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Customer Journey Mapping in Banking Sector

  1. Customer Journey Mapping in Banking Sector a case study How to improve the onboarding process?
  2. 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?
  3. 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.
  4. 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.
  5. 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.
  6. How LOGO Research covers the On-Boarding process: The Quantitative Perspective Focus: What is most important – where shall we focus our efforts? The Qualitative Perspective Focus: What the process looks like from customers’ perspective? • How customers get aware of the bank? • What motivates them to start looking / listen to? • What triggers the process? • What barriers they consider? • What drives the „table of contents” and the size of the consideration set? • What drives the actual choice? • What is the sales process experience? • How the actual experience changes the perspective – what starts to be important at this stage and what stops? • What would be important if the process starts over? • What is the aftersales experience – is it consistent with promises / expectations? • What is the overall satisfaction? • What is the level of our customers commitment – are they loyal to us and why? • What makes clients happy and what disappoints them? • Which are the most important channels, drivers and barriers? • How big is the consideration set? • Which other banks are considered? • What are the key drivers of choice for different banks? • How customers evaluate this stage – versus needs, expectations and competitors? • How loyal are our customers? • Where do we stand among competition? • Which are the strongest loyalty drivers? LoyaltyProcessing (Purchase / Contracting) Consideration (Research of Options)Awareness 6
  7. 1. awareness 2. familiarity 3. consideration 4. processing 5. aftersales 6. loyalty I don’t want to know more about … I DON’T TRUST The Ideal “WISH” mode – “WHAT I AM LOOKING FOR” I have to make my …. I have to ask friends to share experience, I need … I FEEL UNEASY, I DON’T UNDERSTAND … Interactions with employees are taking my time… I am constantly expecting some cheat … I am aware with … I would like to trust … PARTNER … If I have closer relationship with an institution I TRUST, I will keep on ... If I receive a good feedback from … TIME IS PRESCIOUS I would highly appreciate if I am treated … I want LESS INTERACTION AND TIME TAKING PROCEDURES I appreciate fast and CORRECT REACTION in extreme circumstances I like SMALL GESTURES of appreciation The Reality – “HOW I FEEL NOW”
  8. A Customer’s Map of Meaning: overall satisfaction contracting process contracting time easiness of filling documents clarity of information time for obtaining the product available additional products number of employees involved transparent terms & conditions number of documents information about changes of the terms providing meaningful information access to information Causality: from root causes to overall satisfaction Dictionary: How customers “translate” the attributes
  9. The NPS Benchmark All Clients Own Affluent Clients NPS 43 20 55 49 31
  10. LOGO Market Research and Consulting Ltd. Thank you! 3, Yanko Sakazov Blvd. Floor 1 1527 Sofia, Bulgaria