BFSI Conversion Funnels 2023: A Guide to Boosting Engagement & Conversion
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BFSI Conversion Funnels 2023: A Guide to Boosting Engagement & Conversion

Published : October 31, 2017

In the digital age, the BFSI (Banking, Financial Services, and Insurance) sector faces the challenge of adapting to ever-evolving customer behaviors and expectations. As more consumers shift online, streamlined and effective conversion funnels become paramount. 

These funnels play a critical role in guiding potential customers, ensuring they transition smoothly from mere interest to actual conversion. This article delves deep into three pivotal conversion funnels within the BFSI sector and showcases how Netcore, with its cutting-edge solutions like Browser Push Notifications and Push Notifications, is revolutionizing the conversion journey.

1. Streamlining the KYC Updation Funnel

The Challenge: The digital KYC process, integral to the BFSI sector, often becomes a stumbling block for many users. Despite initial enthusiasm and the provision of basic details, the subsequent steps, especially uploading KYC documents, see significant drop-offs.

Netcore’s Solution: Leveraging the power of advanced analytics, Netcore offers BFSI marketers invaluable insights into user behaviors. For instance, if a user stalls after providing critical KYC details such as PAN and Aadhar card, Netcore’s platform can instantly deploy personalized browser push notifications, urging them to complete the process. This real-time engagement, coupled with the option of routing these leads to call centers for further assistance, ensures a spike in conversion rates.

2. Revitalizing the Credit Card Application Funnel

The Challenge: The journey from showing interest in a credit card to actually applying for one is fraught with potential drop-off points. Users often initiate the process but abandon it, deterred by perceived complexities or doubts.

Netcore’s Solution: Through meticulous funnel analytics, Netcore accurately identifies these drop-off points. By deploying timely Browser Push Notifications, users are reminded and encouraged to complete their application. When complemented with strategic follow-up calls or emails, this boosts conversion rates and fosters a sense of trust and value among potential customers.

3. Reinforcing the Life Insurance Policy Renewal Funnel

The Challenge: Policy renewals are a cornerstone for both the customer and the BFSI institution. Yet, reminders often go unnoticed, leading to lapses in renewals.
Netcore’s Solution: Post the initial policy renewal campaign, Netcore’s platform meticulously tracks user interactions. For those who navigate to the renewal page but don’t finalize the process, targeted Browser Push Notifications serve as timely reminders, emphasizing the significance and advantages of timely policy renewals. This proactive engagement strategy ensures consistent renewals, enhancing customer loyalty.

Conclusion

You would find multiple providers of Funnel Analytics, and they would also tell you the number of users exiting the funnel or going down the funnel, but the two most important things are mostly skipped by many, which actually provides you with a decision-making insight.

  1. Usually, the organizations that provide funnel analytics only give you the number of people flowing through the funnel, where you have to figure out who these users are. But with Netcore, you can rightfully identify who these users are and where do they exactly exit?
  2. Most of the funnels provide you with a simple, linear platform analysis, which means you can only analyse the funnel over a single channel – say, Website. But Netcore Cross-Channel Funnel gives you the freedom to analyse the flow of users across an array of communication channels.

Ready to experience the Netcore difference? Book a demo with us and embark on a journey of enhanced conversions and customer engagement.

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