The Business Bank Account Opening Rank Kazakhstan 2021 serves as an essential resource, exploring the dynamic landscape of banking processes for small and medium-sized enterprises (SMEs) across Kazakhstan's leading financial institutions. Conducted in 2021, this thorough study assesses the ease and efficiency of account opening procedures, encapsulating a detailed analysis of more than 100 best practices across the top 9 banks. By offering a rigorous comparison and identifying strategic opportunities, the report aims to bolster financial institutions in refining their service offerings, enhancing customer experience, and optimizing operational effectiveness.
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The Business Bank Account Opening Rank Kazakhstan 2021 study underscores a significant shift in the banking sector's approach to attracting SME clients. The analysis reveals that businesses prioritize the speed and simplicity of the account opening process over the traditional draws of product variety and pricing structures. This trend reflects a broader industry move towards efficiency and user-friendliness, acknowledging that the quicker a company can access banking services, the sooner it can manage its finances effectively.
With the advancement of technology and increasing reliance on digital platforms, the study highlights how banks are leveraging digital services to enhance customer experience. Particularly, the research points out that online account opening capabilities and robust mobile applications are becoming critical factors in choosing a bank. Banks that offer a seamless digital experience are likely to attract more SME clients and have higher conversion rates compared to those with less developed digital infrastructures.
The research emphasizes the use of customer journey maps (CJMs) as a tool to evaluate and improve the account opening process. These maps provide a visual representation of every step an SME client undergoes from initial contact to full account functionality. By comparing CJMs across nine major banks, the study identifies best practices and pinpoints common obstacles that customers face. This approach not only aids banks in refining their customer interactions but also serves as a benchmark for continuous improvement.
The report meticulously assesses both quantitative and qualitative aspects of the banking experience. It applies specific weightings to various elements of the service delivery, such as application submission (17%), convenience of scheduling meetings with bank representatives (15%), and the sales of additional services (6%). This detailed evaluation framework helps in understanding the effectiveness of each bank's process and in determining where they stand in relation to market standards.
One of the significant insights from the study is the increasing cost of customer acquisition. As banks escalate their marketing expenditures to attract new clients, the effectiveness of traditional methods like advertising and low tariffs is waning. This situation necessitates a strategic reevaluation of how banks can maintain customer attention and loyalty. The research suggests that providing a digital service that combines the convenience and responsiveness of a personal manager could be key to retaining modern entrepreneurs.
The effectiveness of attracting SME clients increasingly relies on the simplicity and speed of the account opening process, rather than on traditional factors such as product variety and pricing.
The comprehensive analysis provided by the Business Bank Account Opening Rank Kazakhstan 2021 research offers several practical benefits for clients in the banking and financial services sector. These insights not only improve business operations but also enhance strategic decision-making. Here are the key advantages for adopting the findings of this research:
The research provides detailed insights into the customer journey maps (CJMs) for account opening. Banks can use these maps to streamline their processes, reduce friction, and thereby improve the onboarding experience. This leads to quicker account activation and potential revenue generation.
By implementing the best practices identified in the research, banks can significantly improve their account opening conversion rates. The study highlights methods to simplify the application process and enhance the overall user experience, making it easier for SMEs to start and continue their banking relationships.
The benchmarks and analysis provided offer banks a clear picture of where they stand against their competitors. This data-driven approach allows for targeted improvements and strategic planning to outperform competitors in service delivery.
With the detailed examination of both web and mobile banking platforms, the research pinpoints where banks can reduce redundancies and increase efficiency. This not only reduces operational costs but also speeds up service delivery, pleasing clients and reducing overhead.
The focus on digital channels within the research encourages banks to innovate and adopt modern technologies. This ensures they remain relevant in an increasingly digital world, where SMEs expect to manage their banking needs online seamlessly.
By improving the account opening process and ongoing management, banks can increase customer satisfaction. Satisfied customers are more likely to remain with the bank, reducing churn and building a loyal customer base.
We identify best practices and provide actionable insights from 100+ strategies to streamline onboarding and improve customer satisfaction in Kazakhstan's banking sector.
We analyzed the nine largest players in terms of corporate deposits based on data from the National Bank of the Republic of Kazakhstan. For each bank, we evaluated two account opening channels: the website and the mobile application. In the case of the website, we assessed how quickly and conveniently an entrepreneur can submit an account opening request. For the mobile application, we examined whether entrepreneurs can download the mobile banking app for businesses and open an account through it, as well as how well-organized the process is.
Using respondents, we opened accounts in all participating banks. Additionally, we explored the possibility of opening an account simultaneously with business registration.
All respondents were active individual entrepreneurs with an electronic digital signature (EDS). Each respondent opened an account with a bank that was new to them.
What we do:
The evaluation system for app and website performance based on category weights:
Based on the collected data, we compiled separate rankings for websites and mobile applications.
By the way, we're proud of our research methodology, which excels in comparative analysis by meticulously organizing all gathered data to enable objective comparisons between various applications. We decompose services into their essential elements, assign weights according to user significance, and derive a score that truly represents the quality of the user experience.
Banks in Kazakhstan exhibit varying levels of process quality. The leaders significantly outperform their competitors in terms of service quality. However, there are common trends:
In the full report, we have compiled all customer journey maps (CJMs) and provided comments on implementing best practices in the mobile application and website.
As an example, let’s consider a map from one of the banks that ranked among the top three in the rating, based on the research. This map reflects the customer journey for opening an account through the website.
The bank demonstrates an interesting implementation of a «fidgetal» process, where the best practices are integrated into the customer’s journey. It includes a convenient application form with prompts, control in the personal account, and the option to choose a convenient day and time for a manager’s call.
The map also highlights the steps where customers encounter barriers, such as waiting for account details for 12 hours after visiting the bank or difficulties in finding and visualizing tariffs.
On the bank’s website for account opening:
The last point is particularly important because it reduces the risk of disruption in the process if some agreements with the client need to be made over the phone. To ensure the contact is made, it is better to let the customer choose a convenient time. In this case, the selection is implemented as a calendar, with available intervals highlighted. This allows the entrepreneur to schedule the conversation within their own schedule, while the bank reduces the risk of being unable to reach the potential client.
The Business Bank Account Opening Rank Kazakhstan 2021 research provides an invaluable overview of the current account opening landscape for SMEs in Kazakhstan, detailing operational efficiencies and customer experience enhancements across major banks. By adopting the best practices identified in this study, banks can significantly improve their service offerings, enhance customer satisfaction, and boost operational performance. We invite financial institutions to collaborate with the Markswebb team, leveraging this research to refine their processes and achieve superior market positioning. Together, we can transform challenges into opportunities for growth and innovation in the banking sector.
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