What is a Banking Customer Journey Map?
Happy customers are loyal customers. And when it comes to banking, customer satisfaction is vital. Simply, customers no longer have to choose between a few local bank branches. They have more options, so banks need to work harder to ensure that they stay satisfied.
One very effective way to improve customer satisfaction is by mapping the customer journey. A customer journey map provides an opportunity to learn more about customers by creating visual representations of the paths they take when they engage with the bank. There are many benefits to mapping interactions. They include:
- A documented, comprehensive view of each customer touchpoint
- Identification of customer hurdles and opportunities for improvement
- Faster and higher customer conversion rates
- Fewer negative customer experiences
- Improved customer retention
A customer journey is tracked in steps. For example, when her child starts kindergarten, bank customer Gina decides she needs to open a college savings account. She does research, first looking at a brochure she picked up at her branch, then on the bank website and on a call to customer service. When she opens the account, the process may be completely digital, or done in person at their branch.
A banking customer journey map details how Gina would navigate the bank website, how she would use the brochure, how representatives would respond to her requests, and more. Friction in the account enrollment process will often turn a potential customer in another direction. Ideally, the mapping will reveal opportunities to reduce friction that prevents the account opening process from completion. Customers want a seamless experience for every interaction, so it’s important to identify snags in each journey that may result in a poor customer experience, such as excessive call-wait times, slow website load times or an unintuitive website.
Customer journey mapping can also track post-enrollment activities to reveal opportunities for future business, for example, an automated savings plan enrollment.
This entire process is informed by customer data. This is where customer journey mapping offers huge potential for banks, which already have large investments of customer data, like income, savings, investments and spending behavior. This information can help them connect with customers during important life events like a career change or home purchase, and to customize their offerings and messaging.
Customization is Key
Consumers today expect to be able to customize their experience. Retailers have already responded to this challenge by created personalized interactions with their customers. What was once a simple loyalty card has now morphed into an app that can very granularly track activity, from purchases down to a shopper’s proximity to a store. Instead of finding this invasive, consumers appreciate the customization, especially when it is delivered seamlessly across different channels.
For example, a customer calls to report a defect in an online purchase. The customer representative logs the call, cancels billing for the item and then offers a discount for the next order. All these changes are immediately communicated to the customer – on the app, in an email and via a text message. This immediate, seamless resolution of a problem transforms it into an opportunity for the next sale.
Banks and credit unions increasing face competition from organizations that offer digital-only financial services. However, a bank that invests in journey mapping can provide better experiences and garner loyal customers who feel valued.
Build Better Relationships with DataOceans
Customer journey mapping is one way banks and credit unions can build a base of loyal, reliable customers. At DataOceans, we streamline customer communications and improve the banking customer experience for better relationships. Contact us today to learn more.