With over 50% of small businesses considering a banks’ user experience when selecting a partner, it’s critical that banks begin to make changes to how customers apply for their products.
A few important statistics from the webinar highlight the most important areas of improvements for financial organizations:
- 77% of business banking products don’t offer the option to apply online;
- 99% of business banking products don’t offer mobile responsive experiences for new product applications;
- In our study, we found that there is an average of 58 fields in a business checking account application;
- A 2015 Wells Fargo Gallup Small Business Index highlighted that the average small business owner works 52 hours per week and extended bank branch opening hours cover 51 hours…and it’s the same hours the business owner works. So they don’t have time to visit a branch!
So, how can Avoka help? First, we offer a design experience without programmers. Second, we have a management experience platform that tracks user behavior and allows you to make improvements to your onboarding process over time. Third, we offer an option to transform the customer experience, even if you’re not ready to integrate to your core banking system for commercial banking. Finally, we can help you deliver an exceptional customer experience across all devices and channels.
Avoka Transact helps solves problems by:
- Helping you replace paper forms with digital applications (that are available 24×7)
- Delivering results in weeks, not months or years
- Out-of-the-Box integration
- Low-Code (or no-code) platform that business controls instead of IT
There is an enormous opportunity to provide small businesses with the convenience of the digital channel for new product applications and it’s easier than you think. We helped one bank deliver a digital application experience for a bundle of 5 business banking products in just 7 weeks – the result was an application that could be completed in 15 minutes instead of 65 and the average number of products per customer increased from 1.4 to 4.0.
