Mobile devices are everywhere and are used for everything from browsing to shopping to taking pictures. Social media is full of snapshots of food, babies and cats...mostly cats.
Why not use their smartphone to get more people into and through your funnel? It’s already being used to improve funnel metrics for institutions that used to rely on branches or time-consuming forms to acquire and onboard customers.
Mobile Banking Trumps Online Banking
In today’s marketplace, digital and mobile functionality is no longer an option. It’s the expectation.
More than 50% of people in the US expect to use their mobile device to interact with their bank.
It’s harder than ever to meet the increasing demands of the mobile consumer. As opposed to accepting mobile versions of online banking applications, the digital consumer expects the simplicity and time savings of a native mobile experience.
Unfortunately, you're no longer being judged by what other financial institutions are doing. You’re being judged by ease of use of apps.
Satisfaction for mobile banking apps recently went down because we’re not keeping up with the demands of the mobile user. For the first time, consumers are way ahead of the tech banks are using.
Some institutions have quickly capitalized on this shift. Mobile banking apps and branchless banks (ex. Ally Bank) are responding to consumers’ desire for convenient banking from their devices.
As the chart below shows, consumers are quickly abandoning the hassle of going to a physical location in favor of banking from wherever they are on the device of their choice.
Cross-platform conversions will decline
Everyone from teenagers to their parents are using desktops less and mobile more.
No longer are users using mobile to research and then moving to a desktop to purchase. Now they want to stick with their device of choice and complete the whole experience on it.
Seventy percent of likely checking account applicants say they would prefer to submit a digital application.
That’s a problem for many financial institutions because only 20% of top U.S. banks currently offer mobile-optimized new account opening.
When they do offer it, they often make the mistake of carrying over those long, tedious forms in their entirety, all but encouraging abandonment.
As the chart above shows, 21% of abandonments are due to an overly long and complicated process.
Even breaking down forms into bite-size pieces (page 1 of 10, for example) is a mistake. Users will start the process, be discouraged by its length, and then they’ll abandon the process to seek out a simpler option.
Eliminating many steps and questions reduces abandonment. But the most important thing is to first ask for their email address. That way, if they forgot a document or get distracted, you can retarget them later to finish the process.
Doing so will keep that 47% engaged and give them a reason to continue. Did almost half suddenly decide they didn’t need the account though they started the process? No. It’s a catch-all that means they had a sudden change of heart once they got into the process? Why? Because the process was too long, too complicated, and probably not optimized for mobile.
All these struggles and nearly half of abandonments could be eliminated by simply leveraging the power of pictures.
Customers love imaging features
Though applications started on mobile tend to convert lower than desktops, Photo Fill® makes it easier to complete mobile applications to raise it to parity with desktop applications, if not surpass it.
It uses the camera in customers’ mobile devices to scan their documents to populate forms with their data. It only takes a few seconds and accurately fills your form, eliminating a laborious, error prone process.
By quickly returning accurate data to make onboarding easy, Photo FIll removes friction so users don’t abandon the process. That leads to more completed applications and booked accounts, ultimately driving more revenue and greater profit.
Plus, customers love it.
“Imaging features are the most positively reviewed features by customers. Data entry is painful. Every phone has a camera. New research shows that customers like convenience and dislike apps that don’t use features their phones have.”
Niti Badarinath, Senior VP
It also improves branch account opening experience for consumers and employees, and it increases back office efficiency with better data for faster decisioning.
Another benefit that’s often overlooked is contextual prequalification. It’s the perfect way to cross-sell because customers don’t have to re-enter all their information. Signing up for an added service like overdraft protection is as simple as checking a box.
Photo Fill and your funnel
The typical funnel has 3 high level steps: customers start the process, fewer complete it, and fewer still book their new account.
Let’s break it down even more. The traditional acquisition workflow is not mobile-friendly and costly.
Compare that to the mobile acquisition workflow, and you can see that mobile capture creates superior user experience which reduces abandonment and improves data quality - the key to booking more accounts.
A picture is worth more than a thousand words. Integrated into your funnel, mobile imaging could make your customers’ pictures worth far more in profit.
To learn more, check out the on-demand webinar The Power of Picture for Customer Acquisiton featuring Jim Marous of the Financial Brand.