CJM analysis is used in tasks whose solution is hidden in the depths of the user’s path and is related to the motivation, loyalty, and satisfaction of customers. Such tasks are not solved by simple interface improvements; they are related to improving the entire process. Problems are often hidden in the logic of the path, chosen channels, and transition stages, or have a delayed effect, unnoticed at the moment.
We selected three cases where the benefits of analyzing CJM (Customer Journey Mapping) are most evident. These examples share a common context: all three clients have advanced digital channels with convenient and progressive interfaces, but their challenges extended beyond interface practices.
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In 2021, a top-10 universal bank in its country approached us to audit the cash loan sales process for new clients. The target channel was partner networks and external financial product marketplaces.
For partner channels, the bank created a special shortened application form. The acquisition process was efficient, and clients quickly completed the application stage. However, at some point, some clients left the loan application unfinished. There was a hypothesis that a barrier occurred at the delivery selection stage. We were tasked with identifying it using CJM and comparing the customer journey with competitors.
The objective of this case study is to utilize customer journey mapping (CJM) analysis to address challenges related to user motivation, loyalty, and satisfaction. By focusing on the entire customer journey, not just interfaces, we aim to identify and solve hidden problems that affect user experience and satisfaction.
Exploring CJM, we are ready to answer questions such as: How to identify pain points in the customer journey? Best practices for improving customer experience using CJM How to use touchpoints to optimize the customer journey? How to increase conversion rates at different stages of the customer journey? How can CJM help in understanding customer behavior? How to analyze customer interactions and feedback using CJM? How to create a comprehensive map of the customer journey? How to improve the ordering process through a mobile banking app using CJM? How can customer journey maps help in digital sales and marketing? What tools are available for customer journey analytics? How to address hidden problems in customer processes using CJM? How to use customer journey mapping to increase ARPU?
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The bank's team hypothesis was confirmed. Clients discovered that receiving the loan at a branch was not available in all cities only at the final stages, leading them to abandon the application. These clients needed to be redirected to alternative loan delivery methods from the very beginning of the application process.
This issue had already been resolved by other banks: the city of issuance was automatically determined, the client was informed, and guided through an alternative application process. During the process, it was explained that receiving the loan via courier or digitally was more convenient than visiting a branch. If visiting a branch was available and chosen as the method of receiving the loan, the meeting procedure itself needed to be thoroughly detailed and optimized so that the client understood each step and did not waste extra minutes on communications.
References for organizing the client meeting were selected from best market practices.
The CJM study revealed general growth points in the process. It identified ways to reduce the overall waiting time for the product: decreasing the number of calls, eliminating repeated communications, not offering cross-products if there was already a refusal, and reducing the number of signatures required during the loan receipt process. This not only improved the bank's conversion rates but also created a faster and more convenient cash loan issuance service.
CJM analysis helped identify unnecessary communications that were causing additional expenses and a decrease in conversion.
We had to find out, if the new process of ordering a product through the mobile banking app is clear and user-friendly and find the solutions to provide the best user experience on the market.
The comparison showed that the process had undoubtedly strong points, and it was well-digitized at the start. However, points of growth appeared immediately after the request was sent, during the waiting stages for the card’s readiness and meeting with the courier. The degree of digitization was lower here, and the number of additional communications with the client increased.
Markswebb researchers recommended optimizing the stages of card issuance and courier meetings. Additionally, card activation was only available at ATMs at that time.
All of these factors reduced the effectiveness of the convenient digital start. In total, 57 improvements were proposed to be made to the process, which significantly shortened the journey time.
As a result, the digitization of the debit card issuance process was strengthened, and conversion rates increased.
As a comparison with the CJM of competitors showed, there is room to increase the number of communications.
We helped a retail bank to increase ARPU of its client portfolio through the best practices of digital sales of insurance policies. The mobile bank already had a process for selling insurance, but the team was looking for new ideas to attract users.
The best market practices were sought by two methods: diary observations and mystery shopping. Products were purchased, all communications were recorded in a diary, and the frequency and context were described. All findings were added to the map of the journey and compared with the maps of other banks.
The CJM analysis showed that the sales process itself is built optimally, but more attraction points could be used. For example, the bank did not use cross-selling communications actively enough, such as offering insurance policies at the final stages of applying for cash loans or credit cards. Additional touchpoints can be provided through contextual offers, banners on the main and success screens, stories, pushes, and stories.
A total of 200 different mechanics and practices were included in the database to help increase the conversion of secondary sales. As a result of the project, the bank received a detailed picture of the process of selling insurance policies in the application, which helped it build the ideal customer journey.
This case study demonstrates how customer journey analytics can effectively address complex challenges in the banking industry by improving entire processes and enhancing user experience. By using a comprehensive map of the customer's journey, the analysis of customer behavior and interactions at every stage of the journey provided valuable insights. Partnering with Markswebb allowed clients to implement solutions that significantly improved conversion rates, customer satisfaction, and overall service quality. The use of customer journey maps and visual representation of customer data helped in identifying pain points and optimizing the customer experience, leading to a more loyal customer base and better business outcomes.
Every year we conduct up to 15 studies of digital services. These are industry benchmarks that reflect the state of the market and trends.