Online customer acquisition, retention and development

Given the profitability of online customers, financial services organisations are under constant pressure to increase both customer registration and service usage.

In the drive to persuade more customers to use services such as online banking, there is no more powerful tool than a VeriSIM marketing simulation, which lets your customers fully "test-drive" your service online.

See our solutions in action for Sainsbury’s Bank, and Bank of Scotland Business Banking.

The benefits speak for themselves

NOP World Financial’s 2004 Financial Research Survey found that online bankers do more and cost less than their offline counterparts. Their average cost per transaction is only £0.85 (compared with £1.94), while they hold an average of two products (offline bankers only 1.5). What’s more, active online bankers have higher levels of satisfaction and are more likely to stay with their bank. The challenge is to persuade people to register for online banking – and also to become active users. At present, according to eBenchmarkers, half of all those who have registered have since fallen dormant.

The VeriSIM marketing solution has the appearance and full functionality of the customer-facing service, creating a risk-free environment where users are able to learn about, trial and explore everything the service has to offer. Once registered, it will also ensure that they continue to use the service – and are confident enough to use more of it, more often. For more information about application marketing…

When rolling out online services for customers, financial services organisations often come across the internal challenges of training employees to sell and support the system. Many of the elements of the marketing simulation can be reused here. For more information about application training…

Before it gets to the stage of registering customers and educating employees, the organisation needs to develop the application they will be using. This process can be particularly complicated in terms of design and usability, as well as the challenge of agreeing specifications and delivering projects on time. Fortunately, VeriSIM is able to prototype a proposed application to eliminate these problems. For more information about application prototyping…

For further information, or to see a demonstration of VeriSIM’s latest marketing solutions, please contact us.