Journey to a Customer Experience Map

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1 RESEARCH REPORT Journey to a Customer Experience Map A Guide for the Financial Services Industry BY JILL H E WIT T, CUS TOM E R E XPE RIE NCE DE SIG N E R

2 Executive summary Financial institutions are constantly seeking ways to more accurately predict customer behavior and attitudes. Data models and traditional market research often overlook a research methodology that can tell you what customers are thinking, feeling and doing at each stage of their relationship with you. This methodology, titled customer experience mapping, uncovers customer emotions and attitudes through the entire customer life cycle, resulting in opportunities for more relevant communications, better customer relations, higher retention rates, and increased lifetime value. 60% of shoppers who excluded an institution from consideration did so because they had a bad experience or heard negative things. By cataloging key customer touchpoints and talking to customers about their experiences during those key touchpoints, it s possible to create a customer experience map that provides a concise picture of what customers are thinking, feeling and doing. The map not only identifies gaps in customers banking experiences, it also delivers an actionable framework to improve them. We spoke with a group of bank customers to identify the ideal experience they wanted from their bank and asked them to compare that to their actual experience. The stages we looked at included: Consideration Account opening Onboarding Day-to-day account management Expanding the relationship Account close Catalyst. All rights reserved.

3 Why does customer experience matter? When asked why they would you NOT consider banking with certain financial institutions and why, 60% of shoppers who excluded an institution from consideration did so because they had a bad experience or heard negative things. REASONS CONSUMERS WON T CONSIDER A FINANCIAL INSTITUTION: I had a bad experience with this institution I m unfamiliar with this institution 38% 22% 33% 9% Inconvenient branch or ATM locations I heard negative things about this institution Source: Novarica January 2014, The Financial Brand 1. Bad customer experiences are shared and shared and shared Years ago, a bad customer experience took a lot longer to permeate the public than it does today. But with social media and ratings and review websites like Mybanktracker and Findabetterbank.com, word gets around a lot quicker. 3

4 2. Good customer experiences make a brand stand out Good reviews are also shared. These two banks had the confidence to allow reviews directly on their website good, bad or indifferent. 3. Your customers experiences impact the bottom line If your marketing is primarily focused on checking acquisition, as is typical of most banks, you may find yourself struggling to replace customers who leave or never activate in essence, pouring new customers into a leaky bucket. Unless you find and fix the issues that are causing your customers to leave, by year end you could be looking at a net loss in customers. LAST 12 MONTHS PERSONAL CHECKING OPENS/CLOSES Current customers 15% growth new active accounts* 20% loss accounts closed *30% of new accounts never really become activated. 4

5 Why do you need a customer experience map? Your customers are demanding a good omnichannel experience. Recent studies have shown that 1 : 45% of customers prefer an omnichannel shopping experience 68% of consumers use two or more screens at the same time to access unrelated content 54% of marketers cite not having a consolidated customer view across channels as the biggest roadblock to a successful cross-channel experience While marketers recognize the need to adopt an omnichannel strategy, many are struggling to successfully connect consistently with consumers across all available outlets. Most organizations are structured to focus on individual channels, touchpoints, technologies or features rather than the overall brand. A customer experience map bridges this gap and examines how customers interact with your brand during each stage of the customer life cycle. SAMPLE CUSTOMER EXPERIENCE MAP Banking Customer Experience Map Customer thinking Customer life cycle stages The path to purchase and beyond Illustration of customer journey Consideration Account Opening Onboarding Day-to-Day Account Management Expanding Relationship Ending Relationship Identify the need for a new financial account Choose a financial institution and account type(s) Set up online or mobile banking services Monitor financial health Identify the steps necessary to move financial assets Assess financial institutions and account types available Open account(s) confirmation and account numbers Set up direct deposit Order checks Identify the need for new financial services Learn about products or services available Close account with financial institution ATM/debit/credit card Add or change account products/services Apply online Speak with a representative Fill out application materials in the mail Send direct deposit info Sign up for online banking Log in Download mobile app Withdraw money Learn about new services View cross-sell promotions Evaluate financial situation Add account Initiate account closing closing paperwork paperwork to sign Fax/ signed paperwork to bank Call a rep statements and alerts Transfer money and check balances Research products/services Will it be difficult to open a new account? Will I qualify for the account(s) that I want? What does the fine print mean? Will I be able to talk to a real person? Will the branch representatives take care of all the paperwork? What should I expect when my account is taken over by the bank? Will I be able to continue working with my advisor from my old bank? What will happen to the employees at my local branch? What services and features are offered with my new account(s)? Will I be able to understand how to use my account? Will I have problems logging in to my account online or on my mobile device? Will all of my bank accounts transition smoothly? Will I be able to reach someone at the bank easily if I have a question or a problem? Is my bank looking out for my best interests? Are my banking activities and identity secure? Can I easily access my accounts wherever and whenever I need to? What are these new features all about (e.g., mobile banking)? Are they useful? Will it be easy to add a new account? Is there a branch