The Banker’s Guide to a Seamless Omnichannel Customer Experience

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  • A Bankers Guide to a Seamless Omnichannel Customer ExperienceeBook

  • A BANKERS GUIDE TO A SEAMLESS OMNICHANNEL CUSTOMER EXPERIENCE

    In banking, as in every sector, customers expect instant, informed service via the channels that are most convenient for them at any given moment. And they expect an omnichannel experience, with their interaction history understood by whomever theyre interacting withvia the web, within a mobile app, or in a branch.

    So how do you design an omnichannel customer experience (CX) that can satisfy your customers and increase their loyaltyone that supports your brand promise and value?

    Its important to start with a vision. For example, would you like to create effortless experiences that are consistent from mobile phone to web chat to a conversation with a banker? Do you envision creating a 360-degree view of the customer that allows you to accurately predict their needs?

    Once youve defined your vision, there are critical steps to consider. Here are key best practices to help you design and implement seamless omnichannel experiences for your customers.

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  • Design Implementation

    Identify your target customer segments and what matters to each of them

    Set the customer journey baseline for each segment

    Prioritize your focus, and map out the ideal customer journey

    Use context and state

    Identify the CX and the operational metrics of success

    Adjust the three Rsresources, routing, and reportingto operationalize the experience

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    BEST PRACTICES IN CREATING MEMORABLE OMNICHANNEL EXPERIENCES

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  • MAIN CUSTOMER

    CUSTOMERS CRITICAL NEEDS

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    OMNICHANNEL CX DESIGN BEST PRACTICE #1Identify Your Target Customer Segments and What Matters Most to Each of Them

    Most banks are interested in providing a level of service that matches the value of the individual customer. This holds true not just for the types of services and products you offer them but for their overall experience of interacting with your bank.

    The first step in designing an excellent omnichannel CX is to identify different groups of customers in a way that is meaningful to your business. For a bank, this might be based on factors such as total assets on deposit, the number of products they use, the cost to serve, profits generated, and the length of the relationship.

    Once you have identified the target segments, you must determine the most important customer needs for each segment. For example, young customers with few assets may be interested in low fees and a robust mobile app. Working- and middle-class customers may be drawn to round up products that help them save. And the wealthy may be looking for personalized, integrated services involving loans, deposits, and financial planning. Once youve determined the critical customer needs for each segment, you can consider the best way to meet them.

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  • Unacceptable

    Minimum Standard

    Very Good

    Excellent

    Extraordinary

    Perfection

    Emotion

    Good

    Peak

    Peak

    Example: Applying for a loan

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    OMNICHANNEL CX DESIGN BEST PRACTICE #2Set the Current Customer Journey Baseline for Each Segment

    The customer journey is the process your customer goes through as they interact with your bank to address their needs. Since the customer profile (and thus, the products and services offered) for each segment is different, the journeys for every segment will differ as well. As you begin to set a baseline for each segment, you need to identify the high points and the low points along the way. By doing this, youre able to define the journey from the customers perspective.

    Key Points to Remember:

    Consider the emotional aspects of what its like to be a customer interacting with your bank.

    Put yourself in the customers shoes by opening a new account, applying for a loan, using your mobile app, or seeking financial advice.

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    To find the current baseline for the customer journey in each segment, you can use tools like voice of the customer surveys, call recordings, and focus groups.

    Step back and look at the journey. Notice where you consistently see customer churn and abandonmentits not always related to your products or brand. Often, the emotion your customers feel when interacting with the bank plays a critical role. So take note of the emotion the customer will have at the end of their journey. To leave a lasting impression, end on a high note.

    Memorable experiences foster loyalty.

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  • Company ImportanceHigh

    High

    Low

    Cus

    tom

    er Im

    port

    ance

    Streamlined Boarding Process

    Provide In-flight Meal

    Unacceptable

    Minimum Standard

    Very Good

    Excellent

    Extraordinary

    Perfection

    Emotion

    Good

    Peak

    Peak

    Process Step

    Links to Brand Values

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    OMNICHANNEL CX DESIGN BEST PRACTICE #3Prioritize Where to Focus and Map the Optimal Customer Journey

    Determine where you need to focus in order to provide optimal CX. To do this, create a four-quadrant matrix as shown above. Identify each step in the journey and its importance to you and to the customer.

    The upper right quadrant becomes the place where you need to focus most. Use this to map out the improved customer journey, remembering to keep the emotion of the customer in mind and to align the high points of their journeys to both their needs and your brand promise.

    As you map out these journeys, remember:

    1 Dont try to be all things to all people. You have limited time and resources. Match the wow points of each journey with your brand promise and the most important customer needs for that segment.

    2 Aim to end each journey on a high note.

    3 Include an assessment of the communications or touchpoints you have with your customer as you think about each new journey.

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    Add a Touchpoint Dimension

    When mapping these journeys, consider which communication options you currently offer your target customers and how those align with what matters most to them.

    For interactions within the journeys, identify relevant customer channels.

    Next, youll want to perform a gap analysis between the current state and optimal future state of the customer journey.

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    Perform a Gap Analysis

    As you compare the current-state customer journey to the future-state journey, keep these points in mind:

    1 If the current-state journey step is a poorer experience than the future-state journey step, then you need to assess if the current state is

    damaging your brand. If so, you must consider

    the business impact this is having on the CX.

    2 If the current-state journey step is a more resource-intensive and high-quality step than the future-state journey step, and it does not

    negatively impact customer needs or brand

    value, this may be an area where you are

    wasting resources. You could potentially cut

    back on the quality of this step.

    Next, build an action plan to close the gaps across people, processes, and technology. As a part of this, dont forget to analyze your competition: See what its like to be their customer so you can understand how to differentiate your CX from theirs.

    Perform a gap analysis between current-state and future-state customer journeys.

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  • Fair

    Neutral

    Unacceptable

    Minimum Standard

    Very Good

    Excellent

    Extraordinary

    Perfection

    Emotion

    Good

    Company A Company B

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    PERFORM A GAP ANALYSIS BETWEEN CURRENT-STATE AND FUTURE-STATE CUSTOMER JOURNEYS

    In this example, the Company B journey is a more desirable experience, because it ends on a high note.

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