Customer Journey Mapping vs. Customer Experience Analytics for Omnichannel Banking

Providing an omnichannel experience is increasingly important for traditional banks in order to compete against digital disintermediaries. Customers are demanding omnichannel convenience—the ability to start a process on a mobile app through their smartphone, continue on their desktop, and complete the process at a local branch, all without losing progress along the way.

The banking industry is aware of this need and is a adopting new technology and ways of doing business to improve their customers’ digital customer experiences. Online banking app abandon rates reached nearly 98% just last year and banks are adamant about lowering those figures.

While customer journey mapping is seen as a solution to these omnichannel banking woes, high-level maps are not sufficient to fully appease customers—that is where customer experience analytics comes into play.

What Customer Journey Mapping Offers for Omnichannel Banking

A recent McKinsey case study pointed out the importance of customer journey mapping for banks pursuing omnichannel experiences. The main goal of the featured bank was to become more agile when it comes to integrating and modifying digital channels.

By mapping the customer journey from initial contact through engagement and, if applicable, purchase, the bank uncovered that of the 80% of loan customers that visit the company’s website, 20% of customers continue online, 20% move to phone calls, 15% visit a branch, and the rest abandon the process altogether.

While this is great information to have, it is indicative of the high-level, channel-based information that journey mapping provides. When you start doing customer journey mapping, you can see the transitions between channels that are causing friction:

  • Gaps that lose customers as they switch between devices (smartphones, tablets, desktops, etc.)
  • Lost customers as they move across departments within the banking organization
  • Friction between channels such as social media engagement moving to the company website

The main drawback with relying solely on customer journey mapping is that no matter how intricate the end result is, you’ll still be left wondering what the granular details are of the friction—especially when it comes to recreating near-invisible intermittent issues.

This is why journey mapping should be complemented by powerful customer experience analytics as an omnichannel banking experience is designed.

Customer Experience Analytics Fills Gaps in Omnichannel Banking

The good news is that, even though digital pressures are weighing heavily on traditional banks, physical banking isn’t disappearing any time soon. Which is why some banks may take solace in the higher-level picture they receive from customer journey mapping.

However, more and more customers are going digital and that is the area of highest risk where traditional banking is in the greatest danger of losing them. Customer experience analytics allows your team to take a dive deep into individual customer journeys and see exactly which part of the process caused friction and sent them off to your competitor.

Rather than simply seeing that the jump from social media to a form on your company website caused friction, you can see that customers filled out half the form before giving up. With this information, you can understand that the user experience needs improvement, prioritize the issue based on its impact on revenue, and work with IT to fix it and improve conversion rates.

With this ability to monetize issues in digital channels, it is possible to capitalize on omnichannel customer journey maps that include non-digital channels. You have all of the data at your fingertips—and you have the final piece necessary to leverage the data and unlock revenue potential by engaging with customers more effectively.

If you want to learn more about pairing customer experience analytics with your customer journey mapping processes for better omnichannel banking, contact us today for a free demo of the UserReplay solution.