nearby where I can talk to someone about adding an account? Are there any benefits to switching the account(s) that I have with the bank? Will the bank monitor my account(s) and let me know when I should consider a change? Can I trust my current bank? Are there banks with better interest rates? Can I find a bank that doesn t charge as many fees? Will other banks move faster (e.g., refinancing)? Is another bank s promotion worth switching for? How difficult and painful will it be to switch banks? Can I find a knowledgeable financial team to work for me? Are there any loyalty benefits for sticking with the bank? Can I live with the frustrations that I have with my bank s technology? Positive Happy the reps are here to help me open an account Thankful the bank was willing to lend me money Special as if my transaction were the only thing happening in the branch Welcomed during the takeover Comfortable the bank knows what is going on and I can ask for help Empowered to build our home knowing that the bank was backing us Informed the site is very comprehensive and explained all of the benefits that come with the account Comfortable bank employees don t make me feel stupid or behind the times when I ask questions about new technology Pleased I have met all of the requirements to receive my promotional offer for opening an account Lucky I had a smooth transition to the bank. Others did not Valued when I am recognized in the branch Secure I am alerted when changes are made to my online account Comfortable I can reach someone at the branch or by phone if I have a problem with my account Relieved and happy it isn t a fight to get a problem solved Confident my questions will be answered by friendly bank personnel Pleased my bank supports my community Valued when a teller or other employee suggests an option that will earn more interest or have lower fees Fortunate the bank is looking out for my best interests Respected the bank doesn t push accounts/services that I don t want Intrigued by higher interest rates for checking accounts at other banks Interested in cash offers to open an account elsewhere Worried will it be difficult? It s been a long time since I changed accounts Pleased I wasn t rushed and that the process was not stalled Glad to have it done one more thing crossed off my to-do list I didn t actually choose the bank Concerned will I lose access to my money? Satisfied my online issues have been dealt with quickly by phone reps Anonymous I m just a number after all the papers are signed Confused I didn t feel like everything was as clear as it could be Ignored no communication from the bank since my accounts were transitioned Easy to keep my money in the same place it has been since I was a kid OK as long as everything is handled correctly my bank is just a place to make payments; I m a number Unimportant they haven t taken the opportunity or time to approach me and find out what they can do for me Unsure about some services like mobile banking and overdraft protection and whether they will benefit me Anonymous the promotions I receive are generic I don t really feel like I have a relationship with the bank Lazy I don t feel like jumping through all the hoops to switch my account(s) Unappreciated no one has contacted me or helped me learn how to maximize my banking relationship Impatient our mortgage refinancing is taking forever Unfulfilled I need a bank with an international presence Dissatisfied Distrustful of large banks that are sneaky and rude Impatient waited a long time in a crowded, smelly waiting area Insecure branch personnel were not super knowledgeable Burdened I had to figure out how to switch some things on my own Unappreciated the bank is cold, impersonal and untrustworthy Frustrated and annoyed many missteps and fees along the way Upset I can t transfer funds to a friend immediately, even though he has a the bank account Unsettled I didn t have the tools to access my account Unimportant ATM/debit cards and new checks were not reissued when promised Foolish I was told that my banking service would be the same and it has not turned out that way Dissatisfied I feel disconnected; I d like a better relationship Frustrated I keep getting locked out of my online banking account especially when the Customer Contact Center is closed! Irritated I ve requested that my address be changed multiple times and it still hasn t been done Annoyed my online account history displays only 90 days of transactions Unappreciated I am not rewarded for my loyalty. Why do new customers get all the perks? Irked it s hard to get in touch with my advisor Disappointed the bank has not analyzed my patterns and reviewed changes that could benefit me. I m left to do this work on my own Uninformed I don t receive information about promotions or products Annoyed by the constant promotional mailings that I receive from the bank Impatient tellers at the bank try to upsell me when I m in a hurry I m there for a specific reason Angry my bank made a mistake with my bank account Vulnerable I felt like my accounts had been compromised Embarrassed a customer service representative made me feel dumb, instead of trying to help Deceived the bank s financial practices don t seem straightforward, and extra fees keep getting added to my account(s) Exasperated when I can t log in to my online account and the Customer Contact Center is closed OPPORTUNITIES Create personal connections with prospective customers Make it easy to understand and differentiate between account options Share stories from advocates Create flexible and customizable account options Make account opening simple and straightforward Provide customer support at each step of the process Welcome and guide acquired customers through conversion Follow up on all new customers with personalized communications Identify and honor customer communication preferences Provide educational tools Assign acquired customers to a bank counselor Form a relationship with each customer Be available to customers Encourage and reward loyalty Work for each customer s financial well-being Make it easy to grow the relationship Provide customized messaging and promotions online Provide prompt, expeditious responses to customer concerns Follow up personally on all account errors Match competitor offers PURCHASE Customer feelings: positive, indifferent and dissatisfied CONSIDER AND EVALUATE Opportunities for improvement ADVOCATE 1 Sources: emarketer US Time Spent on Mobile to Overtake Desktop, August 2013; Retail Systems Research (RSR) Retailing: Omni-Channel Approach Central to Strategies in 2013, August

