Banking on Success

A leading bank redesigned its customer experience to ease the frustration of priority customers and improve sales.

A leading bank’s complicated onboarding process was confusing for its priority small business credit and lending clients. The clients would meet with no fewer than three separate bank contacts during the process, which led to a disjointed experience. As one of the bank’s directors put it, “These are our best customers, but they’re not seeing a ‘best-in-class’ process.”

Moreover, the bank was losing sales opportunities and revenue thanks to gaps in the selling process: customers signed up for credit cards but never received them, they were dropped during the onboarding process and never activated, or their spend with the bank was far lower than expected—in part due to inadequate contact and relationship management.

After conducting observational research with salespeople, quantifying the customer flow and identifying areas of concern, ZS created a thorough map of the company’s sales process. The ZS team collaborated with the bank’s sales and brand teams to envision the ideal customer experience, which resulted in a restructured selling process and both large- and small-scale changes aimed at improving the customer experience.

Increasing the frequency and directness of customer engagement reduced onboarding time for new clients by nearly 50%. ZS also modified the customer acquisition process to include an introduction to the downstream relationship manager early on, so customers knew what to expect. As a result, contact success rates rose, resulting in better efficiency and a cleaner customer experience. Moreover, ZS estimates the overall impact on sales to be 10 to 15% top line revenue growth based on the expected reduction in customer loss through the selling cycle and the faster onset of sales generated by the relationship management team.

Contact Jason Brown to discuss ways to deliver impact to your customers and accelerate profitable revenue growth.