Customer journey mapping has been helping enterprises enhance their customer experience for a long time now. However, it has recently started gaining momentum in the banking and financial services industry. Banks are lagging the non-banks and the modern challenger banks on their customer experience metrics. Customer journey mapping can be one of the steppingstones to overcome this barrier. A lot of banks are undergoing this exercise to enhance their customer service. Customer experience and customer service are not one and the same. Customer service is just one of the many means to enhance the overall experience. Whilst customer service does get enhanced with journey mapping, it should not be the goal of the exercise. A journey mapping exercise helps the enterprises understand the impact of their initiatives from a customer’s point of view and accordingly overhaul processes. A Myopic view taken while mapping out the customer journey will only lead to compartmentalized output. It is critical to take a holistic view to enhance the overall customer experience and achieve true omnichannel experience.
This paper explores different ways that customer journey mapping can help banks and other financial identify gaps in their customer experience as well as critical touchpoints where impact will be maximum. The paper also tries to present various challenges that an enterprise may face while embarking on this journey and provides instances where similar institutions overcame these challenges. The reaction of service providers to this increasing ask for customer journey mapping is looked at and multiple M&A activities in this space have been presented.
Key discussion points in the report include:
Introduction to customer journey mapping in banking
Connecting front- and back-office operations with customer journey mapping
Best practices to leverage a customer journey map
Challenges to implementing a customer journey map
Industry examples of how enterprises enhanced customer experience overcoming the challenges
Service providers’ reaction to customer journey mapping
Case studies on service providers helping enterprises using customer journey maps
Most banks have not been able to fulfill customer expectations in terms of delivering a superior customer experience. Banks have been inclined to treat customer experience as more of a compliance tick-in-the-box exercise than a useful tool to drive…