6 How to develop a customer experience map 1. Inventory all triggers, touchpoints and channels Begin by listing all of your current customer touchpoints by channel under each customer life cycle stage. This important exercise will show the gaps in your touchpoint inventory, and you ll immediately be able to see where the opportunities are. TRIGGERS, TOUCHPOINTS AND CHANNELS INVENTORY STAGE Consideration Account Opening Onboarding Day-to-Day Acct. Mngmt. Expanding Relationship Ending Relationship CHANNELS Mail A fourth listing goes here Number five is another listing A fourth listing goes here A fourth listing goes here A fourth listing goes here Web Social Mobile Branch A fourth listing goes here Out of Home A fourth listing goes here Ongoing nonlinear Time-based nonlinear Linear 2. Conduct customer research Once you ve completed your inventory, you are ready to start doing some qualitative research. Of course you can pull comments from social media or ongoing research, but it is also very important to set up direct qualitative research to create your customer experience map. 6

7 AS YOU PLAN YOUR RESEARCH, YOU LL NEED TO: Identify customer segments to recruit Develop a discussion guide that will encourage people to tell a story about what they are doing, thinking and feeling Decide what to pay participants Prepare questions that will help you probe for clarification and examples SOME OF WHAT WE HEARD DURING A RECENT ENGAGEMENT WITH A FINANCIAL INSTITUTION: Special deals are sometimes put out there to attract new customers. I want my bank to make special offers to me... to show they value my continued relationship with the bank. Linda C. There are a variety of ways to gather qualitative research from customers. You can observe and interview customers on site, conduct online surveys, run traditional focus groups or use online focus groups. We recommend using online bulletin boards. Essentially, these are online focus groups. They have several advantages over traditional focus groups: Individuals are not influenced by what others say Because they re more anonymous, people will often express more honest opinions No one person can dominate the conversation They are more convenient. Individuals aren t required to travel or invest an evening SAMPLE ONLINE BULLETIN BOARD Talk to me to find out which accounts work best for me now... everyone wants to feel important, no matter how much money they have. But also, they want to be understood and valued as a customer. Jessica F. I want to feel like they already know me. Not by a number. Bill M. 7

8 3. Hold customer experience workshops Customer experience workshops are conducted with your internal stakeholders. Customer experience workshops are conducted with your internal stakeholders the people who can impact the final customer experience. When stakeholders read customers comments and feelings firsthand, they develop empathy and are more likely to act on and resolve customer experience problems. During the workshops, we: Read all the comments customers made on the online bulletin boards Create a sticky note for each comment each color indicates a specific research segment Group similar comments into themes: disappointment, frustration, surprise, communications timing, etc. Look for emerging patterns 4. Develop an initial model of customer feelings We focus on feelings to identify highs and lows in the customer experience throughout the life cycle. The three lines in the model below represent optimal, average and poor customer experiences. 8

9 5. Do a complete analysis of your customer research This analysis pulls all your research together to show you what your customers are thinking, feeling and doing at each stage of their journey with you. The return from personalized communications is incredibly valuable to both customers and the bank. For example, our research found that it doesn t require face-to-face interactions to improve the customer experience. Customers were eager to receive communications from their bank, including , direct mail and well-timed text messages. They wanted to feel like the bank was a partner looking out for their financial well-being. In some cases, that meant suggesting a new financial vehicle, such as a HELOC. In other cases, it meant showing the customer the advantages of switching to a different checking or savings vehicle. Executing these types of personalized communications requires data and analytics, which could help you determine who to communicate with and when. The return is incredibly valuable to both customers and the bank. Banking Customer Experi Let s look at an example showing what customers are doing, thinking and feeling at the consideration stage: Consideration Account Openi Identify the need for a new financial account Assess financial institutions and account types available Choose a financial institu Open account(s) confirmation an Apply onl Speak wit represent paperwork 9 ING Will it be difficult to open Will I qualify for the acco What does the fine print Will I be able to talk to a

10 Banking Customer Experi Journey to a Customer Experience Map paperwor Consideration Account Openi Positive Identify How do the I choose need for the a best new account financial for account my needs? Assess Does the financial bank offer institutions the services and account and technology types available I need? Will it be difficult to open Choose Will I qualify a financial for the instit acco Open What does account(s) the fine print Will I be able confirmation to talk to an a Will the branch represen What should I expect wh Will I be able to continue What will happen to the Happy the reps are her Thankful the bank was Special as if my transa Speak wit represent Welcomed during the take Comfortable the bank Apply on paperwor GAPS LEAD TO OPPORTUNITIES Gaps can pinpoint opportunities for improvement in each stage of the customer life cycle: Which customer segments? Which channel or touchpoint? 10 Positive Dissatisfied OPPORTUNITIES have Who a do global my presence? friends and family bank with? Worried will it be difficu Pleased I wasn t rushe Glad Will to it be have difficult it done to open o Will I qualify for the acco What does the fine print I didn t actu Will I be able to talk to a Concerned will I lose Will the branch represen Distrustful Does this of bank large take banks interest that are in sneaky my community? and rude Impatient What should waited I expect a long wh Insecure Will I be able branch to continue perso What will happen to the and Create services personal connections with prospective customers Convinced Make it easy switching to understand will deliver and differentiate a better experience between account than my options current bank Share stories from advocates CONSIDER AND EVALUATE Unappreciated the ban Happy the reps are her Frustrated and annoyed Thankful the bank was Special as if my transa Welcomed during the take Comfortable Create flexible the and bank custo Make account opening s Provide customer suppo Welcome and guide acq Worried will it be difficu Pleased I wasn t rushe Glad to have it done o I didn t actu Concerned will I lose a PURCHASE

