Your customer acquisition cost in financial services is among the highest of any digital sector. The proposal on your desk right now almost certainly suggests making it more efficient. I want to ask you a different question before you approve it.
Is the thing you are acquiring customers into worth the cost of acquiring them?
Onboarding in banking and fintech is where commercial value either compounds or collapses. I have sat inside onboarding architecture reviews in regulated financial services businesses and felt genuine sadness at what I found, not because the teams built them badly but because nobody had ever asked whether the fourteen steps and three document uploads and two error states and three-day wait were commercially necessary or just commercially inherited. The answer is almost always that they are inherited. And fixing that sequence changes the economics of the entire acquisition investment.
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