Stages (Awareness, Acquisition, Onboarding, Usage, Customer Care, Loyalty, and Retention)
Please create a customer journey map of a priority banking customer that is willing to apply for a credit card and a loan in the future, ensure to cover the following points:
1. Stages (Awareness, Acquisition, Onboarding, Usage, Customer Care, Loyalty, and Retention)
2. Address all the pain points and moments of truth (Ideal expectation vs. reality) for all stages mentioned in Point 1.
3. Customer emotions during each stage
4. Come up with solutions/improvements for the pain points/ Moments of truth.
5. The solutions from Point 4. should increase the Bank Growth & Net Promoter Score of the Bank.
Please refer to the attached as an example.
Requirements:
Meet AhmedMeet Ahmed, a wealthy customer who wants to open an account with a bank in Oman that can help him invest his deposits into wealth management products/shares/bonds.He goes to several Oman websites to find information, but soon becomes frustrated He runs into his friend Issa and asks about investments. Issa suggests looking at bank XYZ. This document reflects his purchase journey
The Current Journey The Current Journey Moments of truth are the most critical steps in your journey. Get them wrong, and you lose customers. Get them right and yourcustomers become lifelong advocatesMoments of TruthAwareness & ResearchConsiderationPurchasePost-PurchaseNeutral ExperienceNegative ExperienceAhmed speaks to his family and friends about investment providers, only 2 out of 10 recommend Bank XYZ. Ahmed goes to the Bank XYZ’s website, but struggles to find the wealth management portal or investment site, after he finds it, he feels frustrated that there is just generic information Ahmed decides to call the call center and get the info. After several handovershe is told that an RM will contact him soon. Adil, a priority RM, reaches out to him several days later and invites him for a meeting at the Ruwibranch. Ahmed declines to come and requests Adilto visit him in the office the next day. Adilheads to Ahmed’s office but reaches late. The meeting starts lateand Adil presents the bank’s products and services. Ahmed mentions that the services are generic and wonders why there are no packaged solutions or investment funds. He can anyways open an investment account and purchase shares in the local marketAdil hands Ahmed two large document packs to complete. A week later Adilreturns to Ahmed’s office to collect the documents. A further four days later, Adil calls Ahmed to confirm savings account and investment account are both open and he should come to collect his debit card at the branchTTTThe first moment of truth occurs when Ahmed looks on our website, if he cantquick find what he is looking for, he moves onto Google and may end selecting one of our competitorsThe second moment of truth is the evaluation of the product options and whether it meets their wealth management needsOur third moment of truth is the first logon and usage of the account, the first interaction determines if the customer will trust and use the account featuresAhmed logs onto Internet banking but cantfind his investment account details, he is nervous that something went wrong. He tries to call Adil, but he has gone home, the next day Adil explains that these are two separate accounts and that he has can only view his savings account details online. WOW Experience
By understanding the customer journey, 10 new opportunities have emerged to provide a world-class experienceMoments of truth are the most critical steps in your journey. Get them wrong, and you lose customers. Get them right and yourcustomers become lifelong advocatesMoments of TruthAwareness & ResearchConsiderationPurchasePost-PurchasePositive ExperienceNeutral ExperienceNegative ExperienceAbdul speaks to his family and friends about investment providers, only 2 out of 10 recommend NBO.Abdul goes to the NBOwebsite, but struggles to find the investment site, after he finds it, he feels frustrated that there is just generic information Abdul decides to call and after several handovershe reaches Adil, a SadaraRM, who invites him for a meeting at the Ruwibranch. Abdul accepts but is aannoyed that he has totake time out of work. His friends tell him other banks come to their home for meetingsAbdul heads to the branch and gets upset due to lack of parking. The meeting starts lateand Adil presents the Sadaraproduct, Abdul wonders why there are no packaged solutions, but he likes the idea of market zone and ability to buy sharesAdil hands him two large document packs to complete. A week later Abdul returns to the branch and hands over the information. A further four days later, Adil calls Abdul to confirm is account is open and the he should come to collect his debit card at the branchTTTThe first moment of truth occurs when Abdul looks on our website, if he cantquick find what he is looking for, he moves onto Google and may end selecting one of our competitorsThe second moment of truth is the evaluation of the product options and whether it meets their wealth management needsOur third moment of truth is the first logon and usage of the account, the first interaction determines if the customer will trust and use the account featuresAbdul logs onto NBOonline but cantfind his investment account, he is nervous that something went wrong. He tries to call Adil, but he has gone home, the next day Adil explains that these are two separate accounts and that he has touse different credentials to login into marketzone810Investor Education EventsMonthly education events to educate consumers about the basics of investing and technical analysisA direct & dedicated website tailored for Riyadahcustomers, separate from the traditional Bank XYZ retail website Packaged Investment Brochures13579BD Wealth PortalDetailed brochures of packaged investment solutions based on level of risk and lifestyle needsA simple online meeting booking utility and dedicated call line to the RiyadahRMs thru the website for meeting setupsOnline Booking / Dedicated Call Line24Trained Mobile and Dedicated RMRM travels to customer home, work or coffee shop to discuss lifestyle needs and product interests. Should be certified to sell investment products Dynamic Lifestyle App6Electronic On boarding ProcessWelcome Gift/ PackageRM takes client through a questionnaire and presents analysis through his tablet linking our products availableAn electronic sign-up form will be built into the wealth RM tablet app to capture application details or Branch in a Bag. Including instant channel registrationIntegrated Deposit and Wealth AccountAbility for customer to see and manage his investment account on all channels under the same user ID and PasswordSpecial tailor made and packaged products with special rates + Yearly membership giftSpecial offers on productsHigh-class welcome package/ gift. Account instructions, FAQ, platform introduction etcAchieving this vision will take time, we recommend focusing on the quick wins immediately
Future Journey –We deliver a wonderful ExperienceMoments of truth are the most critical steps in your journey. Get them wrong, and you lose customers. Get them right and yourcustomers become lifelong advocatesMoments of TruthAwareness and Research ConsiderationPurchasePost-PurchaseNeutral ExperienceNegative ExperiencePrepare Opportunity Plan•Develop call script and assign representative to based on customer type (head of al Riyadah, executive manager, RM..etc) •Develop a visit script with consideration to:•Customer portfolio and banking behavior •Products and Service performance •Customer classification criteria (salary, deposits, political status and relationship with the bank) •Prepare pre order authorization for debit card/chequebook/credit card or any other service request•Select the suitable gift (IPAD, mobile, mussar, khayzaran, Perfume) •Prepare a presentation reflecting products and services with potential customer interest.•Prepare Welcome Packs•Call the customer and setup a meeting (time/date and location) •Visit the customer with an Ipadto present standardized and/or tailored services using:•videos•Brochures Once the customer is interested in a product, start application process: •Fill in form•Obtain signature•Follow application checklist•Give the customer the gift •Check customer satisfaction (to be logged on the ipad) •Offer the customer indemnity•Promote other channels supporting this product or service •Hand out welcome pack and brochures to customers We deliver a WOW experience at each moment of truth •Process customer request•Develop action plan •Call the customer for update or schedule next meeting (with legal advisor)•Monitor customer activity•Check customer satisfaction WOW ExperiencePre Journey•Identify customer from potential prestige/ privilege data pool•Research customer (interests, banking behavior, transactions, services applied, complaints..etc)
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