Understanding your Customer Journey
Like many other industries, the financial services industry is undergoing huge changes. New technology, increased regulation, and expansion of digital channels have come together to create a really interesting time for retail banks. Competition is intense. The customer journey is changing, and acquiring and retaining profitable customers is harder then ever. None of this is new news.
At the same time, the pace of change of consumer expectations is enormous. Disruption is only a stones throw away. So how do banks (or any other sector) ensure they understand their ever changing customer expectations and don’t get sideswiped by UBER style disruption?
Developing ongoing insights is key. Bringing your customers into your business process, and engaging in ongoing customer discussions, surveys and activities to develop insights into your customer’s journeys is critical.
Insight is the deep understanding of customers that comes from gathering, contextualising and analyzing data. Insight goes beyond the Who, What, When and Where to tell us Why customers behave as they do, to guide better business decisions and deliver results.
When you develop insights based on a greater understanding of the customer journey, you can provide a better customer experience, optimize the sales process and improve customer satisfaction.
Developing Insights in agile way
Organisations today do not have the luxury of weeks and months to undertake market research. The customer expectations are evolving at a rapid pace and we need to stay abreast of these changes. An Insights community provides an agile and scalable approach to understanding your customers.
Developing an insights community populated by a cross section of your customer base gives you ready access to a pool of customers to get a deeper understanding, explore opportunities, and test hypothesis. Through discussions, surveys, polls, ideation and product enhancement tools, you will be able to gain feedback in days not weeks.
Understand the customer journey
Banks today need a 360 degree view of their customers to target the right products, cross-sell, upsell and adapt to customer needs. Gaining knowledge and insights about a customers’ lifestyle, family, work and social preferences is as important as knowing their financial records in order to meet their future needs. At the same time the customer journey is changing and evolving.
A typical customer journey is a vast and tangled experience. The path your customer takes to becoming a customer and staying a customer is rarely straightforward. And for some products and services it can extend for a long time with several variations. And even when you think you understand the journey, customers rarely take the steps you want them to take.
Yet, despite all of these complications, there’s no denying that unpacking the customer journey is critical. Understanding how your customers arrived at the decision to purchase or use your product (or your competitors) and understanding their experiences after the fact helps your company identify what you’re doing right, what you could improve, and where opportunities for additional revenue lie.
Using an Insights community to understand how customers navigate every phase of their relationship with your company, your products or your competitors, from getting started to overcoming roadblocks, can set you apart from the competition.
If retail banks don’t evolve to provide what customers have come to expect, they will be left behind.