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The New Customer Journey Impacts Retail Banking Sales

February 1, 2016

Simply defined, the customer journey charts the customer’s purchasing experience every step of the way. The journey begins when a prospect begins to understand they have a need, researches the market, makes a decision, and then continues to interact with the bank after the sale to form a long-term relationship. There are generally four broad steps in the customer journey: Awareness, Consideration, Decision, and Post-Sales. However, in some buying processes there can be as many as twelve different steps depending on how granular you want to get in each phase.

The customer journey has changed significantly over the past several years. It’s is no longer linear but has become multi-dimensional and much more dependent on research, technology and word of mouth than the traditional pipeline “sales process.” As more consumers use mobile phones, tablets, and other digital devices to make basic financial transactions, their buying habits and expectations are changing. They are conducting more research on financial products online and are relying on their peers for opinions and recommendations. This is very different customer journey than in the past where both consumers and small business would solely consult their banker when they needed a financial product.

Some banks have started to take steps to create seamless experience across all channels. But it isn’t enough. Banks must be able to present customers with targeted, just-in-time product or service information in an effective and seamless way. They must create a personalized digital experience to help the customer stay informed at each step of the journey.

To do this, banks need to consider the following:

  • Implement a predictive analytics engine that is able to track and predict buying behavior. This analytics engine must be able to automate AND personalize the qualification and product recommendation process in a consistent and programmatic manner across all channels.
  • Develop a personalized and frictionless customer experience. This means presenting the right information, in the right format at the right time. This can be in the form of interactive digital communications, LiveChat, video chat, phone call, email, social media, or even traditional direct mail.
  • Make bank employees more agile by giving them the tools that can help start the conversation, recommend the right solutions and products of value then close the deal. Enable your representatives to be agile and provide “best fit” offers that can accelerate the account opening process.

The banks offering this new customer journey experience are seeing incredible results and loyalty.

Banks that are interested in organic growth pay a great deal of attention to the customer journey and they gain deepened, long-term relationships with their customers. Click here to download a case study to learn more about how Ignite Sales has helped banks create a personalized customer buying experince.

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