While many financial institutions have converted their processes from physical to digital, there are still opportunities to enhance customer experiences and encourage engagement. Consumers today are looking for (and expecting) specific, seamless journeys that cater to their individual needs from beginning to end.
In this blog, we’ll explore some of the top consumer experience challenges for financial institutions and how the Blend Platform can help remedy them.
For many financial institutions, there’s a digital gap between their existing processes and consumers opening new accounts. According to PwC’s 2021 Digital Banking Consumer Survey, 32% of surveyed “digital native” respondents avoid banking branches, up from 26% in early 2020. The obvious solution to this increasing statistic is to use a hybrid approach for new accounts, giving customers the option to choose between filling out an application in person or online.
With Blend Deposit Accounts, they can use the self-service capabilities to fill out an application themselves in one session — saving time and the inconvenience of having to go to a physical location when they want to switch banks. On the other hand, some consumers may find it valuable to speak to a banking professional in person.
2. Overly complex workflows
Financial institutions with disjointed, complex, or confusing deposit account opening solutions may miss opportunities to better serve customers. Blend helps provide simple, seamless processes that better capture customer attention and keep them engaged. In addition, intuitive and guided banker tools enable team members to focus on building relationships, having meaningful conversations, and providing expert advisory services rather than spending time on menial tasks such as data input and system complexities.
3. Low conversion
A smooth, seamless process is one of the best ways to ensure consumers continue to engage and not abandon their application or drop off in the middle of their journey. One of the easiest ways to keep customers in the pipeline is to leverage flexible and intuitive technology, including identity verification integrations and fraud prevention processes that, without them, could otherwise delay an account’s completion. Blend’s integration marketplace and partnership ecosystem provides these features within a single, unified platform.
4. Relevancy and certainty
Customer data from deposit accounts can also be used to help guide consumers to other products they may be interested in or need. Blend’s Decision Engine helps financial institutions promote relevant cross-sell solutions across consumer banking products. By delivering personalized and configurable offers, financial institutions can strengthen their relationships with their customers and build trust.
5. Slow and low utilization
Consumers want easy, simple experiences — a crucial component to being their go-to financial institution. Switching from where consumers currently bank to a new institution can be challenging. Immediately funding the account, receiving a virtual card and digital wallet and getting on-boarded to online banking and a mobile app helps capture utilization commitment early on.
A switch kit can help remove other barriers consumers face in migrating their financial lives to their new provider. With an omnichannel platform, like Blend, consumers can access the services they need from virtually anywhere.
Gain primary financial institution status
Becoming a primary provider hinges upon building strong relationships. Showing consumers that their financial institution cares about them is essential to success. While building trust through these personalized customer experiences can be an arduous and time-consuming process, the Blend Platform makes it easier to convert more leads, increase engagement, and, ultimately, build long-lasting relationships.
Blend is dedicated to building solutions that cater to our customers’ needs no matter the challenge. With our flexible and intuitive platform, we help make the consumer experience easier, simpler, and more personal. Find out how you can be the go-to financial institution for all your customers when you partner with us.