1.
State of the Digital
Customer Journey
Acquisition, Onboarding and
Cross-selling in Banking

2.
Digital Customer Journey
“A customer can buy a new mobile phone and set
up a data plan within ten minutes, or purchase
travel insurance from an airport kiosk in less than
three. Yet, the purchasing, onboarding and cross-
selling cycle for many banking products can
average days or even weeks.”

3.
Core Components
The Customer Journey is defined as a collection of
core features:
– Capture applicant data
– Qualify applicants
– Verify applicant identity (usually through third-party
data sources)
– Real-time account funding
– Automatically create accounts in the core banking
system
– Application of advanced analytics
– Real-time contextual engagement

4.
Ancillary Features
New features that are becoming the best-in-class
standard in the industry:
– Contextual prequalification for and cross-sell of
additional products
– Online banking single sign-on (bypassing some data
entry and identity verification steps)
– Save and resume functionality (supporting
multichannel processes)
– Electronic signatures (replacing signature cards)
– Ability to upload photos of supporting identification
documents

5.
Checking Accounts Opened by Channel

6.
Account Opening Preferences

7.
Why Consumers Visit Branches

8.
Perceived Channel Benefits

9.
Online Origination of Accounts

10.
Mobile Origination of Accounts

11.
Legacy Processes Cause Abandonment

12.
Legacy Processes Cause Abandonment

13.
Switching Channels During Opening

14.
Multichannel Support Lacking

15.
9 Steps for Optimal Account
Opening Experience
1. Clean navigation
2. Customer preparation
3. Simple data collection
4. Digital replacement of paper
5. Pre-population of data
6. Initiation of onboarding
7. Retargeting of abandoned apps
8. Move mobile process to branch
9. Fund electronically

16.
Why Onboarding?

17.
Onboarding Impacts Profitability

18.
Customer Onboarding Still Not Universal

19.
Sub-Optimal Sequence and Cadence

20.
More Contacts is Better than Fewer

21.
The Need for Speed

22.
Big Banks Seek Engagement

23.
Thank you!
Special Guest:
Jim Marous, Publisher Financial Brand, jmarous@thefinancialbrand.com
Barry de Leeuw, Pre-Sales Engineer, barry@backbase.com
Cristina Danila, Global Marketing Manager, cristina@backbase.com