CX Strategy Development for Commercial Banking Through Partnership
Problem
A newly formed customer experience (CX) team at a financial institution was looking to design and implement a CX strategy for their commercial client customers which was providing personalized experiences to customers. The team had limited data on their customers and wanted to learn more through customer research to inform and guide their strategy. With the team itself being new, they were looking for guidance on CX best practices including effective strategy development (e.g., playbooks, journey mapping, segmentation) which would not only impact this project but enable them to be more effective in future CX initiatives. Excelerate was engaged as an expert in CX and DA&I capabilities as well as for help in implementation planning.
Approach
Excelerate began the project with a current state assessment which included a CX maturity assessment and stakeholder interviews. The team then lead a path to banking (path to purchase) study across all customers which unexpectedly showed significant overlap between retail (B2C) and commercial banking (B2B) customers but with different experiences. The research was designed to enable a customer segmentation utilizing MaxDiff survey analysis which forced trade-off decisions by respondents. These segments were then brought to life through customer personas.
Excelerate then trained the internal team to facilitate the journey mapping progress, creating visualized journey maps across the three personas.
Results
As a final deliverable, Excelerate presented a CX playbook to senior leaders that included all the research findings, visualized deliverables, training guides, and much more. A comprehensive list of over 40 opportunities were identified that Excelerate prioritized based on strategic goals and impact and effort drivers. Excelerate also presented an implementation plan and detailed project plan as well as CX specific (voice of the customer) metrics to measure progress along the way. The internal team socialized the plan within the organization. The team decided to begin implementing the plan and asked the Excelerate team to continue working with them through implementation.