If we try to understand how such customer journeys are delivered to the customer, we realize that a lot goes on behind the scenes in any digital banking platform to fulfill all these customer interactions. Each customer touchpoint requires coordination between various teams such as marketing, sales, legal, and customer success, which needs to be executed with efficiency. This is where a service blueprint kicks in: it is a detailed map of all these back-office processes between different teams, making the frontline customer experience possible.
But manual intervention and traditional ways of executing this service blueprint would restrict the agility to scale and respond to changing marketing conditions. Although deploying new-age frontline capabilities like chatbots would lure in curious visitors to the banking website, the inability to seamlessly connect all underlying processes to fulfill a mortgage application can make or irreparably break the customer’s perception of the bank.
Loan or Mortgage Origination
Marketing and sales teams need to coordinate effectively to nurture enough information about the customer to determine qualifying leads to feed into the origination process. Depending on the organization structure, lack of efficiency in the data flow between these teams could lead to loss of opportunities to serve more qualifying customers.
Customer documentation for determining eligibility and creditworthiness could lead to a lot of back and forth between the sales and credit risk evaluation teams, depending on the mortgage requirements. Most banks also work with a lot of ad-hoc channels to collate documents between agents and online channels, often because of lack of a streamlined approach to securely collect, review, and parse document submissions.
Pinpointing anomalies in creditworthiness and property title verification could be a cumbersome manual process, depending on the state and location. These inefficiencies in automating the evaluation workflows could add to cycle times for review and approval of mortgage applications at scale.
Account creation and onboarding
Account creation, disbursal, and onboarding process is usually a hi-touch experience, which could lead to many gaps in the overall closing process. Banks typically expect customers to fill out forms to provide access, which could be easily alleviated by connecting the documentation workflows to the account onboarding processes.
Post disbursal support
Customers are always looking out for options to refinance and get a better rate in their mortgage. Such opportunities are typically acted upon only when customers approach the bank for a loan transfer or re-negotiation request. Such scenarios could easily be preempted by tapping into customer insights based on their relationship with the bank.
All these gaps and inefficiencies in the customer’s digital banking journey (and consequently the service blueprint) need to be improved upon expeditiously to scale up the bank’s capabilities to provide a white glove experience, like their digital-first competitors. But attempting to transform their digital prowess behind the scenes on their own could take them years to come toat par with the tech-savvy competition. They need to find ways to scale at demand with cutting-edge insights and tech automation capabilities, without losing too much time at hand.
This part is where companies offering Customer-Journey-as-a-Service (CJaaS) capabilities come to their rescue.