11 11 Guiding principles G uiding principles will emerge as you begin to understand the customer journey. Use your guiding principles as a Litmus test for the success of organizational initiatives now and in the future. We found that customers typically had positive feelings toward their bank during the consideration and account opening phases especially those customers who have done their own research and made an informed choice: But after customers entered the day-to-day account management phase of their banking relationship, there often was a shift. Those who primarily visited a branch or talked to a person on the phone tended to have more positive feelings. These customers were more likely to open additional accounts because of the human interaction. They had had an optimal experience: Customers who banked online or via their mobile device, however, started showing signs of indifference and dissatisfaction after onboarding. These customers tended to feel anonymous or unimportant and were much less likely to open additional accounts: PURCHASE CUSTOMER JOURNE Apply online Speak with a representative Fill out application paperwork to sign Fax/ signed paperwork to bank Will it be difficult to open a new account? Will I qualify for the account(s) that I want? What does the fine print mean? Will I be able to talk to a real person? Will the branch representatives take care of all the paperwork? What should I expect when my account is taken over by the bank? Will I be able to continue working with my advisor from my old bank? What will happen to the employees at my local branch? Positive Happy the reps are here to help me open an account Thankful the bank was willing to lend me money Special as if my transaction were the only thing happening in the branch Welcomed during the takeover Comfortable the bank knows what is going on and I can ask for help Worried will it be difficult? It s been a long time since I changed accounts Pleased I wasn t rushed and that the process was not stalled Glad to have it done one more thing crossed off my to-do list I didn t actually choose the bank Concerned will I lose access to my money? Dissatisfied Distrustful of large banks that are sneaky and rude Impatient waited a long time in a crowded, smelly waiting area Insecure branch personnel were not super knowledgeable Burdened I had to figure out how to switch some things on my own Unappreciated the bank is cold, impersonal and untrustworthy Frustrated and annoyed many missteps and fees along the way OPPORTUNITIES Create personal connections with prospective customers Make it easy to understand and differentiate between account options Share stories from advocates Create flexible and customizable account options Make account opening simple and straightforward Provide customer support at each step of the process Welcome and guide acquired customers through conversion CONSIDER AND EVALUATE Banking Customer Experience Map Identify the need for a new financial account Assess financial institutions and account types available Choose a financial institution and account type(s) Open account(s) confirmation and account numbers Apply online Speak with a representative Fill out application paperwork to sign Fax/ signed paperwork to bank Will it be difficult to open a new account? Will I qualify for the account(s) that I want? What does the fine print mean? Will I be able to talk to a real person? Will the branch representatives take care of all the paperwork? What should I expect when my account is taken over by the bank? Will I be able to continue working with my advisor from my old bank? What will happen to the employees at my local branch? Positive Happy the reps are here to help me open an account Thankful the bank was willing to lend me money Special as if my transaction were the only thing happening in the branch Welcomed during the takeover Comfortable the bank knows what is going on and I can ask for help Worried will it be difficult? It s been a long time since I changed accounts Pleased I wasn t rushed and that the process was not stalled Glad to have it done one more thing crossed off my to-do list I didn t actually choose the bank Concerned will I lose access to my money? sfied Distrustful of large banks that are sneaky and rude Impatient waited a long time in a crowded, smelly waiting area Insecure branch personnel were not super knowledgeable Consideration Account Opening Banking Customer Experience Map Identify the need for a new financial account Assess financial institutions and account types available Choose a financial institution and account type(s) Open account(s) confirmation and account numbers Apply online Speak with a representative Fill out application paperwork to sign Fax/ signed paperwork to bank Will it be difficult to open a new account? Will I qualify for the account(s) that I want? What does the fine print mean? Will I be able to talk to a real person? Will the branch representatives take care of all the paperwork? What should I expect when my account is taken over by the bank? Will I be able to continue working with my advisor from my old bank? What will happen to the employees at my local branch? Positive Happy the reps are here to help me open an account Thankful the bank was willing to lend me money Special as if my transaction were the only thing happening in the branch Welcomed during the takeover Comfortable the bank knows what is going on and I can ask for help Worried will it be difficult? It s been a long time since I changed accounts Pleased I wasn t rushed and that the process was not stalled Glad to have it done one more thing crossed off my to-do list I didn t actually choose the bank Concerned will I lose access to my money? Dissatisfied Distrustful