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Investing in marketing, advertising and sales to grow new customer acquisition can get expensive. Just the cost of getting interest from a lead can vary between $24 in media and marketing to almost $50 in finance and banking — and that’s before your prospect has even thought about converting or started the process of opening a new account.
Increased digital spending, industry disruption and significant competition from startups and tech firms like Amazon are making it even more challenging for banks, insurers, and other financial service businesses to manage customer acquisition costs. Your customers have never had more choice, and they’re saturated by information, promotions, and offers every day.
The truth is, promotion and marketing can only go so far. To convert more prospects to customers, you need to engage with them and make it easier and faster to sign up for your products and services. In other words, you need to remove friction.
American Banker highlighted the issue, “There are challenges in the branch but even more challenges in the online environment. Banks as an industry are not meeting the customer’s desire to open an account online,” said James Miller, vice president of the banking and credit card practice at J.D. Power.
“It’s the first impression that customers get of a bank, and banks are struggling especially through the digital channel because customers are looking at different products — if they go to one bank and they can’t get onboarded quickly, they just jump to another bank,” said Christine Barry, senior analyst at Aite Group.
So how can you make customer acquisition as fast and easy as possible, while personalizing the experience so prospects are treated as individuals? The key is looking at your account opening processes – both digital and traditional channels.
Here are five ways we see enterprises growing revenue, acquiring more customers by removing friction from new account opening processes.
Everyone hates filling in forms. The idea of having to tab through four pages and 20 fields to understand your organization’s offerings will not appeal to most customers. Instead, you can create an interactive experience where a chatbot or interactive widget on your website asks adaptive questions, tailored to each prospect. If you only gather the most important information, you can make the whole experience much quicker and relatively friction-free.
You can even use the information you’ve already gathered to show personalized products, services and information unique to the individual answering the questions. For example, based on their feedback you might offer personalized investment products, accurate insurance quotes or credit card offerings tailored to their unique needs.
Here’s an example: Learn how AON boosted insurance broker productivity by 15%.
The more information you already have on your prospects, the better. If you already have data in your core systems, you can populate those details and just ask your prospect to confirm them. They don’t need to go and find the information and key it in again, which saves time and effort and builds trust.
For example, Intuit’s popular TurboTax tax filing software re-uses information gathered from previous years when customers are filling in their tax returns for the current year. This helps to retain customers and means they’re less likely to switch to a competitor, where they would have to start over from scratch.
Prospects will access your business in multiple ways — through your standard website, a mobile-optimized online presence, an app or a third-party service. Whether they’re using a computer, tablet or smartphone, the experience has to be seamless. Let them engage with you at their own pace, in their own time. They should be able to start and stop their application at any time and pick it up again on any channel. You could even build in e-signature tools like DocuSign to make opening an account fast and seamless.
Many digital customer acquisition strategies focus on the marketing side of getting a customer to your business, rather than engaging with them once they’re on your website. If you can provide personalized information and insight when they arrive, you have a better chance of them signing up and opening an account.
Keep your prospects in the know through customized, individual communications. Use the information you’ve gathered to build unique product and service information tailored to their needs. Distribute those communications across multiple channels on demand — through a web portal, social media platforms, SMS text messages, emails or traditional documents.
Here’s an example: Find out how Palomar modernized policy and document creation.
Finally, you can also optimize your internal processes and workflows for a faster, easier customer experience. Transform your backend workflows so they focus squarely on better customer acquisition through areas like faster business processes, immediate provision of proposals and contracts, reducing errors through eliminating old data, a reduction in manual administration, and routing content for approval and signature.
Discover how Intelledox integrated government processes with backend systems for easier administration for this federal agency.
Here at Intelledox, we provide all the technology you need to transform customer acquisition and boost your return on investment. Our next-generation forms, workflow and on-demand communications management platform will help you engage with prospects and speed up new account opening.
Contact us to find out how we can boost your customer acquisition to support revenue growth.
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