Business View Magazine | January 2021

250 BUSINESS VIEW MAGAZINE JANUARY 2021 A sharp increase in the personal saving rate and reduced branch traffic are also changing funding patterns and increasing the share of applications initiated by existing clients. Financial institutions can capitalize on this new dynamic by ensuring tight integration with digital banking and tailoring streamlined workflows for existing clients. Maintaining growth through 2021 will require timely, intelligent re-targeting of abandoned applications to better convert real interest in high value products into new or deeper relationships. Managing attrition for recently acquired accounts is also critical to maximizing the long-term value of newly sourced or expanded relationships. Digitally sourced clients will have little patience for friction and fragmentation in onboarding and use of their new accounts. Thus, navigating the “new normal” will not only demand that digital teams understand and engage a higher volume of online applicants that behave differently than those of the past. It will also require them to coordinate more closely with the rest of their financial institution to unlock the overall value of new relationships that involve higher expectations and increased digital engagement throughout their lifecycle.