In the banking sector, customer experience holds an unparalleled level of importance in many other industries. It’s no surprise that leading global banks place special emphasis on maintaining customer satisfaction. In today’s article, we will explore the innovative initiatives and ideas from one of the world’s most prominent banks: The Bank of America customer experience.
Bank of America is dedicated to delivering a seamless and user-centric customer experience through a combination of digital innovation, comprehensive services, and a steadfast commitment to security and customer support. This commitment has resulted in the brand’s national positioning.
The Significance of Customer Experience in Banking
Customer experience (CX) refers to a customer’s holistic perception of a brand, shaped by their interactions and engagements throughout their journey. In the banking industry, this encompasses every touchpoint, from a potential customer’s first visit to the bank’s website to post-service interactions and support at a branch.
A positive CX ensures that every step of this journey is efficient and leaves a lasting positive impression. To ensure this, financial institutions utilize various initiatives and methodologies, with one of the most crucial and popular being the use of customer journey maps.
What is a Customer Journey Map?
A customer journey map is a visual representation that illustrates all the significant points of interaction that users have with a company or organization. This map typically covers the entire journey from the initial awareness stage to post-purchase interactions. Moreover, it often integrates additional information to reflect the situation at each touchpoint or stage of the journey, providing a broader and more realistic view of customer satisfaction levels at each stage.
Usually, these maps are divided into 5 or 6 stages:
- Awareness: When customers first become aware of the company or its products/services.
- Consideration: The phase in which customers research and evaluate offerings.
- Purchase: The actual buying decision and transaction.
- Experience: Customers’ interactions with the product/service and the company’s support.
- Loyalty: Continued engagement and potential repeat purchases.
- Advocacy: Customers becoming promoters and recommending the brand to others.
Each of these stages contains its own touchpoints, actions, and scoring, allowing us to discover, among other things, the strengths and weaknesses of our customer experience strategy.
Utilizing and understanding such tools enables companies across all industries to get closer to how their users perceive their services, address eventualities, and improve to provide a better experience. This, in turn, allows them to enjoy the benefits of having a solid base of happy and satisfied customers.
Example of a Customer Journey Map in Banking: The Bank of America Case
To better illustrate what a customer journey map looks like in the banking industry, we have created this example based on one of the world’s top banks, Bank of America.
In crafting this map, we’ve taken some of the common touchpoints within the industry and also included initiatives that have made Bank of America a standout player in its field in terms of delivering exceptional experiences.
Stage 01: AWARENESS
| Touchpoint | Activity | Pain Point | Solution |
| Advertising | Prospective customers see Bank of America ads on social media and traditional advertising. | Lack of awareness about Bank of America’s services. | Run more campaigns. |
| Social Media Engagement | Prospective customers engage with Bank of America on social media. | Limited knowledge about available banking options. | Maintain active and informative social media presence. |
| Referrals | Prospective customers hear about Bank of America from friends or family. | Lack of personal recommendations. | Encourage satisfied customers to refer others. |
| Financial Education Events | Prospective customers attend Bank of America’s financial education events. | Lack of understanding about financial topics. | Host informative events to educate customers. |
| Review Sites | Prospective customers read reviews and testimonials about Bank of America. | Uncertainty about the quality of services. | Showcase positive customer experiences and reviews. |
Stage 02: CONSIDERATION
| Touchpoint | Activity | Pain Point | Solution |
| Website | Customers explore Bank of America’s website for services. | Confusion about available products and features. | Design a user-friendly website with clear information. |
| Mobile App | Customers download and explore Bank of America’s mobile app. | Difficulty navigating the app or finding features. | Develop an intuitive and functional mobile app. |
| Customer Reviews | Customers read reviews and testimonials about Bank of America. | Uncertainty about the quality of services. | Showcase positive customer experiences and reviews. |
| Comparing Offers | Customers compare Bank of America’s offerings with other banks. | Concerns about fees, rates, and benefits. | Highlight competitive advantages and benefits. |
Stage 03: PURCHASE
| Touchpoint | Activity | Pain Point | Solution |
| Opening an Account | Customers open a new account with Bank of America. | Lengthy and complicated account opening process. | Streamline account opening procedures and paperwork. |
| Applying for a Loan | Customers apply for loans or credit with Bank of America. | Uncertainty about loan terms and approval process. | Offer clear loan options and transparent terms. |
