Customer journey analytics give the bank’s customer management team valuable insight into every important customer interaction. They no longer need to rely upon limited or inconsistent customer feedback, which rarely tells the whole story. It provides a window into the customer’s actual behaviour, to provide insight that they can use to inform their decisions. It is one of the most effective ways to increase customer satisfaction, loyalty, and drive revenue growth.

Customer journey analytics both inform and validate customer journey mapping. It uses advanced methods to track all customer interactions and behaviour across all interactions across all channels.

It takes a wider view than customer journey mapping and can tell the bank if a step in the customer journey is resulting in low conversion rates or fails to prevent customers abandoning the buying journey. This information can then refine the steps laid out in customer journey mapping, such as changing the low-performing step. Similarly, it may confirm that a new step is helping keep customers as intended.

Customer Journey Mapping

Most banks undertake customer journey mapping to develop the process by which a customer opens an account, services the product, or buys an additional product. A customer journey map is a visual representation of the steps that the customer takes, beginning with contacting the bank via one of its channels. However, if it does not involve the customer, it can turn into an inward-looking exercise that cannot identify problems, bottlenecks, wasted marketing effort and spend. It can look like a ‘happy flowchart’, but one that is out of touch with actual results.

For example, if the credit facility approval process below (that we have also discussed in Operations Level I) didn’t understand why the customer might contact the bank to find a solution to a particular problem, that bank may not design a process that focuses on the customer’s experience and helps to solve the problem.