Banks are actively investing in attracting new customers through digital channels and have already achieved success. But no less important to maintain the effectiveness of secondary sales, which directly affects the quality of the customer portfolio, user loyalty, and in the long term increases the profitability of the customer base.
The bank's team aimed to enhance the app's role as a sales tool for banking products, optimize and increase the conversion rate for ordering new products. Additionally, it was necessary to identify touchpoints where sales mechanics could be effectively integrated. They approached Markswebb with this task.
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We sought answers to two questions: what communications are used to attract users' attention and initiate sales, and what the ideal model for the sales process should look like. We answered the first question using the diary study method. Users of four local mobile banks recorded daily when and how the apps offered them additional products, compiling this data into a diary.
To answer the second question - how to build the ideal sales process - we used the mystery shopper method. In the same banks used for diary observations, we purchased target products: cash loans, credit cards, debit cards, and various types of insurance. Each sale was described in detail. This approach provided insights into how market leaders structure additional sales and helped create an ideal CJM for purchasing a new product.
For the second question we used mystery shopping methodology. In the banks for diary observations, we purchased targeted products: personal loans, credit cards, debit cards, and various types of insurance. This allowed us to gain an understanding of how market leaders build additional sales and create the perfect customer journey map for purchasing a new product.
At the attraction stage, offering a product in the context of a customer's actions better showcases the its value. A better result can be achieved by combining different communication channels, such as success screens, transaction feed, pre-approved offers. Another important thing is the context of the customer's actions, such as their purchases, current products, transaction geography, and so on.
For example, a bank can offer a personal loan after closing a credit card. This way, the customer's context and interest in additional money are taken into account. When entering the mobile bank, the user sees a banner on the main screen with an offer of a personal loan, indicating the preliminary credit limit that can be expected when submitting an application.
How else can a bank increase the visibility of the offer:
In an ideal CJM at the application stage, the bank takes on routine tasks from the client: minimizes input of complex details, adds auto-filling and document recognition through photos, and so on.
The best practices on the market are aimed at forming the right expectations for the product. An easy way to do this is to include a credit calculator in the first stage, which immediately shows the available loan amount, monthly payment, and overpayment amount. This way, the user can assess in advance how suitable the product is for them and also enter some data.
How else can a bank keep the client engaged in the application process:
The next stage is related to waiting for a response. To improve conversion rates, we recommend to provide more options for remote interaction and ensure fast responses to loan applications.
After the loan is approved, a contract needs to be signed. This procedure can cause anxiety for the customer if they see additional services that they did not agree to. The convenient remote signing of the contract through the app helps to maintain customer loyalty.
Other ways to retain the customer during waiting time:
The ideal activation stage is accompanied by thoughtful and caring onboarding into the product. It is important to maintain contact with the customer, promptly inform them about money transfers, and explain the product and its rules.
Onboarding can show where all the terms can be found, how to withdraw money, repay the loan, get credit holidays, reduce payment period or amount. This is an important part of educational work that helps reduce the risk of overdue payments.
While the customer is engaged in the service and satisfied with receiving the loan, alternative products can be offered: overdraft on a debit card, credit card, or how to get a mortgage loan. The user can go to the product application form and thus inform the bank that they are interested in the offer.
How else can a bank improve the UX of product activation:
As a result of the project, our client obtained a complete picture of the ideal sales process in the application and a database of best practices with more than 200 digital mechanics ready for use in the backlog.
This helped the application team bypass the hypothesis testing phase and immediately move on to developing specific solutions.
Using best practices speeds up problem-solving in digital services, reduces time-to-market for new features, and helps quickly obtain and measure the effectiveness of their implementation. This speed gives an important advantage in a market where the competitive position increasingly depends on the level of quality of the digital service.
This case study demonstrates a strategic and comprehensive approach to enhancing digital sales in banking applications.
By partnering with Markswebb, the client was able to identify and implement best practices, resulting in improved user engagement, higher conversion rates, and a stronger competitive position in the digital market.
Every year we conduct up to 15 studies of digital services. These are industry benchmarks that reflect the state of the market and trends.