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Using Innovative Customer Journeys to Raise Satisfaction and Lower Costs

In the face of increasing pressures to its core businesses, an Australian retail bank saw an opportunity to fundamentally improve both the customer experience and its overall performance. Driven by a new customer-centric vision, the bank decided to embark on an ambitious digital customer-journey transformation to eliminate siloed delivery practices, deliver a better customer experience, and reduce costs.

BCG worked with the bank to establish a comprehensive roadmap, bringing a battle-tested methodology to establish multiple customer journeys. Three journeys were in the retail bank: consumer onboarding, credit cards, and home ownership. By embedding agile ways of working in fully-enabled client teams, rapid results were achieved. Within 12 months, significant improvements had been made both to the customer experience and to the cost base.  In one onboarding journey—which initially ranked #4 in the market compared to major competitors—performance rose either to a rank of #1 or to parity on a number of key metrics, including turnaround time, time to open, and Net Promoter Score.

Banking & Finance
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