Benefits of improving the customer experience are usually presented as an increased customer satisfaction or NPS, which would lead eventually to increased revenue and reduced customer churn.
What is discussed here is the outcome of redesigning the Customer Journeys using Digital Features. This leads to important core benefits in 3 business dimensions.
The Methodology proposed here is based on Customer Journey Design, in which the end benefits – such as increased sales, decreased churn, reduced servicing costs, as well as increased customer satisfaction – directly derives from the way the customer journeys are designed. This is a combination of sales’ best practices approach, operational efficiency approach and customer effort reduction approach.
In a retail banking project I worked on (customer’s real estate project needing a mortgage loan), steps of the customer journey were designed to contribute to
Support the financial advisors’ sales process, leading to increased sales,
Provide an improved Customer Experience, by taking the customer’s point-of-view in all the interactions with him/her,
The benefits shown in this business case were not only an increased customer satisfaction score, but also increased sales (better sales-to-quote ratio, increased cross-selling), reduced servicing costs (time freed up for advisors and back office agents), as well as an improved Customer Effort Score.
“An innovative Customer Journey doesn’t focus only on making customers happy, it must also develop the business and decrease the operating costs.”
This approach doesn’t just intend to make the customer more satisfied, it primarily intends to make the customers, the employees and the whole bank more satisfied altogether.
