The customer experience (CX) for banking customers is more digitally integrated than ever before, with mobile apps making it easier to do everything from checking your account balance to transferring money and more. And yet as Senior Staff Writer for The Financial Brand Lisa Joyce discusses in a recent article, many banks and credit unions consider it a failure for a customer to begin in a digital channel but end at a branch location — all because the online or mobile channel didn’t deliver an entirely digital consumer journey. However, that doesn’t line up with our own banking CX research.
“That’s not entirely true. Banks and credit unions aren’t measuring digital’s impact correctly, according to ForeSee,” Joyce writes. “They contend that an ‘all-digital retail delivery experience” is aspirational, but not realistic.” This is also a sentiment echoed by ForeSee VP and retail banking lead Jason Conrad, who points out that this is also why bank branches aren’t dead.
Via the article:
Banks and credit unions tend to approach the consumer journey as a logical progression from point A to point B, and therefore assume that consumers want to remain in the channel they started in. If a consumer starts opening an account online, financial institutions consider the consumer experience a failure if the consumer then finishes opening the account in a branch. Banks and credit unions work feverishly to figure how they can improve the digital account opening process so that consumers stay online.
Sure, you can (and should!) improve account opening; many consumers would be thrilled to finish opening and account digitally. But others would prefer to start the process online and then visit a branch to seal the deal.
So you shouldn’t measure success based on how many consumers start and end their journey digitally. Those consumers who research an auto or home loan online but who abandon their session before completing an application doesn’t necessarily mean that something is wrong with the digital experience. Digital could very well be doing what digital should be doing: allowing consumers to research products and services before buying… either online or in a branch.
“Measuring online conversions just isn’t as important as banks and credit unions like to think it is,” says Conrad. “Instead, they should measure and quantify digital’s contribution to conversions in other channels.”
Read the entire article, complete with infographics that better illustrate the data, here: Why The Customer Journey In Banking Will Never Be ‘Digital Only’