Customer Journey Mapping…
The core challenge many financial enterprises have is their ability to offer a unified customer experience for banking services across different touch points. The lack of such a unified experience negatively impacts the quality of the overall banking experience.
Thus, Customer Journey Mapping refers to the process of creating a visual depiction of a customers adoption and usage of banking products across different channels or touch points(branch, mobile, phone/IVR, chat, email etc). The journey provides dynamic & real-time insight into the total customer lifetime value (CLV) as the customer has progressed in her or his life journey. The goal of the customer journey mapping is to provide the bank personnel with a way of servicing the customer better while increasing the bank’s net economic value from servicing this customer.
Demystifying Digital – the importance of Customer Journey Mapping…(2/3)
Depicted below is a process where a customer applies for and is granted a mortgage (or a refinance). The journey is –
- Places the customer at the heart of the channel strategy
- A 100% Digital i.e no pushing paper
- Based on a real-time picture of the customer’s finances
- Provides tailored products suitable for the customer
- Non-intrusive
- Able to cross silos seamlessly
Customer Journey Mapping for a Mortgage Application
The result of the journey mapping process is to ultimately drive overall customer engagement, improve customer lifetime value for the bank and to ultimately smoothen out the Bank’s internal processes.