In a digital era, customers have higher expectations of their financial service providers. Consumers are no longer content with traditional banking products and simple transactional services.
According to our Fintech and Banking 2025 IDC report, the top three factors that drive customer loyalty are access to a diverse range of financial services, fast turnaround time, and empathy.
Here, I offer some of my views on the fourth chapter of our Banking Transformation Case Studies eBook and the appropriate actions that banks can take to expand their customer base quickly.
Optimizing end-to-end customer journeys
Banks are failing to convert 85% of customers on digital channels.
Learn how to define your stakeholder needs and improve your digital sales journey here.
Time-consuming application processes, limited access to support, and the absurd amount of information required to apply for financial products and services are key factors that have led to low conversion rates in the digital account opening process.
With big techs and challenger banks now offering bespoke digital onboarding experiences, banks need to shift away from high-friction processes and adopt solutions that streamline end-to-end digital processes for faster customer acquisitions.
Powered by Backbase Digital Sales, Austria-based BKS Bank saw a 90% time reduction in processing lease applications with an average time of five minutes to complete applications. Moreover, using an end-to-end digital process improved the bank’s cost income ratio by increasing sales while reducing operational costs.
Enhance modern digital sales processes
The banking sector still has a long way to go in optimizing its digital engagement and sales models. Antiquated technologies and operational silos are often hurdles faced by bank employees in improving the customer experience within the digital sales process.
Furthermore, having legacy systems often impedes digital cross-selling processes. Without a comprehensive overview of the customer, employees need to rely on different programs and sources for information to handle onboarding and origination processes for new products and services – making it unnecessarily inconvenient for their customers.
To drive this point home, my colleague, Mayur Vichare, Head of Strategy Consulting at Backbase, penned an article that outlines the steps in which banks should approach their digital transformation journey to orchestrate better digital sales experiences.
their share of wallet by building up their digital sales journeys here.
Bahrain’s leading local bank, National Bank of Bahrain (NBB), leveraged Backbase’s Engagement Banking Platform to allow its customer to access a comprehensive suite of banking services, including instantaneous access in opening new lines of financial products all on one platform – providing customers with the flexibility and accessibility of having the right financial solutions at the right time.
Ensuring seamless onboarding & origination
Having seamless onboarding and origination processes is pivotal in accelerating digital-first executions and increasing cross-sell opportunities.
Looking at the digital-first players such as Revolut or Grab, most have fine-tuned their onboarding processes to allow customers to open accounts and apply for different products seamlessly without going through cumbersome and tedious processes.
The leading Georgian bank, Basisbank, partnered with Backbase to expand its retail banking offering while providing customers access to all their banking needs on one platform. Using Backbase’s Engagement Banking Platform, Basisbank was able to build turnkey customer experiences that narrowed the onboarding process down to a few clicks – optimizing its customer conversation rates.
As banks and financial institutions look to speed up customer acquisition and retention and increase their share of wallet, they must start building a seamless digital sales journey that addresses their customer pain points for increased opportunities.
About The Author
Riddhi Dutta is the Regional Head for ASEAN & South Asia at Backbase.
Riddhi oversees Backbase’s sales and go-to-market success for his territory in Asia Pacific. He helps financial institutions turn their digital ambitions into reality, helping them with designing digital transformation initiatives which are feasible, tailored, and creative with instant business value.
Riddhi has an excellent track record of championing legacy modernisation initiatives in several banks across the region, where he consulted and helped banks move to open banking platforms, including modern core banking and treasury solutions. Prior to joining Backbase’s , Riddhi held several senior roles at Infosys Finacle, Fintellix Solutions and ITC Infotech.
Riddhi earned a Masters of Business Administration in Marketing and Systems from the University of Delhi.