Transforming the Banking Experience

Modern Challenges to Providing Exceptional Customer Experiences

With the fintech revolution introducing innovations like mobile apps, peer-to-peer lending, and online portfolio management, traditional banks were challenged to provide exceptional customer experiences, specifically in hyper-convenience, responsiveness, reliability, and personalization. Our client bank aimed to outpace both fintech and traditional competitors and sought to redefine the consumer journey. They grappled with challenges like the lack of a unified language across departments, the absence of a singular data framework, and a limited understanding of interconnected problems, making it difficult to prioritize pressing issues.

Strategic Analytical Roadmap from Mu Sigma

In response, Mu Sigma collaborated with 15 business leaders across the bank’s operations, utilizing our Art of Problem Solving framework to formulate a strategic analytical roadmap. Our primary objective was to enhance consumer relationships and loyalty. We initiated a data governance framework that deepened the understanding of consumer pain points and journey paths, aiding decision-making to improve the Net Promoter Score (NPS). Using muUniverse, we identified 150 potential problem areas, uncovering opportunities that could elevate customer interactions and yield a possible cost benefit of $100M. We identified 14 pivotal outcomes for enhancing customer experience, loyalty indicators, seamless online-offline integration, and refining brand perception.

Customer Experience Transformed

Our solutions encompassed a range of tools and methodologies. We designed an NPS dashboard offering tailored insights, devised a product recommendation tool based on user behavior, and introduced an Image Processing Engine to refine ad effectiveness. Further, we gauged brand perception and customer grievances by leveraging unstructured Twitter data. Additionally, we analyzed drop-off reasons from the bank’s website, suggesting retention strategies. Through our efforts, we identified opportunities in 9.3M customer interactions, enabling the bank to direct customers to cost-effective channels and refine their branch strategies. Consequently, the bank achieved significant transformation in its consumer engagement strategy.