Let’s look at the maps. How CJM analysis suggested solutions to three business tasks
CJM analysis is used in tasks whose solution is hidden in the depths of the user’s path and is related to the motivation, loyalty, and satisfaction of customers.
Such tasks are not solved by simple interface improvements; they are related to improving the entire process. Problems are often hidden in the logic of the path, chosen channels, and transition stages, or have a delayed effect, unnoticed at the moment.
We chose three cases in which the benefit of CJM analysis is most indicative. The examples are linked by a common context: all three customers have developed digital channels with convenient and progressive interfaces, but the tasks went beyond interface practices.
What tasks does CJM analysis help solve
- To reduce the number of underfilled loan applications.
- To achieve expected conversion in the digital channel.
- To find the best moment to offer insurance.
How to reduce the number of underfilled loan applications
A CJM analysis showed how to improve the beginning of the process to increase conversion at the final step.
In 2021, a universal bank from the top 10 in Russia approached us and requested an audit of the cash loan sales process for new customers. The target channel was partner networks and external financial marketplaces, such as banki.ru.
For partner channels, the bank created a special shortened application, and the attraction worked effectively, with clients quickly going through the application process. However, at some point, some customers left the loan unprocessed. A hypothesis emerged that a barrier arose at the delivery selection stage. We had to find it using CJM and compare the path with competitors — Alpha-Bank, Raiffeisen Bank, and Tinkoff Bank.
The bank’s team hypothesis was confirmed. Customers found out that getting a loan in the office was not available in all cities, and they dropped out of the application process at the last step. Such customers needed to be redirected to alternative loan delivery methods from the first steps of the application.
This task had already been solved by other banks: the city of issuance was automatically determined, and the client was warned about it and led through an alternative application path. During the process, it was explained that getting a loan by courier or digital means was more convenient than visiting an office. However, if visiting an office was available and chosen as a loan delivery method, the meeting procedure needed to be carefully worked out and optimized so that the client understood each step and did not waste extra minutes on communication.
References for organizing a meeting with the client were selected from the best market practices. For example, how Gazprombank and Home Credit Bank build preliminary communications.
Additional CJM research showed common growth points in the process. Ways were found to reduce the overall waiting time for the product by reducing the number of calls, eliminating duplicate communications, not offering cross-products if there was already a refusal, and reducing the number of signatures in the process of obtaining a loan. Thus, the bank not only improved conversion rates but also created a faster and more convenient cash loan issuance service.
How to Achieve the expected conversion in the digital channel
CJM analysis helped identify unnecessary communications that were causing additional expenses and a decrease in conversion.
The debit card team at one of the largest banks in Russia revamped the process of ordering a product through their application. The order was built using digital leader practices, with each step being clear and interfaces being user-friendly. The bank approached us to understand how competitive the new process was and if they were able to create the best experience in the market.
The bank’s team determined which competitors they needed to conduct a comparative analysis with, including the leaders in issuing cards to private individuals in Russia such as VTB, SberBank, Alfa-Bank, and Tinkoff Bank.
The comparison showed that the process had undoubtedly strong points, and it was well-digitized at the start. However, points of growth started immediately after the request was sent, during the waiting stages for the card’s readiness and meeting with the courier. The degree of digitization was lower here, and the number of additional communications with the client increased.
For example, the client had to provide nine signatures during the document handling stage — the highest value among banks in the audit perimeter. VTB’s practice was offered as a reference for fixing this barrier by proposing that customers sign documents through their applications.
Markswebb researchers also recommended optimizing the stages of card issuance and courier meetings. Additionally, card activation was only available at ATMs at that time. All of these factors reduced the effectiveness of the convenient digital start. In total, 57 improvements were proposed to be made to the process, which significantly shortened the journey time. As a result, the digitization of the debit card issuance process was strengthened, and conversion rates increased.
How to find the best moment to offer insurance
As a comparison with the CJM of competitors showed, there is room to increase the number of communications.
In 2022, a large Russian retail bank set itself the task of increasing the ARPU of its client portfolio through the best practices of digital sales of insurance policies. The mobile bank already had a process for selling insurance policies, but the team was looking for new ideas to attract users. There was a hypothesis that insurance could be communicated better.
To find the best practices, the mobile applications of Alfa-Bank, SberBank, and Tinkoff Bank were chosen. The practices were sought by two methods: diary observations and mystery shopping. Products were purchased, all communications were recorded in a diary, and the frequency and context were described. All findings were added to the map of the journey and compared with the maps of other banks.
The typical CJM for selling an insurance policy to a current bank customer looks like this:
The CJM analysis showed that the sales process itself is built optimally, but more attraction points could be used. For example, the bank did not use cross-selling communications actively enough — offering insurance policies at the final stages of applying for cash loans or credit cards.
Additional touchpoints can be provided through contextual offers: offering insurance while booking hotel and ticket reservations for travel, and health insurance can be offered in the context of paying fines for traffic violations and medical services. Foreign geolocation can also be used as a trigger for offering insurance for travelers. The insurance policy itself is structured and described in detail, as SberBank does.
Competitor CJMs suggested how to build the integrity and unity of offers: identical banners on the main and success screens, stories, pushes, and stories. A total of 200 different mechanics and practices were included in the database to help increase the conversion of secondary sales. As a result of the project, the bank received a detailed picture of the process of selling insurance policies in the application, which helped it build the ideal customer journey.
Thus, CJM analysis helps generate insights not only for digital services. It describes online and offline interactions, support requests, behavior on the trading floor, other communications, and touchpoints. Having a complete picture of the customer journey, all barriers can be found, a common understanding of priorities can be reached, and focus can be placed on achieving business goals.
If you want to know how CJM analysis can improve your business processes, contact us by e-mail at hello@markswebb.ru
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