of large banks that are sneaky and rude Impatient waited a long time in a crowded, smelly waiting area Insecure branch personnel were not super knowledgeable Burdened I had to figure out how to switch some things on my own Unappreciated the bank is cold, impersonal and untrustworthy Frustrated and annoyed many missteps and fees along the way PPORTUNITIES Create personal connections with prospective customers Make it easy to understand and differentiate between account options Share stories from advocates Create flexible and customizable account options Make account opening simple and straightforward Provide customer support at each step of the process Welcome and guide acquired customers through conversion Consideration Account Opening Set up online or mobile banking services Set up direct deposit Order checks ATM/debit/credit card Monitor financial health Identify the need for new financial services Learn about products or services available Add or change account products/services materials in the mail Send direct deposit info Sign up for online banking Call a rep Withdraw money Log in Download mobile app statements and alerts Evaluate financial situation Learn about new services View cross-sell promotions Add account Research products/services Transfer money and check balances What services and features are offered with my new account(s)? Will I be able to understand how to use my account? Will I have problems logging in to my account online or on my mobile device? Will all of my bank accounts transition smoothly? Will I be able to reach someone at the bank easily if I have a question or a problem? Is my bank looking out for my best interests? Are my banking activities and identity secure? Can I easily access my accounts wherever and whenever I need to? What are these new features all about (e.g., mobile banking)? Are they useful? Will it be easy to add a new account? Is there a branch nearby where I can talk to someone about adding an account? Are there any benefits to switching the account(s) that I have with the bank? Will the bank monitor my account(s) and let me know when I should consider a change? Onboarding Day-to-Day Account Management Expanding Relationship The path to purchase and Set up online or mobile banking services Set up direct deposit Order checks ATM/debit/credit card Monitor financial health Identify the need for new financial services Learn about products or services available Add or change account products/services materials in the mail Send direct deposit info Sign up for online banking Call a rep Withdraw money Log in Download mobile app statements and alerts Evaluate financial situation Learn about new services View cross-sell promotions Add account Research products/services Transfer money and check balances What services and features are offered with my new account(s)? Will I be able to understand how to use my account? Will I have problems logging in to my account online or on my mobile device? Will all of my bank accounts transition smoothly? Will I be able to reach someone at the bank easily if I have a question or a problem? Is my bank looking out for my best interests? Are my banking activities and identity secure? Can I easily access my accounts wherever and whenever I need to? What are these new features all about (e.g., mobile banking)? Are they useful? Will it be easy to add a new account? Is there a branch nearby where I can talk to someone about adding an account? Are there any benefits to switching the account(s) that I have with the bank? Will the bank monitor my account(s) and let me know when I should consider a change? Empowered to build our home knowing that the bank was backing us Informed the site is very comprehensive and explained all of the benefits that come with the account Comfortable bank employees don t make me feel stupid or behind the times when I ask questions about new technology Pleased I have met all of the requirements to receive my promotional offer for opening an account Lucky I had a smooth transition to the bank. Others did not Valued when I am recognized in the branch Secure I am alerted when changes are made to my online account Comfortable I can reach someone at the branch or by phone if I have a problem with my account Relieved and happy it isn t a fight to get a problem solved Confident my questions will be answered by friendly bank personnel Pleased my bank supports my community Valued when a teller or other employee suggests an option that will earn more interest or have lower fees Fortunate the bank is looking out for my best interests Respected the bank doesn t push accounts/services that I don t want Satisfied my online issues have been dealt with quickly by phone reps Anonymous I m just a number after all the papers are signed Confused I didn t feel like everything was as clear as it could be Ignored no communication from the bank since my accounts were transitioned Easy to keep my money in the same place it has been since I was a kid OK as long as everything is handled correctly my bank is just a place to make payments; I m a number Unimportant they haven t taken the opportunity or time to approach me and find out what they can do for me Unsure about some services like mobile banking and overdraft protection and whether they will benefit me Anonymous the promotions I receive are generic I don t really feel like I have a relationship with the bank Upset I can t transfer funds to a friend immediately, even though he has a the bank account Unsettled I didn t have the tools to access my account Unimportant ATM/debit cards and new checks were not reissued when promised Foolish I was told that my banking service would be the same and it has not turned out that way Dissatisfied I feel disconnected; I d like a better relationship Frustrated I keep getting locked out of my online banking account especially when the Customer Contact Center is closed! Irritated I ve requested that my address be changed multiple times and it still hasn t been done Annoyed my online account history displays only 90 days of transactions Unappreciated I am not rewarded for my loyalty. Why do new customers get all the perks? Irked it s hard to get in touch with my advisor Disappointed the bank has not analyzed my patterns and reviewed changes that could benefit me. I m left to do this work on my own Uninformed I don t receive information about promotions or products Annoyed by the constant promotional mailings that I receive from the bank Impatient tellers