Related Expertise: Financial Institutions , Retail Banking , Customer Journey
How Digitized Customer Journeys Can Help Banks Win Hearts, Minds, and Profits
June 02, 2016 By Olivier MorbƩ , Julia Gebhardt , Michal Reshef , and Roman Regelman
Banks have heard the digitization message, and they get it. Theyāre aware that financial technology companies with superior digital offerings are nibbling away at the edges of the traditional banking business, reshaping customer expectations, and altering the revenue and cost dynamics of current and emerging services.
Despite this, few financial services institutions have fully embraced digitization. While most have some degree of online and mobile banking presence, functionality is often scattershot and limited to the front end. In fact, our research shows that only about one bank in five offers consistent digitization for any given process. A customer could apply for a mortgage through a slick online interface, for instance, only to find that subsequent processes, from credit review to loan approval, remain manual and require trips to a physical branch, additional paperwork, and more time. Rarely is the experience cohesive and streamlined from end to end.
That incongruity can be jarring. A customer can buy a new mobile phone and set up a data plan within ten minutes or purchase travel insurance from an airport kiosk in less than three. Yet the purchasing cycle for many banking products (apart from balance checks, withdrawals, and other basic activities) can average days or even weeks. While banks are working actively to reduce cycle times, customers continue to raise the bar and are increasingly looking for real-time responsiveness.
To materially improve the quality of the customer experience, banks need to do four things: adopt customer-centric design practices, redesign processes from end to end, apply digitization and process robotics to make those journeys efficient and responsive, and transcend organizational silos to internalize customer centricity throughout the business. Some banks that have taken these steps have increased their revenues by 25% and their productivity by 20% to 40%.
Shifting to a Customer Journey Mindset
A college student whose bank balance has dipped into the red is probably not thinking about which type of overdraft protection he might need or whether a prepaid debit card might be best, but rather how to better manage his cash flow. A career professional looking to start her own business doesnāt care about the difference between various pension plans; she simply wants to roll over her retirement account without getting dinged by the tax authorities. But while most financial services institutions believe that their processes put the customer first, customers donāt think in terms of processes. They think in terms of their own needs and wants. How they satisfy those needs and wants, and the paths they take to do so, are called customer journeys.
A journey comprises all the decision-making steps that customers follow, as well as all the processes, systems, and channels that they encounter as they consider various purchasing, selling, and investing options. This includes research and evaluation, the eventual shortlist of products or services they create, and all the interactions they experience both on- and offline throughout the purchase and postpurchase periods. Opening a bank account or closing on a loan, for instance, may involve dozens of bank processes, departments, vendors, and partners. Yet from the customerās point of view, all those interactions should feel like a single, streamlined, intuitive experience. The quality of the customer journeyāalong with the ease, speed, and personalization of the end-to-end experienceāhas been proven to markedly affect customer satisfaction, loyalty, and willingness to recommend the institution to others.
Consider the experience of a couple looking to buy their first home. After finding a great listing for a house in their price range, they punched some numbers into an online mortgage calculator, checked out current rates, and then downloaded a preapproval application from their local bank. Some questions were straightforward, but others confused them. Were they looking for a jumbo loan or a conventional one, a variable-rate mortgage with a balloon payment or a 30-year fixed-rate contract? They poked around the bankās website for guidance, but the mortgage section was full of tabs such as āsecuritization,ā āconvertibles,ā and ārefinancing.ā Poring through all that information seemed time-consuming, so they Googled definitions, ticked the boxes that seemed to apply, and then submitted the form.
An agent called the next day and spent ten minutes with them reviewing the same questions and detailing the paperwork the bank needed. The couple dug out their pay stubs and bank statementsāeven though the agent already had some of that information because the bank managed the coupleās primary checking and savings accountsāand dropped everything off at their local branch. A couple of days later, a loan officer called requesting additional paperwork. Then a backlog in the bankās credit department delayed things by another week. Finally, the couple received an e-mail stating that they were preapproved for the loan. But by that point another buyer had snapped up the house they wanted.
