CUSTOMER JOURNEY MAPPING in BANKING sector – how to improve the onboarding process

CUSTOMER JOURNEY MAPPING in BANKING sector – how to improve the onboarding process

The Challenge:

Our Client wanted to create a Customer Experience Map throughout all stages of the Customer Journey, covering all used channels of interaction. The ultimate goal was to improve the onboarding process, reducing the risk of creating a dis-jointed experience for the current – and potential – customers. The key research question was what were the customers’ needs, expectations and pain points at the key touch point at every stage of the customer journey?

The Approach:

We designed and ran a three-stage survey:
A Qualitative Exploration (focus group discussions), to define and describe the customer journey from customers’ perspective, registering the important drivers and touchpoints through the process;
A Quantitative Survey (CATI), to verify and “size” the qualitative findings. It provided better understanding of the importance of the drivers influencing customers during their on-boarding journey;
A Mystery Client Drill to capture the actual customer experiences in the branches and to evaluate the employee performances vs. the company standards, client expectations and competitors.

The Outcome:

Along with the detailed picture of the specific Customer Journey, the qualitative research discovered the “correct reaction in extreme circumstances” to be the ubiquitous underlying driver of satisfaction throughout the entire onboarding process, especially when lined with small gestures of appreciation and time saving procedures. The observed high level of satisfaction with the brand was also confirmed at the quantitative stage, together with a couple of small, but very specific needs related to the credit card propositions. The level of Client Service turned out to be defined by speed of service and (quality of) information provided.

The Benefit:

The applied holistic approach allowed us to capture – and analyze – the integral Customer Journey and focus on the specific touchpoints with potential to improve the onboarding process. This methodology allowed for very specific recommendations related to establishment of better relationships (internal and external), corrections in employee attitude, stronger respect to the client’s time and more effective transfer of meaningful information within and outside the institution.

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