at the bank try to upsell me when I m in a hurry I m there for a specific reason Follow up on all new customers with personalized communications Identify and honor customer communication preferences Provide educational tools Assign acquired customers to a bank counselor Form a relationship with each customer Be available to customers Encourage and reward loyalty Work for each customer s financial well-being Make it easy to grow the relationship Provide customized messaging and promotions online Onboarding Day-to-Day Account Management Expanding Relationship The path to purchase and Banking Customer Experience Ma Identify the need for a new financial account Assess financial institutions and account types available Choose a financial institution and account type(s) Open account(s) confirmation and account numbers Apply online Speak with a representative Fill out application accou opening docum accou opening docum paperwork to sign accou opening docu Fax/ signed paperwork to bank Will it be difficult to open a new account? Will I qualify for the account(s) that I want? What does the fine print mean? Will I be able to talk to a real person? Will the branch representatives take care of all the paperwork? What should I expect when my account is taken over by the bank? Will I be able to continue working with my advisor from my old bank? What will happen to the employees at my local branch? Positive Happy the reps are here to help me open an account Thankful the bank was willing to lend me money Special as if my transaction were the only thing happening in the branc Welcomed during the takeover Comfortable the bank knows what is going on and I can ask for help Worried will it be difficult? It s been a long time since I changed accoun Pleased I wasn t rushed and that the process was not stalled Glad to have it done one more thing crossed off my to-do list I didn t actually choose the bank Concerned will I lose access to my money? Dissatisfied Distrustful of large banks that are sneaky and rude Impatient waited a long time in a crowded, smelly waiting area Insecure branch personnel were not super knowledgeable Burdened I had to figure out how to switch some things on my own Unappreciated the bank is cold, impersonal and untrustworthy Frustrated and annoyed many missteps and fees along the way PPORTUNITIES Create personal connections with prospective customers Make it easy to understand and differentiate between account options Share stories from advocates Create flexible and customizable account options Make account opening simple and straightforward Provide customer support at each step of the process Welcome and guide acquired customers through conversion Consideration Account Opening Set up online or mobile banking services Set up direct deposit Order checks ATM/debit/credit card Monitor financial health Identify the need for new financial services Learn about products or services available Add or change account products/services ceive aterials the mail Send direct deposit info Sign up for online banking Call a rep Withdraw money Log in Download mobile app statements and alerts Evaluate financial situation Learn about new services View cross-sell promotions Add acco Research products/services Transfer money and check balances What services and features are offered with my new account(s)? Will I be able to understand how to use my account? Will I have problems logging in to my account online or on my mobile device? Will all of my bank accounts transition smoothly? Will I be able to reach someone at the bank easily if I have a question or a problem? Is my bank looking out for my best interests? Are my banking activities and identity secure? Can I easily access my accounts wherever and whenever I need to? What are these new features all about (e.g., mobile banking)? Are they useful? Will it be easy to add a new account? Is there a branch nearby where I can talk to someone about adding an account? Are there any benefits to switching the account(s) that I have with the bank? Will the bank monitor my account(s) and let me know when I should con a change? mpowered to build our home knowing that the bank was backing us formed the site is very comprehensive and explained all of the benefits at come with the account omfortable bank employees don t make me feel stupid or behind the mes when I ask questions about new technology leased I have met all of the requirements to receive my promotional ffer for opening an account ucky I had a smooth transition to the bank. Others did not Valued when I am recognized in the branch Secure I am alerted when changes are made to my online account Comfortable I can reach someone at the branch or by phone if I have a problem with my account Relieved and happy it isn t a fight to get a problem solved Confident my questions will be answered by friendly bank personnel Pleased my bank supports my community Valued when a teller or other employee suggests an option that will earn more interest or have lower fees Fortunate the bank is looking out for my best interests Respected the bank doesn t push accounts/services that I don t want atisfied my online issues have been dealt with quickly by phone reps nonymous I m just a number after all the papers are signed cquisition onfused I didn t feel like everything was as clear as it could be nored no communication from the bank since my accounts were ansitioned Easy to keep my money in the same place it has been since I was a kid OK as long as everything is handled correctly my bank is just a place to make payments; I m a number Unimportant they haven t taken the opportunity or time to approach me and find out what they can do for me Unsure about some services like mobile banking and overdraft protection and whether they will benefit me Anonymous the promotions I receive are generic I don t really feel like I have a relationship with the bank pset I can t transfer funds to a friend immediately, even though he has the bank account cquisition nsettled I didn t have the tools to access my account nimportant ATM/debit cards and new checks were not reissued when romised oolish I was told that my banking service would be the same and it as not turned out that way Dissatisfied I feel disconnected; I d like a better relationship Frustrated I keep getting locked out of my online banking account especially when the Customer Contact Center is closed! Irritated I ve requested that my address be changed multiple times and it still hasn t been done Annoyed my online