This is the difference between a journey mindset and a process mindset. Journeys embrace the full suite of interactions for a given activity and work to make the entire end-to-end chain streamlined, efficient, consistent, and personalized from the vantage point of the consumer. To compete effectively, financial services institutions need to reimagine their core journeys from front to back by addressing key customer pain points, identifying new opportunities to delight customers in differentiated ways, applyingāand being inspired byāsmart new technologies, and building a scalable and resilient digital IT platform to innovate and facilitate consistent delivery. (See Exhibit 1.)
Putting Ideation into Action
Crafting journeys that deliver a step change in value takes an end-to-end, customer-centered digital mindset , integrated data analytics, dematerialization (where smart technologies replace the need for physical assets), and the progressive introduction of machine learning and robotic execution. But financial institutions donāt need to undergo a massive IT transformation to get these capabilities. Instead, they need to focus on the journeys that matter most and then innovate selectively around them. Indeed, a small subset of the 20 to 30 journeys that customers experience in most banks offers the greatest opportunities for differentiation and performance. Within customer onboarding, for example, such journeys might include opening an account for everyday banking or switching to a new business banking account. Within servicing, they might include helping to refinance a home or resolving a fraud claim. And within financial planning, they might include setting goals for retirement, working through financial difficulties, or building an optimal investment portfolio.
The following are four specific steps that financial services institutions can take to materially improve the quality of their customersā journeys.
Adopt Customer-Centric Design Practices. Obtaining a deep understanding of banking customersā wants and aspirations goes beyond buying histories, demographic data, and segmentation analyses. It takes observing customers in their contextual environments. Ethnographic researchāwhere teams study customers at home, in the store, at the office, while commuting, and so onāreveals customersā needs, wants, and preferences and clarifies not only what makes them tick but also what ticks them off. The user experience leader at one North American bank, for instance, knew that the only way his team would be able to gain practical behavioral insights was to get his people into the field. Over a three-week period, team members observed customers as they navigated their banking routines. The experience provided a visceral sense of the frustrations that customers encountered as well as the little things that delighted them. Using that input, the leader convened a formal ideation session that brought together executives, user experience designers, product managers, software programmers, and other stakeholders. He then ran through several rapid minimum viable product (MVP) cycles that identified and reimagined the most important journeys.
Redesign Processes from End to End. The best journeys embody a bold aspiration. Creating them takes thinking outside existing norms and gaining inspiration from practices in adjacent sectors and breakthrough technologies. When one bank reimagined the home-buying process, for instance, it challenged its design team to look at some of the innovations coming out of Silicon Valley and to consider how those concepts might be applied to the bankās business. Maybe a live-streaming application would allow a prospective home buyer to share the house tour with a partner stuck at work. Similarly, robotics can approximate a propertyās value faster and more cheaply than could a human by automatically assessing and comparing municipal property records along with other real estate data.
Once the aspiration is defined, cross-functional teamsācomposed of product managers, designers, user experience experts, programmers, and othersāuse agile development techniques to pull together an MVP that balances the desired functionality with the required investment, current capabilities, and expected overall benefit. Teams then put that product into the field and refine, iterate, and rerelease it in rapid, successive cycles until the journey elements meet predefined customer thresholds. Back-office functionality is designed concurrently so that the completed journey is capable of delivering a full end-to-end experience. Operations and servicing components must also be redesigned to align organizational structures and underlying business rules.
Often, this type of end-to-end process redesign allows financial services institutions to generate new functionality in weeks instead of months. One large North American commercial bank that redesigned its credit-lending approach, for example, was able to cut in half the amount of time required for clients to go from application to funding. By automating many of the steps, the bank saved 30% in costs, and clients spent less time submitting paperwork, which sharply boosted their satisfaction. In addition, by employing dynamic queuing and other digitized processes on the back end, the bank was able to reduce the number of exceptions that required manual handling and saw a 100% improvement in hitting its service targets. (See Exhibit 2.)
