EVOLUTION OF BANKING
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IT’S ALL ABOUT THE EXPERIENCE<br />
Customer experience and service design<br />
Every time a customer touches a company, the<br />
brand is either enhanced or diminished. As mobile<br />
technology redefines the frequency and method<br />
customers use to interact with banks and other<br />
financial institutions, delivering the right experience<br />
– every time – for the customer, is a critical element<br />
to every step of every process.<br />
It’s all about creating immersive experiences<br />
for customers which exceed their expectations<br />
and engage them emotionally – supporting their<br />
involvement and engagement in the experience<br />
through use of technology to capture, create,<br />
share and access their financial information,<br />
when and where they want, through the channel<br />
of their choice.<br />
Getting this right will provide bank brands the<br />
opportunity to grow brand and market share.<br />
The customer must come first – not money.<br />
When needs aren’t met, that’s not only not good for<br />
business, but could raise compliance challenges.<br />
CUSTOMER JOURNEY – CREDIT CARD APPLICATION<br />
Google search ‘credit card’<br />
Ongoing relationship<br />
Payment of first bill<br />
Log onto digital account<br />
Monthly bill received<br />
Card used for purchases<br />
Comparison best options selection<br />
APR & Balance transfer information<br />
Type of card identified – low rate<br />
Comparison site selected<br />
Balance transfer complete<br />
Customer Management<br />
Card activation process<br />
Pre-application<br />
Name of Experience:<br />
Your BankCredit<br />
Card Application<br />
Description:<br />
Customer is looking<br />
for a new credit card<br />
& wants to apply<br />
quickly online<br />
Boarding<br />
Arrive on Your Bank offer landing page<br />
Pre application documents and information<br />
Application<br />
Proceed to online application<br />
Legal stuff<br />
More pre application information<br />
Enter personal information, name, DOB etc.<br />
Live help chat<br />
Job & bank details entered<br />
Balance transfer information / additional card<br />
Application decision<br />
More legal stuff (Card agreement)<br />
Postal receipt of card & information within 3 days<br />
Card number and credit limit confirmed<br />
Close application down<br />
Key<br />
A typical ‘assumptive’ design process<br />
How can this be a<br />
positive experience?<br />
Assume we know what<br />
customers need<br />
Build<br />
Launch<br />
User judges<br />
Fix!<br />
Make or break moment<br />
– what can we do to<br />
delight the customer?<br />
Where do we need<br />
data to help deliver<br />
the experience?<br />
Get ideas from<br />
customers<br />
Prototype<br />
ideas<br />
A ‘customer driven’ design process<br />
Test, refine<br />
Launch<br />
Reap rewards<br />
8 | The Evolution of Banking and Financial Services
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