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Tech-savvy customers are pushing up the adoption rate of digital banking. A report by UK-based Juniper Research says more than 50 percent of the global population will embrace digital banking by 2026. Providing a seamless digital banking experience for customers will not only save time and money for banks, but also create new revenue and monetization models. However, as banks transform into their new avatars, it is crucial to have key performance indicators (KPIs) to measure the success of their digital journey. Here are some KPIs which are positively impacted by the digitalization of banks, providing a valuable competitive advantage in a world that is moving online.
Time to funding
Banking customers today live in a world where everything is delivered at the click of a button. Digitalization of banking services using websites and banking apps cut down the waiting period for long funding processes such as loan approvals.
Turnaround time
When customers approach a bank, they expect prompt responses in minimal time. In brick-and-mortar banks, customers must interact with many officials to get their requests serviced. Digital banking enables customers to communicate with their banks using the channel of their choice and receive a prompt, helpful response via the same channel, thus shortening turnaround times.
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Call handle times
Reduction in call handle times of call center agents results in productivity and customer satisfaction. When banking processes go online, back-end information can be speedily retrieved and added to call sheets of agents. This saves time spent collecting information by eliminating basic and redundant questions.
Conversion rates
Traditional banking involves tons of paperwork that can frustrate most customers. Customers who apply online are aided by automated processes and increased visibility for different teams into their journey. This reduces silos and helps onboard prospects from a single digital channel, increasing conversion rates.
Onboarding rate
Seamless digital processes ensure a significant rise in onboarding rates. Banking compliance norms can sometimes hinder the process of online onboarding. However, a bank can ease the customer onboarding process by offering an intuitive digital platform — making it easy for the customer to share documents, ID proofs, digital signatures, etc.
Abandonment rate
Customers lack the patience to complete long-drawn processes and fill multiple application forms. Digitization can simplify the application process. It can help personalize customer support and tailor offers to their needs, leading to increased conversion of prospects and reduction in abandonment rates.
Customer touchpoints
Digitization enables a bank to have multiple customer touchpoints, spread across mobile and messaging apps, website chatbots, etc. Each touchpoint enhances the customer’s experience and consequently, their loyalty. However, a customer must be able to avail of services or get issues resolved from a single touchpoint. The bank should ensure that the customer is not shunted from one point of contact to another for query resolution.
Customer loyalty
Although it may cost more to service a tech-savvy digital customer, the returns are much more than that from traditional customers. With the future of banking dictated by new-gen customers for whom time and speed is money, a digitally-enabled bank that offers personalized remote banking, on an as-needed basis, is ensured customer loyalty.
For banks, going digital is a key growth factor, which transforms the customer journey from initial contact to final onboarding. Customers are at the center of everything digital-first banks do, and they receive the rewards in terms of higher conversion rates, faster turnaround times, and increased agency efficiency. Thus, digital banks should focus on tech-based KPIs directly related to recruiting and sustaining clients.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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