The modernization of finance has made its way to business banking.
For the past three years banks have been focused on improving the customer experience for individual consumers and wealth management clients — that includes account onboarding. But at the beginning of 2018, digital sales capabilities for business banking leapt to 30 percent from a measly nine percent at the beginning of 2017 and just seven percent at the start of 2016, according to a new report by Avoka.
Marketing was the first thing banks made more digital; they create all the necessary content to allow them to do their research on a banking product before they actually apply for it. That should be where the sales begin, but for most banks, it’s the point at which customers need to go offline and into a branch to open an account. Then, they digitized account servicing, letting customers access their account through a website or reach customer service with 1-800 number — after they’ve opened an account, of course.
“It’s the piece in the middle that transitions you from being a prospect to being a customer,” said Don Bergal, CMO of Avoka. “That hasn’t really been the focus of the banks until the past two or three years. Getting you from the ‘Apply now’ page to being a fully onboard customers is where the action is.”
Thirty percent is low, but an 82 percent year-over-year increase is remarkable. Unsurprisingly, it’s the national banks that have showed the most progress, according to Bergal, while regional and community banks, which tend to rely more heavily on their branches to strengthen customer relationships, haven’t done as well. But as large banks already investing heavily in digital show that pairing those capabilities with a physical presence is critical to their customer acquisition strategy, community banks like Alpine Bank in Colorado are working on digital onboarding processes for new customers, realizing how crucial it is to marry their branch strategies with strong digital capabilities.
As destination travel takes off, the ‘Big Easy’ is experimenting with AR/VR to draw visitors
As travel, and travel tourism, return to pre-pandemic levels, New Orleans is leveraging AR/VR technology marketing to stand out and capture more traveler attention.
Why companies like iHeartMedia, NBCU rely on homegrown IP to build metaverse engagements
The success of recent brand activations is evidence that media and entertainment brands are the companies best equipped to build metaverse spaces that can dodge online skepticism, thanks to their wealth of owned IP.
How sunglasses brand Quay retooled its advertising to be less reliant on performance marketing following iOS changes
Prior to the iOS changes, Quay was spending the majority of its ad dollars on performance marketing tactics and influencer marketing.
SponsoredHow FAST channels are redefining primetime opportunities for advertisers
Sponsored by Vevo With the competition from content providers continuing to build, the traditional primetime TV slots are no longer guaranteeing the mass audiences they once did. Television viewership is evolving, and the primetime window of 8–11 p.m. is less broadly reflective of younger audiences’ content consumption habits. In 2022, attracting TV viewers is a […]
What beauty brand Fenty can gain from Rihanna’s Super Bowl halftime show
Following a roughly six-year hiatus from music, Rihanna is returning to headline the NFL Super Bowl halftime show. The residual effects for her Fenty brand will be paramount.
Skills shortages and legal uncertainty curtail marketers’ in-house ambitions for programmatic
IAB Europe survey reveals a significant in-housing slowdown with only 16% of marketers employing it as a model for programmatic trading.