374) From Confusion to Clarity: Optimizing Digital Banking Applications

In this episode of the Practical Perspectives series, we uncover the challenges faced by a credit union during its online account opening process, where major friction points led to a staggering 60% of users abandoning their applications. The complexity and frustration of the process were pinpointed as the primary issues. We explore the effectiveness of website secret shopping studies and benchmarking against competitors in identifying gaps in the consumer journey, pinpointing where friction occurs, and optimizing the process. These strategies are crucial for preventing the loss of millions in loans and deposits by making the application process more user-friendly and efficient.

Join us as we discuss:

-Improving online banking application experience (7:19)

-The onboarding process and its impact on revenue (14:48)

-Optimizing financial services through communication and technology (30:16)

You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here. 

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