account history displays only 90 days of transactions Unappreciated I am not rewarded for my loyalty. Why do new customers get all the perks? Irked it s hard to get in touch with my advisor Disappointed the bank has not analyzed my patterns and reviewed changes that could benefit me. I m left to do this work on my own Uninformed I don t receive information about promotions or products Annoyed by the constant promotional mailings that I receive from the ban Impatient tellers at the bank try to upsell me when I m in a hurry I m there for a specific reason Follow up on all new customers with personalized communications Identify and honor customer communication preferences Provide educational tools Assign acquired customers to a bank counselor Form a relationship with each customer Be available to customers Encourage and reward loyalty Work for each customer s financial well-being Make it easy to grow the relationship Provide customized messaging and promotions online nboarding Day-to-Day Account Management Expanding Relationship The path to purchase a Set up online or mobile banking services Set up direct deposit Order checks ATM/debit/credit card Monitor financial health Identify the need for new financial services Learn about products or services available Add or change account products/services Download mobile app Evaluate financial situation Add acco nboarding Day-to-Day Account Management Expanding Relationship The path to purchase a Monitor financial health Identify the need for new financial services Learn about products or services available Add or change account products/services Identify the steps necessary to move financial assets Close account with financial institution Withdraw money it branch wnload bile app statements and alerts Evaluate financial situation Learn about new services View cross-sell promotions closing paperwork Add account Research products/services Initiate account closing Transfer money and check balances Will I be able to reach someone at the bank easily if I have a question or a problem? Is my bank looking out for my best interests? Are my banking activities and identity secure? Can I easily access my accounts wherever and whenever I need to? What are these new features all about (e.g., mobile banking)? Are they useful? Will it be easy to add a new account? Is there a branch nearby where I can talk to someone about adding an account? Are there any benefits to switching the account(s) that I have with the bank? Will the bank monitor my account(s) and let me know when I should consider a change? Can I trust my current bank? Are there banks with better interest rates? Can I find a bank that doesn t charge as many fees? Will other banks move faster (e.g., refinancing)? Is another bank s promotion worth switching for? How difficult and painful will it be to switch banks? Can I find a knowledgeable financial team to work for me? Are there any loyalty benefits for sticking with the bank? Can I live with the frustrations that I have with my bank s technology? ts Valued when I am recognized in the branch Secure I am alerted when changes are made to my online account Comfortable I can reach someone at the branch or by phone if I have a problem with my account Relieved and happy it isn t a fight to get a problem solved Confident my questions will be answered by friendly bank personnel Pleased my bank supports my community Valued when a teller or other employee suggests an option that will earn more interest or have lower fees Fortunate the bank is looking out for my best interests Respected the bank doesn t push accounts/services that I don t want Intrigued by higher interest rates for checking accounts at other banks Interested in cash offers to open an account elsewhere Easy to keep my money in the same place it has been since I was a kid OK as long as everything is handled correctly my bank is just a place to make payments; I m a number Unimportant they haven t taken the opportunity or time to approach me and find out what they can do for me Unsure about some services like mobile banking and overdraft protection and whether they will benefit me Anonymous the promotions I receive are generic I don t really feel like I have a relationship with the bank Lazy I don t feel like jumping through all the hoops to switch my account(s) Unappreciated no one has contacted me or helped me learn how to maximize my banking relationship Impatient our mortgage refinancing is taking forever Unfulfilled I need a bank with an international presence Dissatisfied I feel disconnected; I d like a better relationship Frustrated I keep getting locked out of my online banking account especially when the Customer Contact Center is closed! Irritated I ve requested that my address be changed multiple times and it still hasn t been done Annoyed my online account history displays only 90 days of transactions Unappreciated I am not rewarded for my loyalty. Why do new customers get all the perks? Irked it s hard to get in touch with my advisor Disappointed the bank has not analyzed my patterns and reviewed changes that could benefit me. I m left to do this work on my own Uninformed I don t receive information about promotions or products Annoyed by the constant promotional mailings that I receive from the bank Impatient tellers at the bank try to upsell me when I m in a hurry I m there for a specific reason Angry my bank made a mistake with my bank account Vulnerable I felt like my accounts had been compromised Embarrassed a customer service representative made me feel dumb, instead of trying to help Deceived the bank s financial practices don t seem straightforward, and extra fees keep getting added to my account(s) Exasperated when I can t log in to my online account and the Customer Contact Center is closed Form a relationship with each customer Be available to customers Encourage and reward loyalty Work for each customer s financial well-being Make it easy to grow the relationship Provide customized messaging and promotions online Provide prompt, expeditious responses to customer concerns Follow up personally on all account errors Match competitor offers Day-to-Day Account Management Expanding Relationship Ending Relationship The path to purchase and beyond anking Customer Experience Map PURCHASE Identify the need for a new financial account Assess financial institutions and account types available Choose a financial institution and account type(s) Open account(s) confirmation and account numbers Set up online or