DUBLIN – IBS Intelligence, in partnership with CR2, has released its latest market insight, ‘Transforming Customer Journeys’, which looks at how banks will be compelled to strengthen their digital capabilities at every touchpoint, ensuring a seamless customer journey. The piece looks at (i) The importance of seamless customer journeys; (ii) Creating an accurate and an insightful customer map; (iii) Future-proofing customer journeys; and (iv) Outlook and way forward.
Continuously evolving landscape, cutting-edge competition, and rising customer expectations have become a rule of thumb to adapt to in almost every industry, including banking and financial services. In an on-demand economy where social and mobile innovations have significantly expanded the range of crucial touch-points, winners and losers will be determined by their ability to diversify and personalise engagement methods across the entire banking customer journey.
It is clear, that in today’s ever-changing world that banks and financial institutions need to be digitally transformed to deliver a consistent banking experience, whether online or in retail. In a study by The Financial Brand, 51% of banks listed ‘Improving Customer Experience’ as their top priority for 2021, second only to ‘Digital Banking Transformation’, both of which go hand-in-hand.
This opinion piece looks at how banks that aim to embrace a customer-centric mindset are mapping customer journeys. Mapping customer journeys can help financial institutions step into customers’ shoes, identify potential problems, and work on novel solutions. In turn, banks also need to consider collaboration with specialist designers to achieve hyper-personalisation and reduced customer journey duration as vital components of their customer experience strategy for the future. Therefore for banks to future-proof their customer journeys it is important that they create well-researched and well-nuanced maps that are continually updated and improved to keep up with the dynamic evolution of digital banking and customer expectations.
The opinion piece concludes that the future of banking will pivot on connected ecosystems to enable better customer journeys. Banks will be compelled to strengthen their digital capabilities to manage interactions and transactions at every touchpoint, ensuring a seamless customer journey all the way.