3 Ways Customer Journeys Improve Financial Service Experiences

3 Ways Customer Journeys Improve
Financial Service Experiences

In previous blogs, we discussed how companies can use Journey Builder’s capabilities to maximize marketing impact, as well as, 5 ways to optimize customer journeys in Journey Builder. Taking this into consideration, it’s worth delving into how customer journeys can improve experiences in the financial sector.

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Many financial institutions and most companies globally, continuously ask themselves how to keep customers engaged. Often, the answer focuses on touchpoints including ads on social media, an inquiry call, or a branch visit, because it’s easy to plan and control each of those individual interactions. However, companies fail to consider that the overall experience a customer has with their Financial Services provider is a culmination of those various interactions, and if one interaction is out of sync, then it taints the entire experience. Ultimately, when a customer reflects upon their experience with you, they evaluate their experience based on their entire journey. Focusing on individual touchpoints risks missing this opportunity to truly engage, or worse will leave them disappointed. After all, a satisfied customer is willing to recommend your organization five to eight times more than an unsatisfied customer, according to a McKinsey article. Knowing this, lets discuss 3 ways financial institutions can improve experiences through customer journeys.

Understand & Adapt

Salesforce Journey Builder allows you to build journeys that include all the interactions customers have with your company in real-time based on triggered actions. These journeys can address specific actions taken by the customer to accomplish a goal. More importantly, mapping out customer journeys allows you to proactively adjust course for current and predicted behaviours as customers go through the decision process. By understanding how and why individual customers interact with your website, app, social media or email, you can readily identify customers’ pain points, and opportunities – affording you the opportunity to actively address them. This understanding and adaptability will allow companies, like financial institutions, to prioritize customer needs as they change while managing cross-functional interactions.

Let’s visit an example for insurance claims. In this scenario, a customer’s house is flooded and the damage is severe. The client calls the insurer’s claims line, and the insurer puts them up in temporary lodgings while the damage to their home is addressed.  Without customer journeys in place, the insurer may continue to contact that customer with cross-sell or up-sell marketing messages – which makes the insurer appear unempathetic to the client’s current circumstances. With a properly implemented claims journey built in Salesforce Journey Builder, as soon as the customer calls the insurer’s claims line, they’re automatically moved into a claims journey, and all other marketing communications are put on hold, until that claims journey is complete.

Create a Seamless Experience

As we know in the financial sector, customers can interact in many ways – visiting a local branch, website, app, email, phone and chat. In today’s digital age, the options are becoming increasingly complex and abundant as customers demand flexibility in their touchpoints. This is why building cohesive customer journeys is an integral part of a positive customer experience. Additionally, it is no longer satisfactory to receive a customized message with the client’s name on it – customers want personalized messages, on their preferred channel, at their preferred time. Salesforce Journey Builder facilitates increased personalization throughout the customer lifecycle by incorporating contact and response data from every touchpoint to truly personalize the customer’s experience.

Help Customers Adapt

With new products and services being launched and technology constantly evolving, it can be a bit overwhelming for customers. Considering the recent COVID-19 outbreak, financial institutions are trying to digitize now more than ever. This is especially important to include in customer journeys as “the most satisfied customers use digital products multiple times a week”, according to a McKinsey article. However, many customers never use mobile apps and are now forced to make the transition. Despite companies’ efforts to launch new tools for customers, adoption rates remain low because of a lack of oversight into the adoption journeys. A well-designed supportive journey can ease customers into new processes/tools that they may find daunting at first, eventually leading to a more positive customer experience.

As demonstrated above customers do not travel on a linear path through your company’s touchpoints. Build customer journeys from a holistic point of view with the goal of a satisfied customer from end-to-end. The key to customer journeys is to provide support throughout the customer lifecycle.

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