Importance of Customer Journey Mapping in Banking

A writer once compared customer journeys in banking as a romantic affair;

"Customer journeys in banking are a bit like a romance, from the initial meeting when you’re trying to figure out if the bank and its products and channels are right for you, to the building of the relationship where of you learn more about each other, and finally to the engagement and marriage of what will hopefully be a happy, productive and successful long-term relationship"

What is Customer journey Mapping?

Customer journey mapping (also called user journey mapping) is the process of creating a customer journey map,?a visual story of your customers' interactions with your brand. This exercise helps businesses step into their customer's shoes and see their business from the customer's perspective.

Mapping the customer journey?ensures that you are not missing out on the chance to interact with your customer at any stage. This process also helps business leaders gain insights into common customer pain points. With these insights, businesses can deliver more optimized and personalized customer experiences.

For Banking; customers can choose to conduct their banking across many financial institutions and fintechs, which means?having the best and most seamless customer experience in every channel and for every product could be the difference between gaining and losing a customer.

Case Studies

A case in point is a major bank that struggled with its CX metrics even though all the customer channels were showing satisfactory performance. The customer journey mapping helped the bank in 25% reduction in channel jumps, 60% reduction in case backlog, 30% reduction in customer effort score and a 15% improvement in CSAT score and 60% increase in self service usage thereby effectively managing resources.

Another leading US-based card provider had customer retention challenges in spite of implementing various attractive offers and promotions using big resources with less results. Customer journey mapping helped the provider in a great way. The provider realized a 15% increase in NPS scores and an increase of upto 25% for self-service usage while reduction of average session time and customer fallout over 11 months of 15% and 12% respectively.

Another leading European retail bank struggled to close customer complaints in a timely fashion, with customers re-opening the complaints several times before they were closed permanently. They embarked on a customer journey mapping, this came in handy and the project helped the bank in realizing a 35% improvement in average resolution time over 5 months and a reduction in reopens within three months, they also realized a 10% improvement in CSAT score.

It's time you and your organization move from customer service to customer experience.