The financial industry is facing wide-ranging changes due to historically low interest rates, higher regulation and the rise of online banks and digitization. Traditional retail banks have been losing market share, bank branches have been merged as well as products and services changed.
Christopher Roßmann shows how important it is that banks understand their customers’ decision-making process. Therefore, he conducts a customer journey analysis for the German saving bank. He focusses on comprehensive bank consultations.
Roßmann uncovers reasons for a low perception of the consultation approach by customers. In his book, he provides improvement proposals for several units of the bank and develops an improved target vision for the customer journey.
In this book:
- Sparkasse;
- Sparkassen-Finanzkonzept;
- process management;
- product management;
- marketing;
- UX
Table of Contents
1 Introduction
1.1 Professional Background and Motivation
1.2 Purpose and Research Questions
1.3 Outline of the Thesis
2 Customer Journey Analytics (CJA)
2.1 Introduction and Definition
2.2 Customer Journey Mapping (CJM)
2.3 Touchpoints
3 Customer Journey Analytics in the Financial Industry
3.1 The Financial Industry in the Current Environment
3.2 Channel Strategy
3.3 Implementing a CJA Project at a Financial services provider
3.4 Hypothetical Customer Journey
4 Empirical Research: Research Methodology
4.1 Gathering Data for CJA
4.2 Critical Reflection of Gathering Data through Interviews
4.3 Empirical Research: Data Collection
5 Results
5.1 Expert Interviews
5.2 Customer Journey Maps
5.3 Discussion and Evaluation
6 Concluding Recommendations
6.1 Mapping the Journey in the Target Vision
6.2 The Customer Journey Map in the Target Vision
7 Conclusion and Critical Reflection
Research Objectives and Themes
The study aims to investigate the experiences of private retail bank customers regarding the comprehensive consultation approach (Sparkassen-Finanzkonzept) in German savings banks. By identifying the reasons behind a perceived low value of these consultations, the research seeks to develop an improved target vision for the customer journey and provide managerial implications to enhance customer satisfaction and organizational outcomes.
- Analysis of the current competitive environment for German savings banks.
- Examination of the "Sparkassen-Finanzkonzept" as a primary consultation approach.
- Implementation of a Customer Journey Analytics (CJA) project using qualitative methods.
- Development of a customer journey map to visualize current pain and pleasure points.
- Derivation of practical recommendations to improve the consultation process.
Excerpt from the Book
2.1 Introduction and Definition
The purpose of customer journey analytics (CJA) is to help understand the experience a customer makes using a product or service of an organization, also described as “walking in customer’s shoes”. It provides a structure for the sequence of experiences a customer makes purchasing a product or using a service. Every step a customer makes is described separately. A customer journey is also known as experience journey or user journey, oftentimes displayed on a customer experience map. Research- and business-related applications of the CJA are most commonly published under the term customer journey mapping (CJM). This mapping is described below.
Customer journey analytics is based on the single customer experiences of subordinate journeys, which can last minutes to years. However, most analyses in the field of CJA and mapping are carried out on journeys with durations of minutes or hours. This can be in contrast to customer lifecycle maps, which are clearly distinguishable by their broader approach based on lifetime relationships between a customer and an organization. All the single journeys and touchpoints a customer goes through with an organization and the brand build the foundation for their individual customer lifecycle map.
Segelstroem (2013) states that the most commonly used elements of CJAs are:
• Time-aspects
• Interactions
• Emotional triggers
According to Segelstroem (2013) customer journey maps are appropriate to interpret customer research by service designers.
Summary of Chapters
1 Introduction: This chapter introduces the author’s motivation and defines the research purpose regarding the comprehensive bank consultation approach.
2 Customer Journey Analytics (CJA): Defines central concepts of CJA and CJM, including key elements such as time-aspects, interactions, and emotional triggers.
3 Customer Journey Analytics in the Financial Industry: Examines the challenges of the German financial sector and the strategic importance of the consultation approach for traditional banks.
4 Empirical Research: Research Methodology: Details the applied research design, focusing on qualitative expert and customer interviews to gather primary data.
5 Results: Presents the findings from expert and customer interviews, showcasing individual customer journey maps and discussing the derived insights.
6 Concluding Recommendations: Aggregates empirical findings to propose a target vision of the customer journey, including feasibility evaluations of suggested improvements.
7 Conclusion and Critical Reflection: Summarizes the key outcomes, reflects on the research design, and suggests areas for further study.
Keywords
Customer Journey Analytics, CJA, Customer Journey Mapping, CJM, Financial Industry, German Savings Banks, Sparkassen-Finanzkonzept, Retail Banking, Customer Experience, Consultation Approach, Sales Strategy, Digitalization, Qualitative Research, Customer Satisfaction, Performance Indicators.
Frequently Asked Questions
What is the core focus of this research?
The research focuses on analyzing the customer experience during the "Sparkassen-Finanzkonzept" consultation process within German savings banks to address the perceived low value of these sessions.
Which areas are central to this study?
The study centers on customer journey analytics, retail banking distribution strategies, qualitative data collection methods, and the optimization of bank consultation processes.
What is the primary objective of the work?
The objective is to identify pain points in the consultation journey and provide concrete improvement proposals to better align the banking service with customer needs.
Which scientific methodology is applied?
The author uses a qualitative approach, conducting in-depth interviews with bank customers and expert interviews with bank executives to gain insights into real-world experiences.
What is addressed in the main part of the thesis?
The main part covers the theoretical foundation of CJA, the specific market environment of German banks, the implementation of CJA projects, and the empirical analysis of gathered interview data.
How is the work characterized by keywords?
The work is characterized by terms related to service design in banking, customer journey management, and the specific strategic practices of the German Sparkassen finance group.
What role does the "Sparkassen-Finanzkonzept" play?
It acts as the central object of investigation, representing the standardized, comprehensive bank consultation approach that the study seeks to improve and validate through customer feedback.
What are the findings regarding organizational silos?
The study suggests that silo mentality within banks can negatively impact the customer journey by creating contradictory processes and inconsistent communication across different channels.
- Quote paper
- Christopher Roßmann (Author), 2019, Customer journey analytics for the financial sector. How do customers make decisions regarding their bank?, Munich, GRIN Verlag, https://www.grin.com/document/468695
