Banks are (finally) improving the customer experience for small businesses
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.
Member ExclusiveMarketing Briefing: As socializing returns, marketers will ‘adopt a hybrid model’ adding OOH, pop-ups back to the mix
Marketers and media buyers say that the next few months will see a hybrid approach from marketers with a rise in advertising and marketing that had dipped (i.e. out-of-home and experiential) due to the pandemic as well as a continued push for virtual and live audio options.
‘Sustainability makes good business sense’: Companies ramp up eco-friendly efforts for office returns
During the pandemic, as firms dramatically curbed their energy and paper usage and reduced their office footprint, sustainability has become a whole new rallying cry.
‘It’s taking a whole village to plan’: Who is calling the shots on what the return to offices looks like?
Figuring out what a return to the office looks like is a giant undertaking. And at many businesses it's requiring a bunch of different skills and mindsets to plan it.
SponsoredHow The Company Store is reimagining customer experiences for pandemic-era growth
Throughout the pandemic, some retail categories have been inherently successful. Home furnishings and décor are among them; with consumers spending so much more time at home, updates and renovations flourished. Criteo data from the first half of 2020 showed sales for items like outdoor furniture sets up 434% year over year, with other home items […]
It’s deja vu for marketers as Apple’s ATT causes consent headache
Marketers are again in limbo as gaining people’s consent to be tracked via pop-up rears its head around Apple’s latest privacy push -- just as it did for the General Data Protection Regulation three years ago.
Member ExclusiveMedia Buying Briefing: Attention metrics vie for the industry’s, well, attention. Will it take root?
Proponents of attention metrics in media planning say it will reduce waste in buying, especially for CPG brands.