Looking at the customer experience from the “outside-in” helped this regional bank design and deliver a scalable, modernized, cross-channel experience without losing the personal touch and local identity it’s known for.
Challenge: Quantify and address the changing expectations of an evolving customer base
How does a bank adapt to growing competition and shifting customer expectations without losing what has always been its greatest strength and brand differentiator: an old-school, high-touch approach? That was the challenge facing this $1 billion regional bank with 17 locations in the South. To adapt strategically, management needed a deeper, objective understanding of their customers’ evolving wants and needs. But they struggled to find a proven solution that would provide actionable, statistically valid data from all customer segments, employees, and prospects.
Approach: Collect actionable customer insights with a focus on experiences and expectations
Touchpoint Mapping—McorpCX’s SaaS-based customer listening platform—anchored the bank’s voice-of-the-customer (VoC) program. By automating data gathering, analytics, and visualization it served as the foundation for actionable insights. We first tailored customer listening posts to gather transactional and relationship data on the touchpoints and brand attributes unique to the bank. The incoming data provided eye-opening customer insights in an easy-to-analyze format. Snapshots of performance and perception across segments also set the baseline for measuring customer experience improvements over time. The outside-in customer insights that resulted delivered:
- Detailed bank touchpoint and brand experience across the customer lifecycle;
- Comparative analyses of the competition; Individual branch performance data;
- Perceptual alignment between employees and customers; and
- Omni-channel customer data by a variety of demographics, including business segment, geography, products, etc.
With this data, the team was able to analyze customer experience across multiple dimensions, which helped the bank scrutinize some long-held (and not always accurate) assumptions.
Quantitative insights made the road ahead much clearer for this bank. Changes are easy to monitor, and improvements to ROI have reinforced the bank’s confidence in the results.
Findings: For many transactions, high touch had become less desirable for busy clients
The results were clear. The bank’s tech- savvy customers valued speed and self- sufficiency as much as friendliness. So the team dug into their Touchpoint Mapping dashboard and articulated a path to sustainable growth based on actual customer insights.
- Mobile Experience: Customers wanted better mobile banking. Investment here would reduce high-cost branch banking and the competition’s big advantage.
- Design & Usability: Online banking services had subpar design and usability.
- More Oversight Needed: Empowering employees, part of the bank’s brand, led to inconsistent lending practices.
- Wallet Allocation: The number of financial institutions used by customers came as a big surprise to the bank.
- Awareness: Customers used national banks for services like wealth manage- ment, which this bank also provided.
- Geographic Differences: The data showed different customer expectations by neighborhood.
- Business Consulting: Despite a robust business-lending share, business consulting was in demand—and missing.
- Transactional Inefficiency: Processes needed streamlining to speed trans- action times.
- Right Time for Face Time: Daily customers want fast, efficient service, but big financial decisions like mortgages take a face-to-face experience.
Recommendations: Use customer data to drive decisions, and save high-touch interactions for “moments of truth”
Despite overall positive customer perceptions, the bank used its findings to forge a path to sustainable growth. With customer experience to drive decisions and Touchpoint Mapping to monitor results, they quickly started in on a series of improvements such as:
- Upgrade mobile and web banking;
- Redefine processes at all levels to streamline services, increase flexibility, and standardize practices;
- Tailor experience to local needs;
- Better promote high value services (wealth management, business consulting etc.);
- Continuously measure improvements against baseline data and validate changes by testing in multiple locations.
Results: Touchpoint Mapping gave the bank actionable insights and a framework to rethink present and future strategies
By identifying experience and touchpoint gaps, the bank has a roadmap for scaling and delivering improved customer experience across customer segments. Immediate improvements include shaving one-third off the time of some of their more demanding transactions. Mobile and web improvements moved high-cost, high-touch transactions to digital channels, without disappointing customer expectations. The bank has also customized product offerings within different markets, boosting loyalty, advocacy, and revenue. Most importantly, management now sees the direct correlation between customer experience and profit.