Using Journey Data to Acquire and Retain Customers
By Gerry Lynch, Vice President, Mastercard
Turning data into effective journey analytics solutions
Today’s customer journey continues to become increasingly more complex. Consumers, for example, may interact with financial institutions at multiple online and offline touchpoints—sometimes several times a day. A person might walk past a bank branch, receive an email newsletter from that same bank, and then encounter a paid ad for the bank in their social media feed.
Financial institutions may not be providing an optimal customer experience, as many of them are unable to connect and map the disparate customer interactions. According to a recent Mastercard-sponsored executive survey by Harvard Business Review, 37% of respondents cited inability to access necessary data as an obstacle to generating actionable insights with analytics. A clear mapping of customer journey data is key to acquiring and retaining customers. Previously thought of as a simple funnel, the customer acquisition and retention journey is now a much more complex route with multiple, non-linear touch points. Each interaction with the brand influences consumers’ perceptions and guides decision-making around a financial institution’s products and services.
To address the challenge, banks are using sophisticated customer journey analytics platforms to gain a clear picture of their customers’ experience. By pulling together these journeys, banks can hypothesize, test and analyze ways to improve engagement. They can identify the journeys that lead to the best outcomes and understand how the outcomes themselves can be improved. Additionally they can discover and remediate journey paths that lead to low customer satisfaction and churn.