Apply Digitization, Machine Learning, and Robotic-Process Automation. Cognitive tools capable of ingesting vast quantities of data and performing sophisticated analyses in near real time allow financial institutions to create more responsive journeys and to employ highly accurate and predictive insights to inform customer interactions. In banking settings, such tools are transforming the quality of interactions that are as varied as call center support, credit scoring, and wealth management advice. Many of these tools are designed to execute predefined actions on the basis of highly refined reasoning capabilities. And because the tools are capable of learning, the more they are used, the more accurate the decisions and insights generated. A top US credit card issuer, for example, partnered with third parties to employ new machine-learning models capable of churning through 10,000 transactions per second from multiple channels to detect existing and potential fraud triggers. The combined speed and depth helped the issuer improve fraud detection rates by more than 40%, for an increase in savings of $125 million. Similarly, within the investment sector, predictive platforms such as Kensho are allowing advisors to tailor portfolios in response to political, economic, or other events and helping analysts generate highly detailed models within minutes rather than days.
Transcend Organizational Silos. Designing and building end-to-end customer journeys requires collaboration across business, technology, and operations functions. Different reporting hierarchies in cross-functional teams, as well as rapid and agile reimagination waves, may require new skill sets, talent, performance incentives, and metrics, all of which can diverge markedly from traditional ways of working. To support this collaboration and to scale innovations across the enterprise, financial services institutions can rely on a variety of sources, including centers of excellence, innovation labs, venture funds, activist program management offices, and strong senior management support.
One bank, for instance, was struggling to bring its new journey initiatives to scale in part because the bank was relying on its business units to manage the journeys, and coordination was suffering. To get things on track, the team engaged internal stakeholders, including the CIO and CRO, and talked with digital leaders in other companies to create a skills inventory. They then met with other executives in the bank to prioritize customer outcomes and ensure that management was prepared to support the effort financially. That alignment, combined with the more cohesive operating structure, gave the transformation the required visibility and traction.
Getting Started
Adopting a journey mindset requires a major shift in the way banks think and operateāand that shift is no longer optional. Digital leaders inside and outside the financial services industry are taking advantage of journey-based design to dramatically reshape the customer experience, differentiate their brands, and drive growthāand theyāre setting aside significant investment dollars to do so. To get started, financial services institutions should take the following actions:
- Unlock the value. Itās critical to specify a big ambition and then back it with well-validated numbers to quantify the value at stake. The evaluation should encompass all the avenues for growth, such as increased cross-selling, new value-added features, and expanded market access through better use of existing data, as well as the cost and operating efficiencies from improved cycle times, greater automation, and reallocation of the workforce.
- Conduct a realistic assessment. Financial institutions must take stock of the tools and technologies they have in-house and gauge their suitability to meet the goal of improved customer journeys. Diagnostics, data availability and IT appraisals, skills inventories, peer benchmarking, and other evaluations can highlight areas of the digital IT platform in which the financial institution needs to invest and areas where it should partner to round out needed skills and capabilities quickly.
- Visualize success. Itās one thing to identify a vision and another to internalize that vision and execute upon it quickly. Customer-centric journey design requires using very different reporting methods, metrics, and performance incentives; the ability to navigate internal politics; and the capacity to sustain needed cultural changes. To succeed, senior leadership must align on the financial institutionās digital mandate, agree on clear metrics and goals, and establish the right target governance and operating model.
Adopting a journey mindset requires a major shift in the way that banks think and operate. Those that embrace the shift, reimagine the most important customer journeys, employ digitization and customer-centric design principles to make the experience rich and complete from front to back, and reshape their organizational practices to support these changes will significantly outpace their slower-moving peers. Others must catch up or be sidelined.
Managing Director & Partner
Sector Manager
San Francisco - Bay Area
ABOUT BOSTON CONSULTING GROUP
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersāempowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.
Ā© Boston Consulting Group 2024. All rights reserved.
For information or permission to reprint, please contact BCG at [email protected] . To find the latest BCG content and register to receive e-alerts on this topic or others, please visit bcg.com . Follow Boston Consulting Group on Facebook and X (formerly Twitter) .
Attention: You are now leaving the Wintrust website.
You are now entering a Wintrust sister page.
Data tokens on this page
Please enter your address or zip code:
Please enter your search terms:.
Wintrust Wins Highest Ranking by J.D. Power for Customer Satisfaction in U.S. Retail Banking in Illinois
Wintrust Financial Corporation (Wintrust) (Nasdaq: WTFC) announced today that it received the award for ranking highest in the J.D. Power 2022 U.S. Retail Banking Satisfaction Study in the Illinois Region. The study is based on ratings responses from more than 101,000 retail banking customers in seven categories.
