Most digital transformation initiatives begin with customer journey mapping, a process that helps one fully understand the dynamics of the target customer and their behavior. Journey mapping connects the dots from a customer’s initial interaction with a brand, through their entire experience with that brand via multiple channels (e.g., website, mobile app, phone call, direct mail coupon), to their choices related to that brand and the reasons why.
In financial services, customer groups include individual customers, business partners, shareholders, and more. Because customer journey maps are not one-size-fits-all, each customer group (and, possibly, sub-groups within each group) requires its own journey mapping effort.
Once a company possesses a solid understanding of stakeholder needs, wants, and expectations, it can build products and services to meet them. And, of course, never stop gathering and analyzing stakeholder data and refining strategies accordingly.
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