All banks have some iteration of what’s called a customer insight roadmap at their disposal. The customer insight roadmap acts as a blueprint for the bank’s strategy of acquiring and retaining customers. Your bank may have particular goals for customer acquisition and retention for a certain period of time, as well as methods for meeting these goals. Overall, the roadmap serves as a guide for keeping your institution focused on these goals and enhancing customer experiences dramatically.
But it’s not enough to simply have a document like this and to follow it to the tee. Your roadmap must be adjusted from time to time to reflect your institution’s future plans. Now that there’s been a rise in enrollment for digital banking products, it’s also a good idea to update the tech stack you currently use. Perhaps it’s time to invest in technology that can give you a much better grasp of today’s generation of customers, like a profitability analysis software solution. Fine-tuning your roadmap in this manner may ultimately put you on the right track with your bank’s desired customers.
Below are six in-depth arguments for modernizing your current customer insight roadmap, in the interest of making it clearer and more responsive.
You’ve Got Tight Competition From Other Banks And From Fintech Services
In addition, your roadmap may need to be updated in response to global trends in fintech markets. One of the best reasons to make the update is that your peers in the finance sector have likely considered doing the same thing. Other banks are scaling up their capacities in order to derive faster, more accurate customer insight. The same can be said of popular fintech platforms, whose services customers patronize just as often—if not more often—than those of traditional banks.
You need to map out a more updated customer insight strategy so that you can distinguish your brand as timelessly relevant, but also up-to-date. The better you are at checking your customers’ pulse, the more profitable and competitive your bank will be.
You Need A More Data-Driven Approach To Your Profitability Management
The finance sector is one of the world’s biggest adopters of information technology, and for good reason. Institutions like banks need powerful, reliable tools to manage an increasingly wide, diverse, and complex pool of customer data. It’s certainly in the best interest of banks to upscale their customer data generation and data management capabilities, preferably from one streamlined platform. Shifting to a more data-driven approach could help a bank gain better mastery over its customer data, an essential part of its overall profitability management. This way, you can actually drive productivity throughout your operations.
Better data gathering and management methods, as well as an upgrade to your tech stack for profitability management, will contribute greatly to your roadmap. It won’t be as hard for you to achieve a bird’s eye view of your enterprise’s profitability, especially in the areas that pertain to customers.
Your Products May Not Be Resonating With Your Target Customers
Your current lineup of banking products may have been relevant years ago, but for indeterminate reasons, those same products may no longer be in fashion now. How can you find out the best way to improve your product development and launch products that truly fulfill your customers’ needs?
Your updates to your roadmap should include your plans to develop more customer-centric, personalized, and flexible banking products. The data may give you better insight into what your customers look for in account products and loan products, like reasonable rates and flexible terms. Your customers may also expect end-to-end service online or through business web banking, following the same standard as face-to-face transactions. What’s important is that you don’t let your product development stagnate and that you find ways to meet your customers’ present needs.
You May Need To Focus Your Outreach On Specific Channels
One mistake banks often make is casting too wide a net in order to reach their customers. For example, their communication and marketing strategies may be extremely broad and expensive to carry out. This raises the cost of acquisition per customer, limiting your bank’s profitability as a result.
To prevent this from happening to your institution, you can revise your customer insight roadmap to prioritize the most powerful and most reliable channels. Commit to exhausting more of your resources on these while dialing back on the ones that aren’t as efficient.
You Need To Find New Strategies To Ensure Customer Loyalty
Something you shouldn’t neglect when gathering customer insight is data on what makes your most profitable customers loyal to you. Though you may enjoy a relationship with them now, there’s no guarantee they’ll stay with you forever unless you actively work to retain them.
When crafting your new roadmap, make ample room for customers with the greatest potential, like your “legacy” corporate clients. Build on the rich history you have with them, and at the same time find new ways to nurture their loyalty. Some examples include more flexible business loan terms, priority services, and exclusive rewards. Certainly, upgrading your roadmap is an essential tactic to better customer service and customer loyalty.
You Need To Know What To Improve In Your Customer Experience Strategy
Lastly, you’ll need to increase your bank’s capacity to deliver consistent, thoughtful, and memorable customer experience, or CX. There are several points of improvement worth exploring, then including in your succeeding roadmaps.
One good example is that of turnover time for requests. Is your average turnover time per customer good enough, or does it appear to take too long for staff to resolve their concerns? If it’s the latter, what are the factors involved? For issues like these, you should aim to keep good customer experience at the heart of your strategy. Use any new technologies you’ve purchased to improve your bank’s CX.
Final Words: Devising A Customer Insight Roadmap That’s Up To The Times
In summary, the things that should be included in your refurbished customer insight roadmap are:
- A means to gather the most complete and up-to-date data about your bank’s customers;
- A toolset with sufficient power for analyzing and interpreting customer data;
- Your bank’s heightened resolve to act upon your new customer insight.
Use your customer insight roadmap to gain a deeper awareness of what your customers need, as well as additional flexibility in your response. In a quickly evolving and hypercompetitive business environment, this is what will distinguish you from others and drive customers to choose your bank.