mobile banking services Set up direct deposit Order checks ATM/debit/credit card materials in the mail Send direct deposit info Sign up for online banking Call a rep Apply online Speak with a representative Fill out application Withdraw money paperwork to sign Fax/ signed paperwork to bank Log in Download mobile app statements and alerts Transfer money and check balances Will it be difficult to open a new account? Will I qualify for the account(s) that I want? What does the fine print mean? Will I be able to talk to a real person? Will the branch representatives take care of all the paperwork? What should I expect when my account is taken over by the bank? Will I be able to continue working with my advisor from my old bank? What will happen to the employees at my local branch? What services and features are offered with my new account(s)? Will I be able to understand how to use my account? Will I have problems logging in to my account online or on my mobile device? Will all of my bank accounts transition smoothly? Will I be able to reach someone at the bank easily if I have a question or a problem? Is my bank looking out for my best interests? Are my banking activities and identity secure? Can I easily access my accounts wherever and whenever I need to? Positive Happy the reps are here to help me open an account Thankful the bank was willing to lend me money Special as if my transaction were the only thing happening in the branch Welcomed during the takeover Comfortable the bank knows what is going on and I can ask for help Empowered to build our home knowing that the bank was backing us Informed the site is very comprehensive and explained all of the benefits that come with the account Comfortable bank employees don t make me feel stupid or behind the times when I ask questions about new technology Pleased I have met all of the requirements to receive my promotional offer for opening an account Lucky I had a smooth transition to the bank. Others did not Valued when I am recognized in the branch Secure I am alerted when changes are made to my online account Comfortable I can reach someone at the branch or by phone if I have a problem with my account Relieved and happy it isn t a fight to get a problem solved Confident my questions will be answered by friendly bank personnel Pleased my bank supports my community Worried will it be difficult? It s been a long time since I changed accounts Pleased I wasn t rushed and that the process was not stalled Glad to have it done one more thing crossed off my to-do list I didn t actually choose the bank Concerned will I lose access to my money? Satisfied my online issues have been dealt with quickly by phone reps Anonymous I m just a number after all the papers are signed Confused I didn t feel like everything was as clear as it could be Ignored no communication from the bank since my accounts were transitioned Easy to keep my money in the same place it has been since I was a kid OK as long as everything is handled correctly my bank is just a place to make payments; I m a number Unimportant they haven t taken the opportunity or time to approach me and find out what they can do for me Dissatisfied Distrustful of large banks that are sneaky and rude Impatient waited a long time in a crowded, smelly waiting area Insecure branch personnel were not super knowledgeable Burdened I had to figure out how to switch some things on my own Unappreciated the bank is cold, impersonal and untrustworthy Frustrated and annoyed many missteps and fees along the way Upset I can t transfer funds to a friend immediately, even though he has a the bank account Unsettled I didn t have the tools to access my account Unimportant ATM/debit cards and new checks were not reissued when promised Foolish I was told that my banking service would be the same and it has not turned out that way Dissatisfied I feel disconnected; I d like a better relationship Frustrated I keep getting locked out of my online banking account especially when the Customer Contact Center is closed! Irritated I ve requested that my address be changed multiple times and it still hasn t been done Annoyed my online account history displays only 90 days of transactions Unappreciated I am not rewarded for my loyalty. Why do new customers get all the perks? Irked it s hard to get in touch with my advisor OPPORTUNITIES Create personal connections with prospective customers Make it easy to understand and differentiate between account options Share stories from advocates Create flexible and customizable account options Make account opening simple and straightforward Provide customer support at each step of the process Welcome and guide acquired customers through conversion Follow up on all new customers with personalized communications Identify and honor customer communication preferences Provide educational tools Assign acquired customers to a bank counselor Form a relationship with each customer Be available to customers Encourage and reward loyalty Consideration Account Opening Onboarding Day-to-Day Account Management CONSIDER AND EVALUATE CONSIDERATION TOUCHPOINTS DAY-TO-DAY TOUCHPOINTS

12 Key takeaways 1. A customer experience map tells you what your customers are doing, thinking and feeling at each stage of the customer life cycle 2. The process pinpoints where opportunities lie with which customer segments, when and why 3. Create guiding principles and a road map to improve the overall customer experience Developing a customer experience map is an excellent first step toward improving your customers overall experience and satisfaction. The research and analysis can be completed fairly quickly, providing you with a road map for the coming year and beyond. ABOUT THE AUTHOR For more than 15 years, Jill Hewitt has designed, researched and evaluated user interfaces across a variety of platforms, including Web, mobile, public kiosks and hardware devices. Her approach is deeply rooted in usercentered design principles. Jill has extensive knowledge in usability and user needs research methods, all geared toward understanding customer needs and improving customer experiences. She has improved customer experiences for major Fortune 500 brands, including UPS, NPR, Turner Broadcasting, Dell and Paychex. She is currently a customer experience specialist and designer at Catalyst, a marketing agency headquartered in Rochester, New York Facebook Twitter LinkedIn Catalyst. All rights reserved.

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