How a Large Regional Bank Boosted Account Openings by 65% Through Strategic Google Ads Optimization
The Ambition
A large regional bank set an ambitious goal: to increase the number of new account openings through their online application process. They faced several obstacles along the way. The account creation process required sensitive information, which caused many users to abandon the application at critical stages.
Additionally, with fewer than 10 account completions per month and a limited advertising budget, the bank lacked the volume of data necessary to optimize their campaigns effectively for down-funnel conversions. They needed a solution to reduce friction in the account creation process and achieve meaningful results from their paid media efforts.
The Approach
The bank partnered with Level Agency to address these challenges head-on. Our team focused on three critical areas: precise conversion tracking, optimized bidding strategy and prospect reengagement.
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Establishing Robust Conversion Tracking
To understand where users were dropping off, we restructured conversion tracking within Google Analytics 4 (GA4) and Google Ads. This included tracking every step of the account creation process. We discovered that while many users progressed to the final step—entering their Social Security Number—96.5% of them abandoned the process at this stage. -
Implementing a Value-Based Bidding Strategy
With the insights from conversion tracking, we needed a way to optimize for completions despite the low volume of account openings. Using Google’s “Maximize Conversion Value” bidding strategy, we assigned higher values to completing the account creation process compared to reaching the final step. This approach ensured sufficient data to inform Google’s algorithm while driving toward the ultimate goal of completed account openings. -
Reengaging Prospective Customers
We also implemented a full-funnel approach by remarketing to users who abandoned the application at the final stage. Using targeted display ads and Remarketing Lists for Search Ads (RLSA), we offered these users compelling incentives, such as bonus offers, to reengage and complete the process. These campaigns quickly became the most cost-efficient component of the strategy.
The Results
Over seven months, the bank achieved remarkable results:
- 65% Reduction in Cost Per Account Creation: From $2,600 to $900.
- 5x Increase in Completion Rate: The percentage of users completing the process after reaching the final step increased from 3.5% to 18.5%.
- Quality Over Quantity: While still operating within their budget, the bank successfully turned more high-intent users into new customers.
The bank was thrilled with the outcomes, which exceeded their expectations. So much so that they expanded their partnership with Level Agency to support paid media and account-based marketing efforts for their commercial banking segment.
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