438) The $100 Million Problem: Calculating the Financial Impact of Abandoned Applications

32min | 09/24/2024

Description

In this episode of the Practical Perspectives series we share how a regional bank’s 67% abandonment rate on personal loans translates into a staggering loss of $100 million annually in interest income. The situation is further amplified by the fact that the brand is investing in paid advertisements to drive traffic to these pages, and only 25% of users are even attempting the application process.

Join us as we discuss how small, incremental optimizations (like a mere 5% increase in application starts and a similar reduction in abandonment rates) can potentially recapture millions in lost interest income annually. Addressing and optimizing even the seemingly minor aspects of the digital customer journey can lead to substantial revenue recovery and growth for financial brands.

Join us as we discuss:

-Case Study: Regional Financial Brand's Abandoned Applications (02:11)

-Calculating the Financial Impact of Abandoned Applications (07:43)

-The Power of Incremental Changes (14:44)

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

Hosted on Ausha. See ausha.co/privacy-policy for more information.

About Banking on Digital Growth

If you’re part of a financial brand marketing, sales, or leadership team, you know the entire industry is in the midst of exponential change fueled by new technologies. Consumers now make purchase decisions long before they walk into a physical branch location, if they walk into a branch at all, while mobile banks, digital lenders, and fintechs have transformed traditional growth models rooted in legacy broadcast marketing and branch sales strategies.Get ready to gain practical insights, proven ideas, and empowering inspiration as financial brand marketing and sales leaders, along with the leading digital marketing and sales technology firms, share their stories to help you maximize your digital growth potential here on Banking on Digital Growth.

Hosted on Ausha. See ausha.co/privacy-policy for more information.

About Banking on Digital Growth

If you’re part of a financial brand marketing, sales, or leadership team, you know the entire industry is in the midst of exponential change fueled by new technologies. Consumers now make purchase decisions long before they walk into a physical branch location, if they walk into a branch at all, while mobile banks, digital lenders, and fintechs have transformed traditional growth models rooted in legacy broadcast marketing and branch sales strategies.Get ready to gain practical insights, proven ideas, and empowering inspiration as financial brand marketing and sales leaders, along with the leading digital marketing and sales technology firms, share their stories to help you maximize your digital growth potential here on Banking on Digital Growth.

Hosted on Ausha. See ausha.co/privacy-policy for more information.

Description

In this episode of the Practical Perspectives series we share how a regional bank’s 67% abandonment rate on personal loans translates into a staggering loss of $100 million annually in interest income. The situation is further amplified by the fact that the brand is investing in paid advertisements to drive traffic to these pages, and only 25% of users are even attempting the application process.

Join us as we discuss how small, incremental optimizations (like a mere 5% increase in application starts and a similar reduction in abandonment rates) can potentially recapture millions in lost interest income annually. Addressing and optimizing even the seemingly minor aspects of the digital customer journey can lead to substantial revenue recovery and growth for financial brands.

Join us as we discuss:

-Case Study: Regional Financial Brand's Abandoned Applications (02:11)

-Calculating the Financial Impact of Abandoned Applications (07:43)

-The Power of Incremental Changes (14:44)

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

Hosted on Ausha. See ausha.co/privacy-policy for more information.

About Banking on Digital Growth

If you’re part of a financial brand marketing, sales, or leadership team, you know the entire industry is in the midst of exponential change fueled by new technologies. Consumers now make purchase decisions long before they walk into a physical branch location, if they walk into a branch at all, while mobile banks, digital lenders, and fintechs have transformed traditional growth models rooted in legacy broadcast marketing and branch sales strategies.Get ready to gain practical insights, proven ideas, and empowering inspiration as financial brand marketing and sales leaders, along with the leading digital marketing and sales technology firms, share their stories to help you maximize your digital growth potential here on Banking on Digital Growth.

Hosted on Ausha. See ausha.co/privacy-policy for more information.

About Banking on Digital Growth

If you’re part of a financial brand marketing, sales, or leadership team, you know the entire industry is in the midst of exponential change fueled by new technologies. Consumers now make purchase decisions long before they walk into a physical branch location, if they walk into a branch at all, while mobile banks, digital lenders, and fintechs have transformed traditional growth models rooted in legacy broadcast marketing and branch sales strategies.Get ready to gain practical insights, proven ideas, and empowering inspiration as financial brand marketing and sales leaders, along with the leading digital marketing and sales technology firms, share their stories to help you maximize your digital growth potential here on Banking on Digital Growth.

Hosted on Ausha. See ausha.co/privacy-policy for more information.

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