Money Matters: The Digital Enrollment Imperative in Financial Services

by Christopher Young

posted on 02-22-2017

The account-enrollment experience is critical to customer conversion; yet, many institutions still use paper-intensive legacy systems. As consumers are researching and comparison-shopping — seeking the best locations and methods for managing their money — every aspect of the experience counts. And, as customer preference expands into self-service and digital interactions, it is important to provide a personalized experience that can span across channels and devices — especially mobile.

Fortunately, optimizing the account-enrollment experience pays huge dividends. Nedbank recently streamlined their enrollment process with Adobe Experience Manager Forms, Adobe Experience Manager Sites, and Adobe Analytics and were able to increase conversions from 33 to 80 percent. Progressive financial institutions are rendering and updating forms more quickly, making them more dynamic and their offers more personalized, AND effectively managing the workflow to support these seamless experiences using integrated technology.

Four Challenges — and Solutions — to Delivering the Optimal Customer Experience
To provide an optimal enrollment experience across digital channels, marketers must overcome four common challenges. Never fear, though — we have solutions!

Challenge 1: The Mobile Experience is Broken.
Enrollment forms and documents continue to offer desktop- or paper-like experiences, causing customers to start applications on mobile devices but eventually abandon them or switch to in-person visits or phone calls, which are much more expensive for the business.

Solution: Focus on the cross-channel customer experience and leverage responsive forms and documents that are integrated with existing apps and websites. Content can be personalized and reused from other digital channels. Allow users to work offline and synchronize when they are connected. Make sure interactive form and document elements adapt to any screen size and user response.

Challenge 2: Workflows Don’t Work or Scale.
Many departments and services still rely on manual or paper-based form filling, signing, and approval processes due to compliance or data-security issues. These are error-prone, involve manual data reentry into backend systems, and are expensive to store.

Solution: Use electronic form filling and electronic signatures that meet legal and compliance regulations. Provide the capability for photo recognition of documents to auto-populate form fields (such as from a driver’s license).

Challenge 3: There is Reduced Flexibility and Slow Time-to-Market for Updates.
With hundreds of forms, businesses often have to rely on expensive development resources to create or update form and document experiences, reducing the flexibility to make updates and increasing time-to-market for launching new enrollment services.

Solution: Increase organizational flexibility with user-centric form management and automated workflows integrated with backend systems. Have your systems designed to reduce demands on information technology (IT) departments if forms need to change.

Challenge 4: Companies Lack Visibility Into Customer Experiences.
Most organizations lack insight when it comes to how long it takes to complete enrollment applications and where customers are abandoning the processes. Hence, they struggle — or completely fail — to improve the enrollment experience.

Solution: Measure and optimize the experience with usage and workflow analytics and personalized correspondence. Enable analytics tracking, A/B testing, and targeting to optimize and personalize the forms experience.

How Nedbank Improved Digital Enrollment
Established in 1961, Nedbank is the fourth-largest bank in South Africa, a country that has 11 official languages and is still on the path to finding its identity in today’s global economy. Through a series of mergers and acquisitions, Nedbank was left with multiple internal groups that were serving customers. As a result, Nedbank’s ability to deliver consistency with regard to both messages and experiences — regardless of touchpoint — was limited. To address these challenges, Nedbank completely overhauled its digital enrollment processes. The initiative included software that allowed nontechnical marketing and operations people to take greater roles in designing and managing the processes. As mentioned before, the rate of successful form completion increased from 33 to 80 percent, and they reduced the number of form templates from 228 to 38. This helped Nedbank provide a seamless, personalized banking experience whether the interaction was on the web, mobile web, or via app.

Final Thoughts
Nedbank is not an anomaly. Companies that invest in both digital enrollment and in improving the customer experience are gaining competitive advantages. Those that don’t risk losing business or market share to those that do. Transforming your organization into an experience business that provides multichannel account-enrollment processes isn’t about the latest fad. It is a real evolution in customer service that results in increased speed to market for your forms and processes, increased customer engagement, reduced load on IT, higher conversion rates, and an improved customer experience.

Now is the time to extend your digital-marketing capabilities to the forms and applications processes. If you are optimizing third-party advertising, site-based messaging, or site pages, why stop at the activity in which you actually convert new customers?

Learn more. Download our white paper, Money Matters. The Digital Enrollment Imperative in Financial Services.

Topics: Content Management, Financial Services