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How Digitized Customer Journeys Can Help Banks BCG PDF
How Digitized Customer Journeys Can Help Banks BCG PDF
VALUE
PROPOSITION
Automated, real-time, data-driven
Standardized, visually intuitive workflows
interface across platforms CUSTOMER PROCESS Example: risk-based premiums are
Example: self-service loan application INTERFACE WORKFLOW delivered in a fraction of the time
CUSTOMER they used to take
JOURNEY
REIMAGINATION
Smart tools that enhance decision making RISK Superior process design that improves
TECHNOLOGY AND compliance and risk management
Example: machine-learning tools predict
underwriting outcomes even when COMPLIANCE Example: alerts preempt and respond
applications are incomplete to compliance issues
ORGANIZATION
Once the aspiration is defined, cross-func- Apply Digitization, Machine Learning, and
tional teams—composed of product man- Robotic-Process Automation. Cognitive
agers, designers, user experience experts, tools capable of ingesting vast quantities of
programmers, and others—use agile devel- data and performing sophisticated analyses
opment techniques to pull together an in near real time allow financial institu-
MVP that balances the desired functional- tions to create more responsive journeys
ity with the required investment, current and to employ highly accurate and predic-
capabilities, and expected overall benefit. tive insights to inform customer interac-
Teams then put that product into the field tions. In banking settings, such tools are
and refine, iterate, and rerelease it in rapid, transforming the quality of interactions
successive cycles until the journey ele- that are as varied as call center support,
ments meet predefined customer thresh- credit scoring, and wealth management
olds. Back-office functionality is designed advice. Many of these tools are designed to
concurrently so that the completed journey execute predefined actions on the basis of
is capable of delivering a full end-to-end highly refined reasoning capabilities. And
experience. Operations and servicing com- because the tools are capable of learning,
ponents must also be redesigned to align the more they are used, the more accurate
organizational structures and underlying the decisions and insights generated. A top
business rules. US credit card issuer, for example, part-
nered with third parties to employ new ma-
Often, this type of end-to-end process rede- chine-learning models capable of churning
sign allows financial services institutions to through 10,000 transactions per second
$
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Derek Hayes is a partner and managing director in the firm’s New York office. You may contact him by
e-mail at hayes.derek@bcg.com.
Olivier Morbé is a partner and managing director in BCG’s Paris office. You may contact him by e-mail at
morbe.olivier@bcg.com.
Julia Lingel is a project leader in the firm’s New York office. You may contact her by e-mail at
lingel.julia@bcg.com.
Michal Reshef is a project leader in BCG’s Boston office. You may contact her by e-mail at
reshef.michal@bcg.com.
Acknowledgments
The authors would like to acknowledge the following colleagues, who made important contributions to
this article: Lionel Are, Christophe Duthoit, Helen Chen, and Jodie Marie Fernandes. They would also like
to thank Marie Glenn for her help in writing it.
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