9 tips to set up debit card acquisition for customers‘ needs and expectations

2020 was hard for banks which are not used to digital-only communication with their customers. Attracting new ones has become more expensive, in the meantime, IT and telecom companies offer competitive financial products and digital services and customer behavior has changed. They got used to high-quality online services.

To increase sales of basic financial products banks spend more and more on marketing, which does not guarantee the result. We recommend having a look at the process of debit card acquisition in advance to find and resolve problems that customers face getting the product.

CJM would be a great tool to analyze the process of debit card acquisition and find ways to improve the customer journey. In our new study Debit Card Acquisition Rank 2021, we described existing CJMs to figure out how to increase the efficiency of attracting new customers in digital channels, improve sales conversion and form customer loyalty.

Here are some insights to set up debit card acquisition for customers’ needs and expectations

Let’s study the process and best practices using Raiffeisenbank’s CJM. The map allows us to look at all scenarios in one scheme and analyze their complexity.

Stage 1: application and choosing delivery method

The process begins with studying information about the product on the website or in the mobile app. There is also an opportunity to apply for a debit card.

Indeed, the goals of the bank are to keep the customer’s attention during the application process, help him complete all stages, and choose the method to get the card. The bank should not scare customers away with a complex process.

Tips to improve user experience and reach business goals

1. It is critical for banks to reduce mistakes in filling out data and cut the number of abandoned applications. The process should be easy and fast for the user. The best thing to do is to simplify data entry, use tips and predictive input words, implement input data validation, and always leave a noticeable opportunity to take a step back to correct mistakes.
2. Obtaining geolocation of a customer’s address is already common in e-commerce and Food Tech. This feature takes off the need to enter the address manually and reduces the chance of a mistake. For example, a good practice is when a bank uses the customer’s current location to display the nearest branch on a map. There must be information about working hours, exact address and list of services.
3. Filling in ID data can be automated using image recognition. It is more convenient for the user to point the camera at the passport, than fill in many lines manually. This technology allows to increase the conversion to the application and reduce the number of input errors.

Stage 2: delivery and signing the contract

After the application, the customer expects the bank’s reaction and information about the card delivery. It goes without saying banks have to properly build communication with the client and should not send unnecessary messages.

Getting the card should be a transparent procedure as this stage affects whether the user activates the card and starts using it.

Tips to improve user experience and reach business goals

1. Providing information about the courier, time and place of meeting, the bank gives the user confidence that the delivery will totally happen. This reduces the chance of failure and the burden on customer support.
2. Customers became more intolerant to waiting and are trying to reduce the number of contacts with other people. One of the best practices is to open an account and issue a pre-prepaid card immediately after the sign-up. Thus, the customer can already start using the product in a couple of minutes after submitting the application.
3. 3. If the user has already submitted an application for a product via the mobile app — the bank should give the opportunity to sign documents online and receive its electronic version. It is not only convenient for the customer but also saves time and cuts costs for the bank itself.

Either way, it is key not only to implement electronic documentation but to do it into the customer’s CJM. As a bad practice example, nowadays customers have to download the app right in the bank branch and log in with credentials printed on paper.

Stage 3: card activation and first top-up

This is the last stage of the journey that determines whether the customer will use the product. Here, the bank should form a good user experience impression and at the same time, should not overload the customer with communication.

At this stage, onboarding is especially important: the bank needs to train customer how to use all of the app functions, motivate them to top-up the card, and start making purchases. Meanwhile, companies can also offer additional products and services.

Tips to improve user experience and reach business goals:

1. Setting a PIN-code in the app retains the customer in a single channel and one wouldn’t need an ATM for that. Right after activation, the client should be able to top-up the card and connect it to Pay services.
2. With the help of onboarding mechanics, the app can present the product, offer additional services and payment instruments. There is no need for customers to study the interface on their own, they just need to follow the instructions on the screen.
3. The sooner a customer signs in, the sooner one starts using banking services. Banks should not increase the time to the first transaction with manual card number input when topping-up the account. For digital users that already make contactless payments, it is more convenient to top-up their accounts via Apple Pay or Google Pay.

This article was prepared on the results of the Debit Card Acquisition Rank 2021. Markswebb researchers analyzed the approach of the 10 largest Russian banks for individuals, collected their best practices and identified points for growth.

More detailed information about market analysis, CJM, description of best practices for opening a debit card for new customers, and the best ways to sell additional products and services, as well as technological solutions for automating client and bank tasks can be found on the Research&Markets research store.

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