Edward J. Wehmer, Founder and Chief Executive Officer of Wintrust, commented, āThis honor reflects the unwavering dedication that Wintrust employees bring to work every day to serve our customers and communities. Community banking truly is about strong relationships with customers and our customers know that Wintrust will stand with them through both good and trying times. Since our founding more than 30 years ago, we have continued to innovate and improve our services for customers. They can access our full suite of banking services both online and through over 170 banking locations. We thank our customers, our employees and J.D. Power for this recognition.ā
Wintrust Community Banks received the top score in the following categories of the study: āOverall Satisfactionā; āTrustā; āPeopleā; āAccount Offerings; āSaving Time and Moneyā; āResolving Problems or Complaints (Problem Resolution)ā; and āAllowing Customers to Bank How and When they Want (Convenience)ā.
The J.D. Power Award follows other recent recognitions Wintrust has received including: The Chicago Tribune Top Workplaces Award (for the eighth consecutive year) and seven Greenwich Excellence Awards from Greenwich Associates in the Middle Market Banking in the Midwest category.
Journey to Trust
Going deeper with god, reaching wider for christ., become like jesus, one step at a time, most christians never get discipled, much less disciple anyone else..
Women you know are stuck in lies, living without hope, and donāt know what to do.
YOU can make a difference.
DISCIPLESHIP IS EASIER THAN YOU THINK!
3 surefire steps to successful discipleship.
Download the FREE Guide!
- Full Name *
- Email Address *
DON'T YOU WANT EVERYONE TO KNOW AND TRUST JESUS?
I've lead 100's to faith in Jesus and taken 1000's through this discipleship path.
I've condensed all my acquired knowledge, wisdom, life experiences and training so Journey to Trust is simple, effective, life-changing.
DISCIPLESHIP SUCCESS PATH
Step 1: gather your peeps.
Discipleship is best taught eyeball to eyeball in small groups.
Step 2: Watch the Lesson
Press play and watch the short video teachings together.
Step 3: Discuss What You Learned
Use the workbook to guide conversation and Bible study. There is no homework!
START YOUR JOURNEY TO TRUST TODAY!
There's no time to wait! Gather your group, and get started on your Discipleship Journey!
What Will Your Women Learn on the Step-By-Step Discipleship Course, Journey to Trust?
The first step is to discover how to read God's Word with eagerness and pray with anticipation of God's intervention.
Journey to Trust explores several prayer models and invites your women to pray big bold specific prayers so God can reveal himself in obvious and often miraculous ways.
Journey to Trust affirms our identity as God's creation, leading us into a deeper relationship with Him so your women can live and flourish in healthy relationships with His people. ...
Once established in God's love, Journey to Trust equips your women to overcome obstacles in life by recognizing the lies of the enemy and replacing them with the truth of God's word.
Journey to Trust deals with the pits and patterns of the past by leading your women to freedom, peace and restoration through forgiveness of self and those who've hurt them.
As fears melt and freedom grows, Journey to Trust empowers your women to discern God's leading & trust His direction.
Finally, Journey to Trust teaches what a difference contentment and thankfulness make so your women don't fall into complacency or back slide into bad habits.
By the end of the path, women are able to share their own journey with confidence.
The ugly truth is that most Christians never get discipled, much less disciple anyone else. Step-by-step, you will be equipped and excited to grow in and share your faith.
Take the First Step of Becoming More Like Jesus!
ourney to Trust comes in 2 different formats, making it simple, and available for anyone!
The DVD set is perfect for your local womenās group to meet face-to-face to learn how to trust Jesus.
The online format makes it available to your group anywhere in the world! You can disciple to every corner of the earth with Journey to Trust.
Journey To Trust Online
- Short, powerful, video teachings on 10 cores of Christian faith.
