How to Leverage Customer Journey Mapping to Increase Conversions

To capture the attention of customers, financial institutions need to understand the true drivers of a winning value proposition. Most buying decisions involve self-driven education before making any purchase online or offline. So Customer Journey Mapping not only helps marketer to understand how they can interact with customers but also set up a strategy to optimise the interaction, eradicate issues that decrease customer satisfaction and engagement, and use more opportunities to sell.

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Customer journey mapping allows marketers to understand a holistic view of the customer by revealing moments of both frustration and delight throughout a series of interactions. The goal of the customer journey map is to tell the customer’s story and explain their specific requirements as well as how you can meet them. If done effectively, brands can find innovative ways to improve the quality of the experience at any touchpoint and stand out from the crowd effectively. In the UK, some of the top-performing financial brands fit in in this sector, such as First Direct, Nationwide and M&S Bank.

According to Gartner, 60% of large financial firms will have an in-house customer journey mapping capability by 2018, up from less than 20% in 2015. The Payments industry is moving from cash to digital at a very rapid rate. Digital payments enable much more data to be captured with each transaction, such as where the individual was while making the payment. This data & insight can be utilized to identify opportunity areas and connect the dots in the customer experience, which can be leveraged to strengthen the user engagement & loyalty.

Transaction And Payments Landscape Is Evolving

In the era of technology innovation, customers are becoming very sophisticated in their use of digital financial products and services. They expect frictionless engagement and individual customer experiences on all digital touchpoints. The brands who understand & have the ability to deliver such experiences create real differentiation in the market. Leading brands like Ally Bank, BMO, Citi, Intesa Sanpaolo, Lloyds Bank are utilizing this approach to create customer journey improvements across silos and drive customer obsession. To fulfill changing consumer preferences and requirements, merchants and their card issuers must collaborate to create more relevant customer experiences and deliver individualized benefits for cardholders in real time.

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Drive Value From Customer Journeys Mapping

Digitization has changed the definition of the payment industry. Payment data is more valuable than ever, thanks to advances in technology & AI algorithms to process this data in real time and create valuable insights. By understanding customer behaviour, financial institutions can target new customers and cross-sell to existing customers. According to a Mckinsey report, by streamlining and simplifying customer journeys European financial firms have seen growth in customer engagement from once a month to 3 to 4 times in a week.

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Financial brands are already mapping their customer journeys and have huge amounts of data around customers. But they fall short in utilizing it to create relevant customer journeys, due to organisational silos. According to an Econsultancy survey, more than half of the advanced financial brands cited ‘siloed organizational structures’ (53%) as a key challenge, while 64% of the less sophisticated brands cited this challenge. To meet customer expectations, brands need a holistic platform to understand customer intention from start to end & take decisions based on users requirements to create highly relevant customer journeys that strengthen customer engagement & increase conversion.

About Knexus

Knexus is a real time decision making engine using AI & proprietary algorithms to match social, marketing and product content with dynamic customer profiles. The platform delivers highly relevant or personalized customer journeys in real time, increasing purchases and sales.