How to to simplify your customer’s journey around trust and convenience.
New players in the banking world – Fintech, neo-banks, and 100% mobile banks – are transforming the banking experience, stimulating more traditional banking models to revamp. What’s their secret? They’re simplifying the customer journey by getting to the core of what their customers want, tapping into users’ 21st century desire to manage their own money.
The most successful companies will understand what customers need and value most, and build the customer journey to match those desires. TheyDo offers financial organizations a platform that they can use to build a journey management system that helps them sync their business goals with their customer’s needs thanks to a highly customizable number of journey templates, tailored to their maturity.
More empathy, better customer experience
Empathizing with your customers means understanding how they value something and using those insights to design something useful for them. Fintech industry challengers, such as PolicyBazaar, Plaid, and Paystack, have this figured out and are setting a new standard. Through the process of trying to understand their users, they discovered two key values that customers consider when choosing or staying with a product or service: trust and convenience.
PolicyBazaar, an online tool for comparing insurance, is a great example of a company that takes steps to determine what their customers attach importance to in order to turn that value into a product that’s convenient. They use research to get to the heart of their customer’s concerns, letting data-driven content alignment guide their decision-making and ultimately inform product development.
Plaid, a company that links financial institutions to fintech apps, also does this well, making efforts to build their online banking experiences to mirror in-person ones as much as possible. In this particular case, they research end-users’ motivations and challenges in workshops around the customer journey, keeping the process as transparent as possible in order to build trust.
Another company, Paystack, also observed transparency to be a key element of building trust with customers in their work facilitating online and offline payments in Africa. They listened to customers to understand how to build confidence and then kept their customers involved in the design process to safeguard that trust.
The road to journey management
Whereas new Fintech players like PolicyBazaar, Plaid and Playstack are busy unlocking a far smoother customer experience by instilling trust and showcasing convenience throughout their customer journey, ‘big banks’ are falling behind. This is often related to the impact that even small changes can have on the complex systems and processes that come with having departments and teams spread across various countries and locations.
However, the opposite is also true. New players may be more agile, but they also have less means, fewer touchpoints, and fewer clients to impact. Big players just need to be smart about how they scale, structuring journeys in a framework to instantly see where the opportunities are (watch the CX masterclass snippet with KOOS service design).
This is where a journey management system can revolutionize the way financial companies understand their customers. Using a journey management platform allows teams to use the customer journey as a blueprint. It introduces a framework, unifying all journeys into one single system through which teams can visualize the entire customer experience. Ultimately, they’re able to unlock creative solutions because they can better see the connections between journeys.
Fuse customer needs and business goals
As customer journeys apply to all facets of a business, journey management is a strategic way to simplify their complexity and link opportunities to business goals, in a way that humanizes the experience for your customers – further building their trust and by extension your business.