- Summary of each lesson
- Bible Study for individual lessons
- Group Discussion Questions
- Action Steps
- Closing Prayer
Journey To Trust DVD Boxset
- 10 DVDs ā 1 DVD For Each Step Of The Discipleship Path Short, powerful, video teachings on 10 cores of Christian faith $199.99 VALUE
- 2 Workbooks $29.98 VALUE
- Unlimited Access to Video Content Online $97.00 VALUE TOTAL VALUE: $311.98
Add To Cart
Journey To Trust Workbooks
- 1 ā 72 page, full color participant workbook with leaderās guide. One companion section for each video teaching.
- Each lesson has a Bible study section to support the understanding of Godās word.
- Discussion questions to personalize the lesson.
- Action steps to put feet to faith.
- Space for note and prayer requests.
- FREE SHIPPING
Attention: You are now leaving a Wintrust Community Bank website.
You are now entering a Wintrust sister page.
Data tokens on this page
Please enter your address or zip code:
Please enter your search terms:, about your bank, small business.
AccountĀ Login
Forgot User ID? Forgot Password?
DOWNLOAD WINTRUST MOBILE
Our Community
Our board of directors, connect with us, find an expert, work with us.
Check out a full list of our holiday hours for the year.
Banking & Borrowing
Personal checking, personal savings, personal credit cards, home equity lines of credit, credit building & repair, online & mobile banking, community banking perks, wealth management, join the fun, platinum adventuresĀ® club, junior savers clubĀ®, local events.
Read articles about finances, saving and community news.
Small Business Checking & Savings
Cash management, real estate, small business lending, small business credit cards, small business online & mobile banking, financial education.
Our team of experts is ready to help you manage your wealth.
Asset Based Lending
Capital markets, commercial lending, commercial leasing, sba lending, treasury management, international services, retirement benefits advisors, account security, private client, wintrust at work, industry specific, condo, townhouse & homeowners associations, construction, engineering & architecture, employee stock ownership plan, franchise finance, government funds & municipal lending, government, not-for-profits & healthcare, professional practice group.
Access all the commercial banking resources your business needs to succeed.
Proud to be ranked highest in our class by JD Power
Thereās nothing like making it official: Weāve received the 2017 JD Power & Associateās "Highest Customer Satisfaction with Retail Banking in the Midwest.ā We couldnāt be prouder.
The recognition means weāre doing something right by prioritizing our customers and our community and providing the highest level of customer service. We know banking services and technology are important to our banking relationships, but we also know you need a bank you can count on to help guide you through lifeās important financial decisions.
We want you to know you can count on us: weāve got the award to prove it.
Wintrust Community Bank received the highest numerical score among retail banks in the Midwest in the J.D. Power 2017 Retail Banking Satisfaction Study, based on 78,886 total responses from 19 companies measuring experiences and perceptions of customers, surveyed April 2016-February 2017. Your experiences may vary.Ā Ā Visit jdpower.com
IMAGES
COMMENTS
Dear customers of PT Bank JTrust Indonesia Tbk. Be careful of fraud via telephone/Whatsapp application/advertising on social media on behalf of PT Bank JTrust ...
Pengumuman Pemenang Program Journey to Win. Category : Informasi. Tuesday, 14 Feb 2023. ... melalui telepon/aplikasi Whatsapp/iklan di media sosial yang mengatasnamakan PT Bank JTrust Indonesia Tbk. atau J Trust Bank, serta menawarkan produk J Trust Bank yang selanjutnya dikenakan biaya berlangganan tiap bulan dan meminta kode one time password ...
Bagi peserta yang telah memiliki rekening J Trust Bank tetap dapat mengikuti program Journey To Win 2.0 dengan membagikan kode referral ke peserta lain yang belum memiliki rekening J Trust Bank. 5 Program ini berlangsung sampai 30 September 2022 pukul 23:59 WIB.
Dapatkan šš©ššš.ššš hanya dengan buka rekening di J Trust Bank cabang manapun mulai 9 Agustus 2022.Ikuti program seru ššØš®š«š§šš² ššØ šš¢š§ ...
Win a Trip to Japan; Term Deposit Campaign (2024) ... J Trust Royal Bank hosted its annual Services Awards 2024. 24 January 2024. ... We are grateful for their longevity and excited for their continued journey with us. J Trust Royal Bank. About Us; Our Company; Our People; Our Community; Message from the CEO;
Hear from Our People. J Trust Royal is committed to providing the best support to our most valuable resources ā our people. Through various learning and development programs, we aim to develop our people for success. We will ensure you have the right skills and knowledge to constantly succeed in your current role while provide ongoing ...
