Pub. 8 2018-2019 Issue 6

12 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S FEATURE ARTICLE Although growing deposits is a huge priority for financial institutions, they must strive to do so in the most cost-efficient manner possible, while still providing that superior, personalized customer experience. Best Practices for the Ultimate Customer Acquisition Experience BY LAURA RYAN T he race for customers is at an all-time high. And financial institutions face an unprecedented list of competitors, with increased pressure coming not just from other banks, but also from retail and technology gi- ants like Amazon, Apple and Google—all look- ing to throw their hats into the financial ring. So, when it comes to customer acquisition and onboarding, financial institutions must ensure they provide consumers with the same mobile-first, seamless experience they’ve come to expect from each and every product, service and business they encounter. That amounts to a mobile-first, core-integrated account acqui- sition solution. The Mobile-First, Customer-Centric Road to Revenue Growth Financial institutions increasingly seek to not only increase their customer base, but also strengthen relationships with existing custom- ers through cross-sales. So an account acquisi- tion solution must feature both an enrollment site for new accounts as well as integration with a bank’s digital solutions to allow current customers a seamless way to addmore products and services. And it must be available any time, via desktop, tablet and mobile device. And although growing deposits is a huge priority for financial institutions, they must strive to do so in the most cost-efficient manner possible, while still providing that superior, personalized customer experience. Online acquisition tools allow customers to add accounts—sometimes multiple accounts or products in one session— while reducing banks’ costs associatedwith physical buildings and the employees to staff them. For example, say a new customer success- fully opens a checking account. They’ve used the bank’s secure, online account-opening solution—thereby supplying their personal in- formation and scanning their driver’s license for quick ID verification. They are approved for the account and receive instructions for funding the account. Once the customer is onboarded, the bank can send personalized offers—via the new customer’s channel of choice—for additional solutions or add-ons to products they’ve already selected. This helps meet the customer’s individual needs and provides the best possible experience. And the bank’s benefits are three-fold as it: • Educates the customer on its products and services