Conversion Funnel Optimization 101 For Financial Services Companies [Part-1]

Conversion Funnel Optimization 101 For Financial Services Companies [Part-1]

How can a Financial Service Provider fix leakages in a purchase cycle to reduce drop-Offs

Conversion Funnel Optimization 101 is an all-inclusive Marketing Automation Guide for Financial Services Companies. In this post, we’ll discuss how Financial Businesses can optimize their Purchase Cycle with Marketing Automation. 

Financial Services Companies like Banks, Micro-Lending Firms, Insurance Companies, etc. possess gold mines of customer data. They gather prolific amount of micro-data like personal identifiable information (PII), demography, employment, financial background, etc. at every stage of their sales funnel.

However, their inability to utilize such data to their advantage often results in hampered customer experience and high drop-off rate throughout the pre-purchase cycle of their financial product.

This blog will identify potential leakages, and explain HOW Financial Services Companies can employ a marketing cloud to reduce drop-offs, improve conversion, and enhance their customer’s experience.


Purchase cycle of a financial product

Suppose this is a typical user flow within the purchase cycle of a basic financial product.

Purchase Cycle flow of Financial Product explained

  • contact imageStage 1: Initial Contact:
    An anonymous or existing user gets in touch via sources such as 
    online (website, display ads, social media, etc.), offline (branch, call centre, print advertising, etc.) or channel partner (affiliate websites, direct selling agents, etc.).
  • pre qualification leadsStage 2: Pre-Qualification
    Information provided by the user is synced or updated on the marketing/sales CRM tool in form of User persona values (Eg: name, email id, mobile number), and User behaviour values (Eg: keyword searched, product viewed, etc)
  • verified leadsStage 3: Verification
    User Profiles are validated by an Eligibility Engine. Eligible Users are asked to authenticate their email id and/or mobile number via Self Service mode of verification. On the other hand, details of Non-Eligible Users are forwarded to the Call Center.
  • application processStage 4: Application
    Verified User completes the application form, submits necessary supporting documents, and pays the processing fee.
  • analysing and review processStage 5: Review and Analysis
    Authorities of Financial Service Provider scrutinize the submitted application along with the supporting documents and the credit report to ensure that the user is a deserving candidate.
  • final decisionStage 6: Decision
    User’s application is either approved or rejected based on the analysis.

Pre-purchase stages of this cycle are not leak-proof. Let’s identify these potential drop-off points, and find a solution minimize the leakages.

(Hint: these solutions are triggered and contextual)

See How You Can Master Post-Purchase Customer Engagement


How to spot leakages in the pre-purchase cycle of a financial product and fix them with WebEngage Journey Designer

If we take a bird’s eye view of the purchase cycle, we can spot all these potential leakages:

Leakages in the Purchase Cycle flow of Financial Product

Let’s fix them one-by-one.

But before we proceed, spare few seconds to understand the two types of campaign approaches:

types of campaign approaches - uni-channel / multi-channel

At this day and age, users are reachable on multiple channels like mobile, desktop, etc. Hence, a multi-channel approach is the best bet for you. It guarantees successful delivery of the message, channel optimization, and cost reduction.  

Stage 1: Initial contact

potential leakages in Initial Contact


There are two types of lead generation forms:

  • Single-step Lead Gen Form

Single-step Lead Generation Form

  • Multi-step Lead Gen Form

Multi-step Lead Generation Form

An anonymous visitor or an existing user can abandon the form due to the following reasons:

  • Confusing and overwhelming UI of the product page
  • Lack of time
  • Lack of knowledge about given fields
  • Comparing the prices or deals
  • Just browsing, etc.


When using a uni-channel approach,

  1. For anonymous visitors, you can run an on-site Leave intent Survey which will trigger when they are about to leave the site.
    Leave intent Survey & notification example
  2. For the existing users, you can nudge him/her with periodic updates about the searched product and/or abandoned form using any one of the following: email, SMS, web push, etc.

If you are going for a multi-channel approach, this workflow can help you recover the lead gen form abandoners. 

multi-channel workflow approach for lead generation from abandoners

(You can know more about the Journey Designer elements here)

While Anonymous Users will receive this Web Push Opt-in Prompt….

web push opportunities for Anonymous Users (example)

…. Existing Users will receive this Lead Gen Form Recovery Email.

Lead Generation Form Recovery Email


Stage 2: Pre-Qualification

potential leakages in pre qualification


A visitor can interact with a financial service provider via multiple platforms (given below), and leave a trail of user and behaviour data behind him:

  • Devices: office desktop, personal tablet, mobile
  • Browser: Internet Explorer (office PC), Safari (personal laptop), Google Chrome (mobile)
  • Channels: website, mobile app, mobile site
  • Acquisition: affiliate, paid, offline

If the CRM database fails to stitch all the data to a single user profile, you won’t be able to:

  • Personalize communications
  • Run contextual marketing campaigns for the user
  • Improve the functionality of the Eligibility Engine


In order to have a 360-degree view of a customer at any lifecycle stage along with his/her behavior across channels, you need to merge your CRM tool with a Data Management Platform (DMP). When integrated, they enable you to create micro-segments (example: unknown visitors who came to the website from Google using mobile) and target them with a contextual campaign.


Stage 3: Verification


A proper Eligibility Engine, which bifurcates user profiles into Eligible and Not Eligible categories, should have granular-level filters like income cap, location, job profile, etc.

Moreover, successful verification of eligible users should require:

  • A valid email id and/or mobile number
  • Real-time trigger of a One-Time-Password (OTP) and/or email verification link
  • A personalized and contextual message

Failure to accomplish any of the above will result in a drop-off at this stage.


Marketing Cloud Tools enable you to store both user and his/her behaviour data for anonymous visitors as well as existing customers. Its granular-level segmentation is a substitute for an external Eligibility Engine.

This automated User Verification workflow is the best solution to minimize drop-offs at this stage. It enables:

  • Thorough eligibility check and bifurcation
  • If eligible, real-time trigger of verification email to user
  • If not eligible, real-time trigger of alert email to the Call Centre
  • Hyper-personalised and contextual email content
  • Multiple nudges

This workflow can be adapted for mobile number verification process as well by replacing ‘Send Email’ with ‘Send SMS’.

(You can know more about the Journey Designer elements here)

Here are the sample Email and SMS with the verification link, which is obtained from the third-party via API.


Stage 4: Application


This is a critical stage where both conversion and abandonment hold a 50-50 chance. Conversion because the prospect, after investing time and research into the product, could be all set to start the application process. And abandonment because he/she could be keen to go ahead with a competitor’s product or to drop the idea altogether.


Through this triggered, cross-channel workflow with personalized content, you can share information on documents needed, collection agent details, drop-point details, processing fee payment details etc. Besides, you can also add triggered nudges or reminders wherever needed. All this can drastically improve your conversion numbers, be rest assured.

(You can know more about the Journey Designer elements here)

Here are the sample Email and SMS Reminders for the following stages:

1) Complete application form


2) Submit supporting documents


3) Pay processing fees


The most amazing thing about customer journey mapping is that it can be adopted by any industry. To know more about WebEngage Journey Designer, check out this Blog Post or this Explainer Video.

See How You Can Reactivate Your One-Time Users

  • Created: 04 Jul 2017
  • Last Updated: 13 May 2020



Avantika Pandey Content Marketer, Webengage

Avantika joined WebEngage as a Community Manager and later took on the role of Senior Content Marketer. She is a CMO-aspirant who writes interesting SEO focused blogs, conducts informative webinars and much more.

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