Symptoms

Low engagement: the number of customers using the digital channel each day is low.

Poor self-service: many customers ring the call center or visit a branch instead of using digital channels when they have a question.

Diminishing transactions: there’s not enough transactions being performed on digital channels.

Causes

Slow onboarding:the digital journey is time consuming and difficult when creating a new account – forcing some customers to visit a branch.

Poor user experience: there are too many steps involved for an application and self-service options aren’t working.

Limited functionality: the number of banking actions that can be serviced online is low and there are no beyond-banking capabilities.

Fragmented services: there’s a siloed offering of services, making it difficult for customers to navigate and for your employees to track.

Effects

Increased cost-to-serve: it costs more to serve customers who rely on call centers and branch visits; the price tag is 50 times less via mobile.

Higher churn: customers who don’t adopt your bank’s digital channels are likely to turn to another financial institution.

Low return on investment: you won’t see the money you expect if your customers aren’t engaged by your digital offerings.

Symptoms

Negative ratings and reviews: customer feedback isn’t as good as your competitors, so new prospects are turned away.

Low engagement: the number of customers using digital channels each day is low.

High drop-off rates: a high volume of people abandon the sign-up and up-sell processes.

Causes

Fragmented services: there’s a siloed offering of services, making it difficult for customers to navigate and for your employees to track.

Poor customer service: customers aren’t getting the service they want because of inefficient processes, legacy systems, and slow response times.

Poor user experience: there are too many steps involved for an application and self-service options aren’t working.

Limited functionality – the number of banking actions that can be serviced online is low and there are no beyond-banking capabilities.

Effects

Higher churn: customers who only have one product with your bank are likely using other financial institutions to meet their needs.

Lost revenue: if customers can’t easily sign up for more products, they will likely take their business elsewhere.

Symptoms

High administration rate: employees are spending too much time on administrative tasks and maintenance issues.

Poor self-service: many customers ring the call center or visit a branch instead of using digital channels when they have a question.

Causes

Poor user experience: there are too many steps involved for an application and self service options are not working.

Employee inefficiencies: inefficient processes for employees who are often using multiple legacy systems – increasing wait times.

Effects

Increased cost-to-serve: it costs more to serve customers who rely on call centers and branch visits – the price tag is 50 times less via mobile.