Winning New Customers & Larger Share of Wallet
The new battleground in financial services will be for new customers, products and transactions. For nearly a decade, financial institutions’ main focus for the digital customer has been in creating the best mobile banking experience to serve the existing customer base. Most of the investment has been spent on innovation in this area. While important, it has been at the cost of customer acquisition and adding to product portfolios. These areas lose their focus with overworked product teams and vendor strategies stuck in the 90’s.
MSP has worked in all aspects of the financial services space, from retail to commercial, from mortgages to auto loans, from mobile to the branch. Our work for our customers has consistently shown that the areas most in need of improvement are sales and customer acquisition. All too often, our customers have been relying on technology from vendors that are merely old paper forms from their branch put on a website. The process is long and clogged with useless steps that lead to the high abandonment rates being experienced today. Typically, a Financial Institution will have roughly 80% of the attempts made by the mobile first / mobile only customers fail in their attempts to be come a customer/member. That is a huge problem.
We also uncovered countless new accounts that were dormant or nearly so because the switching process is so labor intensive. Even the largest of FI’s merely provide forms for the new customer to download, fill out and mail in to all of their billers and deposit relationships. No wonder 59% of consumers think it’s too much hassle to switch financial institutions. The growth minded FI needs to get in front of this problem as soon as possible.
These opportunities are what has driven our new product direction. We are glad you are here and look forward to giving you a demonstration of the most unique way of on-boarding customers on the market today.
Ready to expand the breadth and depth of your digital offerings?