Digital is changing the competitive landscape in many industries, raising customer expectations in convenience & speed. For example, several institutions have already developed a sleek mobile presence, but their IT and operating models cannot always match the expected speed in customer facing applications. To remain competitive, they must learn from present day Fin-tech and other leading digital players to deploy technology that re-imagines the customer journey end to end. So what exactly is this customer journey that we talk about. It is all the physical and virtual steps customers follow as well as the processes they encounter as they complete a given transaction. Typical FI’s have 20 to 30 journeys, which include help with purchasing a home or developing retirement and wealth transfer plans, or many other investment possibilities. An outdated experience with delays and repetitive processes end up exhausting the customer with sub optimal outcomes. Redesigning customer journeys digitizes the core of any institution and delivers a truly digital experience, automation and step change efficiency without trading off cost, quality or risk.
Embarking on a customer journey initiative requires 4 things-
1] Adopting Design Practices With Customer At The Center-
Study what ticks customers on and off to provide them with useful digital features along their journey. Use this information to re-imagine the customer journey and align internal processes to serve this journey. This is not just a front end app but a constructed effort along the entire journey to help the customer navigate easily.
2] Redesign Processes End to End-
Put together cross functional teams to re-imagine the digitized journey and use agile development to move towards it. Starting with a minimum viable product, teams need to refine, iterate and release it into the field in rapid agile cycles, learning from customer feedback and bringing the journey closer to the re-imagined version.
3] Apply Smart Processing Technologies- Deploy smart processing technologies to build a digital IT platform. Machine learning can be used to make intelligent decisions, while robotic automation can take over tedious tasks. Hence operations become cheaper as machine work faster and flawlessly than human employees. They are also easy to integrate on top of existing systems.
4] Transcend Organizational Silos- Ensure cohesive collaboration across functions to create truly cohesive journeys. Completing a customer journey initiative is a starting point winning hearts, minds and profits.
Digitizing results in improved costs, decreased risk and becoming a truly digital enterprise. Watch this video and learn all about differentiated customer journeys and digitizing institutions.