Engineer, barry@backbase.com
Cristina Danila, Global Marketing Manager, cristina@backbase.com