Each of the past three years Avoka has conducted research to answer the question: Are banks ready to capitalise on transforming their customer acquisition into a digital experience? In this 2018 version of the annual Avoka State of Digital Sales in Banking report which has just been released, a change is starting to emerge.
Avoka’s third annual report measures the digital account opening capabilities of the 50 largest banks in three regions: North America, Europe, and Australia. It ranks and compares their offerings across geographies, products, and features, both in breadth and quality of the offering. As used in this report, the term “digital account opening capability” refers to the ability to apply online either on a desktop or mobile device.
The largest banks worldwide have heard the demand from their customers and the results are starting to show. Importantly, the shift to mobile engagement for customer acquisition journeys is clear. But questions still loom.
Can the largest banks transform their entire customer engagement across all product lines including personal, business, and wealth, or is it limited to a marquee demonstration for just a few consumer products? And can banks create a cohesive experience that connects their branches, advisors, and their new digital investment?
Sales in the Customer Journey
The customer journey is well documented from many sources, spanning the path from awareness through account servicing. However, no matter how well a bank’s marketing works, a critical transition must take place from being a prospect to becoming an onboarded customer. For banking, this is digital sales. Marketing and awareness were the first parts of the journey to be transformed with website and email offers. Digital banking and account servicing came next, and are a must-have for any bank today. It is only in recent years that sales has emerged as the remaining hot spot in the digital transformation of the customer experience.
The 2018 Study
To objectively evaluate the quality and quantity of digital sales capabilities of the largest banks, Avoka commissioned a research team to evaluate each of the products visible on a bank’s website.
The team looked at two factors for every product:
1. Could the product be applied for from desktop and mobile devices?
2. Did the application have the basic features necessary to ensure success?
In addition, the team evaluated ease of use for the most prominent deposit product on the website, using Avoka’s Transaction Effort Score™ ranking system to measure the degree of friction in the customer experience. Results and progress were compared for the 2018 study versus results gathered in past years. The report summarises the results of the study — covering both desktop and mobile aspects of digital customer acquisition — and offers some key takeaways for banks.
To see the full results of this year’s study and understand the latest opportunity areas for banks, download Avoka’s 2018 State of Digital Sales in Banking Report.
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