Key points:
- One way for your financial institution (FI) to increase marketing efficiency is to boost your conversion rate on online applications.
- Your FI can increase conversion rate by optimizing the online account opening (OAO) experience and streamlining both the submission and approval processes.
- When your conversion rate is high, your FI is able to book more accounts without increasing website traffic. This means you can spend less on marketing while achieving your desired outcome.
Digital marketing enables banks and credit unions to attract and potentially convert a significant volume of consumers. But advertising can be expensive—especially at the very top of the marketing funnel. So how can your financial institution keep marketing costs manageable while still connecting with your desired volume of new customers or members?
In order to optimize your marketing efforts, it’s important to first understand the connection between conversion rate and marketing spend. A higher conversion rate means that a greater proportion of the potential customers or members who begin an application on your site will actually complete the process and open an account. Consequently, conversion also has a direct impact on how much you need to spend to drive traffic to your site in the first place.
With a higher conversion rate, your FI will boost the efficiency of your marketing and ultimately spend less per completed application. In this article, we explore the importance of a high conversion rate, how to boost conversion, and a few best practices to streamline your FI’s onbo
