By FintechOS - March 6, 2024
Navigating Embedded Finance: Profitable Strategies for Credit Unions and Regional Banks
Embedded finance is already shaking up financial services. How can regional banks and credit unions tap into this new opportunity?
Get the Report! The Modernization Imperative for Insurance – in partnership with Datos Insights
Retail Banking
Retail Banking Overview
Gain new customers by creating experiences and products quickly and easily
Account Opening
Create journeys powering customer acquisition
Personal Lending
Design and launch personalized products quickly to meet customer needs
Mortgage Automation
Build tailored mortgage offers to win new customers
Small Business Banking
Small Business Banking Overview
Grow your small business customer base
Account Opening
Engage and onboard small businesses using frictionless digital journeys
Small Business Lending
Create relevant loan products to meet the specific needs of different business segments
General Insurance
General Insurance
Meet the need for new forms of cover and high-quality digital experiences
Small Business Insurance
Create personalized propositions that meet the unique needs of small businesses
Pet Insurance
Increase share of wallet with cover customers love as much as their pets
Embedded Finance
BNPL and Embedded Lending
Deliver lending products directly to where they are needed
Resource Center
Get insights from the latest customer case studies, whitepapers, webinars, and more
Customer Case Studies
Learn what our global customers are saying about the value of FintechOS
Platform Documentation
Comprehensive documentation for the FintechOS platform including release notes, APIs, and SDKs
Retail Banking
Retail Banking Overview
Gain new customers by creating experiences and products quickly and easily
Account Opening
Create journeys powering customer acquisition
Personal Lending
Design and launch personalized products quickly to meet customer needs
Mortgage Automation
Build tailored mortgage offers to win new customers
Small Business Banking
Small Business Banking Overview
Grow your small business customer base
Account Opening
Engage and onboard small businesses using frictionless digital journeys
Small Business Lending
Create relevant loan products to meet the specific needs of different business segments
General Insurance
General Insurance
Meet the need for new forms of cover and high-quality digital experiences
Small Business Insurance
Create personalized propositions that meet the unique needs of small businesses
Pet Insurance
Increase share of wallet with cover customers love as much as their pets
Embedded Finance
BNPL and Embedded Lending
Deliver lending products directly to where they are needed
Resource Center
Get insights from the latest customer case studies, whitepapers, webinars, and more
Customer Case Studies
Learn what our global customers are saying about the value of FintechOS
Platform Documentation
Comprehensive documentation for the FintechOS platform including release notes, APIs, and SDKs
Nowadays people use many online services just through their phones: hotel booking, airline companies, health, entertainment, education and so on. The more complex these services get day by day, the more customers expect a smooth, simple, and lean onboarding experience.
Financial services customers are no exception. “They expect this onboarding to be as simple as opening a Netflix account or booking a home on Airbnb”, said Boaz Burkunk, Senior Product Designer at EY VODW during a FintechOS webinar that explored customer onboarding in retail banking. The onboarding journey is the start of a bank’s relation with the customer.
In case customer onboarding is too long or too complicated, the bank might lose 60% of its potential revenue, as Signicat Research found out. How to avoid such a potential disaster? And how to achieve an onboarding experience to remember?
EY has investigated the onboarding experiences of four incumbents and four challengers. They have also taken these lessons on board, and re-imagined and redesigned the onboarding experience, considered from a range of different perspectives, including online usability, compliance and security, innovations and guidance and support.
Read below a practical guide that resulted from FintechOS’s webinar featuring speakers from EY Financial Services:
#1 Create a really short time to value
People are still orienting a lot – especially with financial products – on desktop. At some point, banks will need to convert them to an app. More and more brands are doing that as soon as possible. Here is a practical advice from EY: try to create a really short time to value to draw people into the app. Because once you are in the app or kind of locked in, you can really create value for your people.
#2 Use concise copy
What helps in the cross-channel experience is to use concise copy that really calls to action and relates to the customer’s goal. But it must be short and simple. A lot of brands use like horizontal images.
#3 Keep the instructions close
A lot of guidance and help is done in a screen before the action takes place. It’s best practice to really make it contextual. So, when you’re asking somebody to do something, keep the instructions close by so they don’t have to navigate back and forth. And when it comes to telling a story, try to focus on what you can tell with the visual. People don’t read online, and they don’t want to read.
Customer experience is the new growth engine in Retail Banking, Catalin Dediu, VP of Product Management at FintechOS, pointed out towards the end of the webinar. “Good digital CX is a source of improved customer acquisition, improved upsell, a reduced churn and cost reduction (through automation)”.
But what constitutes good CX? Read four action points from FintechOS:
#1 Support customers in their Shopping & Research stage (the most important, but also the most challenging stage for most customers);
#2 Match customers with relevant (personalized) products and services;
#3 Deliver cross-channel customer journeys with an emphasis on UX that addresses pain-points;
#4 Iterate products, services and customer journeys based on customer feedback;
As a key take-away, Dediu concludes that “by tapping into the power of data and having the capability to expose it to whichever system, in a secure away, a bank can bring forward customer journeys, but also products and services that are relevant and personalized to each individual customer.”
In 10 years’ time from now, “traditional banking products – as we know them today – will diminish, and they will be part of an ecosystem of solutions that will take care of our personal financial management needs. They will be more proactive and automated”.
As a conclusion, Lysanne Jurjens, Senior Manager at EY Financial Services said that “the use of technology is very important to have to speed up the application of verification process”. However, there are a couple of important privacy principles to consider in the onboarding journey. One is transparency – which is part of GDPR, which is went into effect almost three years ago.
***
Register now to watch the full recording of the webinar.
For more findings on this topic, ➡️download our whitepaper “Digital CX – The new growth engine in Retail Banking”
***
MAIN PHOTO Credit: Unsplash
***
Related articles:
Digital Onboarding Done Right: The Best Way to Win & Keep Customers
Banking: What It Takes to Be Customer-Centric
Phygital – The New Banking Frontier
Is Gen Z The Next Big Thing in Banking?
Future Tech Trends the Banking Industry Is Acting On
FintechOS is the global leader in fintech enablement, on a mission to make fintech innovation available to every company. As the world grows increasingly complex, FintechOS strives to simplify and accelerate financial technology so anyone can build, launch, service, and expand new products in weeks, not months or years. The FintechOS platform empowers banks, credit unions, and insurers of any size to grow revenue, lower operating costs, and achieve a faster time to value without dependency on core infrastructure and costly tech talent. Headquartered in New York and London, FintechOS has partnered with some of the world’s best brands, including Groupe Société Générale, Admiral Group, Oney, eMag, Deloitte, EY, and PWC.