Leveraging Customer Journey Mapping to Create a Process Redesign Roadmap

October 6, 2023

Key Challenges

A US-based banking giant faced challenges with their online account opening process across products like deposits, credit cards, and loans, resulting in a 90% abandonment rate. The organization wanted to resolve this issue by empowering customers to choose a time and channel of their convenience to start or expand their relationship with them. For this purpose, they needed to align with a strategic partner who could help create a seamless, end-to-end, “digital first” customer experience.

The Precision Dialogue Solution

The Precision Dialogue team brought in client stakeholders and product experts to analyze processes and map out concerns, system limitations, and technical requirements for the various products and customer journeys. We also conducted actual customer and prospect sessions representing every segment of the client’s footprint to validate the experiences. This multi-year effort helped to determine the best customer experience for each channel and product category through:

  • Secondary research
  • Stakeholder and user interviews
  • Persona development
  • Customer journey mapping for each product
  • Information architecture, product screen flows, wireframes, and prototypes
  • Content strategy, copywriting, and creative design
  • Iterative and validation usability testing

We also asked more than 115 users to try out the new process and provide feedback on the user experience. Once we had identified the challenges in the account opening process, we recommended redesigning it to reduce abandonment rates, increase conversion, and improve the product experience. We created an omnichannel account opening platform using a mobile-first approach. Designed for personal and small business customers, this experience encompassed multiple user touchpoints via web, mobile, and tablet, as well as through the bank’s branches and call centers.

Outcomes Achieved

The customer journey mapping helped understand user sentiment and served as the roadmap for the redesign initiative. With the launch of the first phase of consumer-facing applications, we helped the client achieve:

  • 37% reduction in abandonment rate
  • 54% increase in online account openings
  • Enhanced customer experience
  • Higher net revenue
  • Reduced operational costs by growing existing business and acquiring new customers