WIN-WIN-WIN PROGRAM SUMMARY DATA Program Description The Win-Win-Win Program is a program that provides 3 criteria for winning, namely Depositor, Introducer and Medical Institutions. ... Customers can contribute to J Trust Bank donations to the medical institutions in the context of handling the Covid-19 pandemic in Indonesia. Features Type of ...
Indeed, a small subset of the 20 to 30 journeys that customers experience in most banks offers the greatest opportunities for differentiation and performance. Within customer onboarding, for example, such journeys might include opening an account for everyday banking or switching to a new business banking account.
Wintrust Financial Corporation (Wintrust) (Nasdaq: WTFC) announced today that it received the award for ranking highest in the J.D. Power 2022 U.S. Retail Banking Satisfaction Study in the Illinois Region. The study is based on ratings responses from more than 101,000 retail banking customers in seven categories.
Trust: Increasingly Hard to Win, Easier Than Ever to Lose. Leading organizations are recognizing the value of organizational trust, embarking on a trust transformation journey that includes defining ownership within the C-suite. Organizations across industries are facing a significant trust deficit.
Culture is the core of everything we do at J Trust Royal. We define it as the interaction between people, involving shared values, assumptions and beliefs. So far, we have built a strong culture of inclusion by fostering an environment of trust and care, where all employees are empowered to bring whole selves to work. Learn More.
Program Description The Win-Win-Win Program is a program that provides 3 criteria for winning, namely Depositor, Introducer and Medical Institutions. The ... Customers can contribute to J Trust Bank donations to the medical institutions in the context of handling the Covid-19 pandemic in Indonesia. Features Type of deposit : Time Deposit
Popup blocker has to be disabled to further access this website. Please contact support for guidance
Congratulations to the winners of the "Win a Tour Package to Japan or Staycation" campaign from J Trust Royal Bank! A total of 7 winners who have fulfilled the campaign conditions were drawn and rewarded: NAME: PRIZE: Leakhena. A Tour Package to Japan (for two) Muy Heng.
Find company research, competitor information, contact details & financial data for OPTTORGSOYUZ, OOO of Lyubertsy, Moscow region. Get the latest business insights from Dun & Bradstreet.
Journey To Trust DVD Boxset. 10 DVDs - 1 DVD For Each Step Of The Discipleship Path Short, powerful, video teachings on 10 cores of Christian faith. $199.99 VALUE. BONUSES. 2 Workbooks $29.98 VALUE. Unlimited Access to Video Content Online $97.00 VALUE. TOTAL VALUE: $311.98. $197.00. Add To Cart.
And trust and transparency form the foundation of every win-win outcome. Challenges To Achieving Win-Win Outcomes The idea of a win-win outcome, where all parties get what they want and need ...
Corporate Banking questions. Call us on +855 (0) 23 999 255 between 8am-5pm, Monday to Friday (excluding public holidays).
Everyday Banking. We offer a safe and secure place to save your money and a range of convenient and simple ways to access funds for your everyday needs. Deposit Accounts. Visa Debit Cards. Ways to Bank. Lending.
Program Description The Win-Win-Win Program is a program that provides 3 criteria for winning, namely Depositor, Introducer and Medical Institutions. The ... Publisher PT Bank J Trust Indonesia Tbk. Benefits 1. Provides flexibility in choosing the term of placement where available 3 months and 6 months. 2. Higher and competitive interest rates.
Wintrust Community Bank received the highest numerical score among retail banks in the Midwest in the J.D. Power 2017 Retail Banking Satisfaction Study, based on 78,886 total responses from 19 companies measuring experiences and perceptions of customers, surveyed April 2016-February 2017. Your experiences may vary. Visit jdpower.com.
Find company research, competitor information, contact details & financial data for IRVIN 2, OOO of Lyubertsy, Moscow region. Get the latest business insights from Dun & Bradstreet.
Drive ā¢ 28 min. Drive from Belorussky Station to Lyubertsy 27.2 km. RUB 200 - RUB 300. Quickest way to get there Cheapest option Distance between.