| Credit Card Application | Customers apply for Bank of America credit cards. | Confusion about rewards, fees, and eligibility. | Provide easy-to-understand credit card details. |
| In-Person Branch Visit | Customers visit a Bank of America branch for assistance. | Long wait times or lack of personalized attention. | Improve branch service efficiency and customer experience. |
| Online Account Setup | Customers set up and personalize their online banking accounts. | Difficulty navigating online banking features. | Create user-friendly online account setup process. |
Stage 04: USAGE
| Touchpoint | Activity | Pain Point | Solution |
| Online Banking | Customers use Bank of America’s online banking platform. | Complexity in navigating online banking features. | Provide clear tutorials and guides for online banking. |
| Mobile App Usage | Customers use Bank of America’s mobile app for transactions. | Challenges in performing tasks via the app. | Enhance mobile app functionality and user experience. |
| ATM Transactions | Customers use Bank of America ATMs for withdrawals and deposits. | Limited accessibility to ATMs or high fees. | Expand ATM network and offer fee-free options. |
| Customer Support | Customers contact Bank of America for assistance. | Frustration with unhelpful or slow customer support. | Enhance customer support with knowledgeable agents. |
Stage 05: LOYALTY
| Touchpoint | Activity | Pain Point | Solution |
| Loyalty Programs | Customers enroll in Bank of America’s loyalty programs. | Unclear benefits or rewards of loyalty programs. | Clearly communicate the advantages of loyalty programs. |
| Personalized Offers | Customers receive personalized offers from Bank of America. | Receiving irrelevant or uninteresting offers. | Tailor offers based on customer preferences and behavior. |
| Regular Transactions | Customers continue to use Bank of America for routine transactions. | Unsatisfactory banking experience. | Continuously improve and streamline banking processes. |
| Mobile Banking | Customers rely on Bank of America’s mobile app for daily banking. | Technical issues or lack of functionality. | Ensure seamless and reliable mobile banking services. |
Stage 06: ADVOCACY
| Touchpoint | Activity | Pain Point | Solution |
| Customer Referrals | Customers refer friends and family to Bank of America. | Lack of incentives for referrals. | Reward customers for successful referrals. |
| Online Reviews | Customers leave positive online reviews about Bank of America. | Limited number of positive reviews. | Encourage satisfied customers to share their experiences. |
| Social Media Engagement | Customers engage with Bank of America on social media. | Lack of engagement and interaction. | Foster active and meaningful social media interactions. |
What Sets Bank of America Apart from Other Banks?
When it comes to creating exceptional experiences and providing top-notch service, Bank of America stands out due to its innovative initiatives driven by its customer-centric approach.
Mobile & Online Banking
In a rapidly changing world, the mobile experience plays a pivotal role. With this in mind, Bank of America has launched a comprehensive digital ecosystem where users can perform core operations in one place with remarkable UX/UI. Some of the operations users can carry out include:
- Managing accounts
- Making payments and transfers
- Budgeting and tracking
- Banking securely
BankAmeriDeals®
Bank of America is always seeking ways to provide more benefits to its account holders. That’s why they created BankAmeriDeals®, allowing users to earn cashback rewards when purchasing at various stores, restaurants, and other businesses. In the mobile app, users can find exclusive offers and promotions that grant them access to these benefits, giving them more value for using their credit or debit cards.
Online Appointments
In addition to the traditional experience of visiting a branch and speaking with an agent in person, Bank of America offers the convenience of scheduling appointments online. Scheduling an appointment saves users time and maximizes their interactions with the organization. By arranging an appointment, customers can:
- Engage with a dedicated specialist at a convenient time, eliminating the need to wait in lines.
- Provide an agenda in advance, enabling the organization to prepare adequately.
- Ensure the availability of a knowledgeable specialist at the financial center who can expertly address their queries.
Start Enhancing Your Customer Experience!
The impressive efforts and ideas of Bank of America serve as a great source of inspiration and motivation for anyone wishing to keep their customers satisfied and provide them with memorable experiences that make their lives easier. If you’re looking to implement similar initiatives, here are some final pointers on how to achieve it.
QuestionPro SuiteCX: By now, you likely understand the importance and potential of a robust customer journey map in banking. Implementing this methodology can be straightforward with the right tools. That’s where QuestionPro SuiteCX comes in – a customer journey mapping software that enables you to create your first map with just a few clicks and enrich it with valuable data to uncover areas of opportunity within your company.
QuestionPro CX: Our customer experience management platform has positioned itself in the market as one of the most powerful and robust solutions. With it, you can not only conduct surveys and gather feedback at every touchpoint but also harness advanced analytics and powerful features to delve into the minds of your consumers.
