Customer journey analytics for the financial sector. How do customers make decisions regarding their bank?

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

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.