This thought has been cooking in our minds for a while though, not quite as crisply stated as above. From a word cloud standpoint in this space – user experience, customer experience, look and feel, unified experience, Omni channel capabilities have occupied mind share over the past couple of years. While they are representative of the needs of the market, they miss a clear sense of purpose. It takes a whole new perspective when the reason for our being is to enable Banks create Customer Journeys that drive business growth and customer affinity. Armed with that idea, we launched a conversation in April, at the Dubai Middle East Retail Banking Conference, to validate if our call on the X-Factor was on the money. The outcome was very encouraging suggesting that we are on to a multi-bagger.
Our thesis is that Customer Journey starts with recognizing that the same person, in different roles (defined as personas), will have varying needs and expectations. The universe of personas stretch from one end of the spectrum i.e. individual (personal needs) to head of family (family services) to employee (payroll and tax) and to the other end of an employer (employee and vendor payments and treasury), etc. Working on some of the personas, the Clayfin Innovation group then came up with interesting customer journey themes around Family Banking and Shopfront. Let us walk through these journeys….
In the Family Banking app, the Journey allows parents to create virtual accounts for their teenage children. These virtual accounts are then used by their teenage children to request for money, get approval for the money requested and use that money either wholly for a planned spend or even encourage a part of it to be saved. It also introduces the concept of gamification with the children having the opportunity to contribute to each other’s interests and earn brownie points with the parents for having done the right thing. Whoever thought that Banking could be a nice bonding experience and fun!
In Shopfront, the team worked on individual persona with a Journey connecting the individual through proximity marketing to a coffee shop of preference on his long drive home at the end of the day. The person is able to order the coffee and collect it on arrival at the shop. The coffee shop, a merchant customer of the Bank, sees an increase in their business and consequently its deposits with the Bank. This Journey can be applied across product and service categories and can offer our Banks a meaningful way of bringing the incredible value of their merchant network to their banking customers. Talk of the network effect and Shopfront gets that underway.
Family Banking & Shopfront are creative and useful examples of Customer Journeys that have their roots in a well-defined process powered by analytics. If you are interested in making this X-Factor work for you – write to us and we will partner with you on this Journey.