Case History: Harness the Power of the Customer Journey to Increase Approvals & Lower Costs
May 1, 2017
Examining a story behind the effort can help to fully grasp the benefit of examining the end-to-end customer journey. We recently worked with a UK mortgage lender who had opportunities to improve the application journey. After spending several weeks conducting the end-to-end process assessment, we identified that the journey was too long, the number of missed advisor appointments was too high, the number of customers calling in to check on application status was driving too much call volume, and that too many customers were being declined while working with an advisor.
Additionally, existing operations staff had grown frustrated with the inefficiencies of the incumbent process, impacting employee morale. After conducting further analysis and proposing redesign options, a series of changes were implemented in pilot. Overall, the customer journey changes allowed the client to reduce operational expense by over £1M per year, while increasing revenue by £8M per year – quite an “ROI” for bringing on a few consultants for 12 months.
Read the details in the two-page case history here.