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Designing for the Customer Journey

Every generational market segment has altered their engagement with their primary financial institution.  This shift affects every customer journey stage: awareness, consideration, purchasing, service support, retention, and relationship expansion [Figure 1]. The result is that the customer delivery and engagement model has drastically changed as well, including the communication and proactive engagement methods now required.

Figure 1:  Customer Journey Impact

Today, a successful customer delivery strategy consists of a blend of digital and human interaction, with an appropriate detection and decisioning mechanism to deploy both methods. Refinements to this strategy create a customer framework for expanded revenue opportunity.

For bankers, plans for harvesting added customer opportunity can best be achieved by concentrating on a three-pronged strategy:

1. Design for Customer Experience –As a result of dozens of studies conducted over the last two decades, customer experience shifted from a nebulous objective to a quantifiable, designable, and achievable reality. These studies revealed a list of factors that positively and negatively influence customers. Banks achieve enhanced customer experience within a new Omni-delivery model by listening to their customers with the goal of improving customer satisfiers and eliminating dissatisfiers.

Customer satisfiers include:

• Convenience                                                • Operational reliability

• Responsiveness                                           • Personal care

• Fulfillment accuracy and timeliness             • Intuitive website experience

• Functional capability                                     • Solid post-purchase processes

• Access to knowledgeable personnel

Customer dissatisfiers include:

• Fulfillment errors and difficulty                     • Inadequate human access

• Unreliability                                                   • A cumbersome user interface

• Post-purchase issues                                   • System delays

2. Fortify Revenue Drivers – With the evolving customer preference to research indigital channels, increasing customer acquisition and expanding customer relationships involves capitalizing on previously missed revenue opportunities. This can best be accomplished by transitioning from “passive” to “active” web technology. Digital marketing practices, which include digital sensory capability, automatically detect and engage consumers in the early customer journey stages of awareness and consideration. With consumers 60 percent of the way through a purchase decision before they engage, proactive customer engagement, abandonment retargeting, and onboarding increase success. Self-service financial planning, expanded educational offerings, and streamlined onboarding and processing optimize customer engagement throughout the entire customer journey.

3. Align Omni-delivery Channels – Demand for both digital and human assistance requires channel consistency and expanded functional offerings to succeed. This includes the implementation of enhanced Omni-channel customer engagement for improvingcustomer retention and expanding customer relationships. Automation-driven universal desktops equip branches and contactcenters to support a range of complex customer assistance needs,while also providing advisory functionality for evolving staff roles.

A proactive customer engagement component enables engagement programs to be assigned to a variety of customer market segments, triggering periodic engagement initiatives using a variety of communication methods. Satisfaction surveys and feedback mechanisms allow for two‑way customer engagement and needs communication, which in turn generates additional lift incustomer satisfaction.

A modern customer delivery strategy supports each stage of the customer journey. Major foundational pillars include proactive, automated customer engagement; accommodation for customer fulfillment and abandonment recovery; Omni-channel workflow for improved customer service and operational efficiency; risk detection and mitigation capabilities; and management insight KPIs for excellence in execution.

Consumer expectations are being set by other industries.Solutions designed for customer experience will remain relevant to today’s consumer.

As Senior Vice President of Business Development, Todd Robertson works with the largest financial institutions and healthcare providers in the United States to demonstrate how ARGO solutions can transform customer experiences and improve operational efficiency.

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