Competing against larger institutions in a digital-first world
This middle-market financial institution has been growing and expanding quickly over the past 10 years and must strengthen its ability to compete with large regional and national banks that operate in its markets.
A data-informed, customer-centric digital strategy, supported by a two-year roadmap
West Monroe and the institution collaborated to define the foundation and core capabilities that the bank will need to optimize consumers’ retail banking experiences. The project team employed West Monroe’s DEEPEN® methodology and digital maturity model to develop a digital vision, strategy, and roadmap.
The team conducted segmentation analysis using the bank’s customer data, revealing new insights that helped define key consumer retail segments. The team then worked with front-line associates to define personas and journey maps for these segments, identifying key “moments that matter” in the customer journey and the capabilities required to optimize experiences at those moments.
A clear path to becoming a digital-first bank
Today, the institution has a solid strategy and roadmap for evolving into a digital-first organization and for delivering digitally-enabled and unified consumer retail banking experiences.
Upon execution of the digital strategy, the institution will:
- Simplify and unify consumers’ retail banking experience across web, mobile, customer care calls, and in-branch interactions
- Establish mature internal customer experience design competencies
- Organize internal teams to operate as a digital-first enterprise
- Enhance its ability to use enterprise data and customer insight on an ongoing basis to improve strategic decision making and operations
Furthermore, the project fostered strong agreement among the institution’s executive team, enterprise digital team, and business line leaders with respect to the priority and sequence of investments required to execute the strategy. The institution’s executive team understands how it must evolve the organization structure, roles, and responsibilities to achieve its digital future while maintaining operational excellence as it does so.