The proportion of purely digital customers is rising consistently, and with it the desire for a completely digitized customer journey – from the first contact to the conclusion of the deal.
A prerequisite for the complete digitization of customer journeys is to consistently take the customer’s perspective. Banks are sometimes too focused on their processes and ignore the needs of their customers. The customer journey must be viewed holistically – from customer initiation to closing and customer service. Banks should position themselves with the right information at every point of the customer journey and lead their customers through various digital channels to the conclusion of the purchase. In addition to front-end activities, banks also need to look at back-end processes. In order to make processes more efficient and scale them, they must be simple, lean, and free of media discontinuities.
Banks that consistently digitize their customer journeys also increase customer loyalty. While the average customer in retail banking only has a personal conversation with their bank advisor every three to five years, they use the mobile banking app every other day. Thus, financial institutions can increase the intensity of their customer relationships by expanding their digital offerings. In addition, the avoidance of contract papers and printouts pays off in the megatrend of sustainability.