Customer Experience
Go-to-Market Strategy
Business Need
Banco Popular North America launched its new online banking solutions for small business owners. A year passed and existing customers were still using the personal banking platform instead of the business. The bank was unable to meet its enrollment goals. The Principal Consultant joined to help the VP of Corporate Treasury Product Management implement the changes and improve the customer experience and conversion to the new product offerings.
Challenges
Potential customers were not aware of the new B2B solutions.The
existing customers were hesitant to switch from a personal account to a business account. Those who demonstrated interest faced roadblocks with the application, registration and authentication process. This represented a lost opportunity of $8K per month.
Internally, bank representatives did not have the tools to adequately support the customers in the sales funnel. The misalignment among various corporate departments was also causing high rate of rejected applications due to lack of awareness about the new process and required documentation.
Approach
Customer journey and pain points
Held discussions to better understand the customer journey and pain points with Customer Service, Branch Managers, Product Managers, Operations, Information Technology, and Creative Services.
Mapped the internal workflows with customer touch points to give visibility to the application approval processes.
Cross-functional flow
Created a visual matrix for internal staff with required documents by solution package. These efforts were intended to be used by branch managers, customer relationship managers and cash management officers as a tool to facilitate a more efficient cross-functional flow.
Marketing and educational materials
Partnered with Creative Services and Product Managers to create marketing communication materials as educational resources for 800 representatives and customers. Security communications from Operations and IT were reformatted to make the customer feel comfortable as they moved to the next steps.
Designed an online training for customers and representatives with a walk-through for the new platform navigation.
Customer Satisfaction Survey
Assessed the quality of existing customer feedback surveys. Identified and corrected 20 discrepancies between the original English version and the Spanish version.
Results
Customers were able to seamlessly continue to the end of the sales funnel and
enrollments to the business platform increased by 150% across its 5 markets, with revenues of $600K per year.
Staff from local branches and various departments benefited from a smoother flow of documentation and approvals.
Testimonial
"Brenda joined us at a critical time. From the very first day, she was able to take the lead leveraging her operations background to help us with customer experience and product management efforts, from marketing to process improvements. Overall, she was a solid contributor and exceeded my expectations, constantly helping us reach our goals and deliver on our tactical plans within the desired timeframes.”
Javier M. Reyes
VP, Corporate Treasury Product Management
Popular, Inc.
