How Business Analysis Creates Valuable Customer Experiences

How Business Analysis Creates Valuable Customer Experiences: Part 1

In the not-so-distant past, a visit to the bank often meant enduring long queues, piles of paperwork, and a significant investment of your time and energy. Today, that narrative is changing, thanks to the silent heroes of the banking world. I’m talking, of course, about Business Analysts (BAs). 

In this two-part blog series, we’ll explore how BAs are creating valuable customer experiences, using the banking landscape as an example. We’re doing our part to make in-person and digital banking experiences smoother and more customer-centric than ever.

Let’s start by examining how we’re helping with that. 

Streamlined Processes: Quick and Hassle-free Banking for You

Inefficiencies in banking processes can be infuriating for customers. This is where BAs step into the spotlight. We meticulously dissect each step of a process, identifying bottlenecks and redundancies. Take the loan approval process, for instance. It used to be a lengthy endeavor, filled with uncertainty and paperwork. But with the intervention of BAs, this process has been optimized to be much more streamlined and user-friendly. Nowadays, potential borrowers can expect quicker responses, clearer communication, and a more straightforward path to approval, all while maintaining the necessary checks and balances to mitigate risk for financial institutions. 

A good place to start when re-evaluating this process is to analyze the steps that banking customers go through and identify problems they experience, their needs, and the organization’s requirements for the process. Understanding the bottlenecks and frustration points means we can help address them head-on. By doing that, we can create solutions and processes that ensure that customers enjoy quicker responses, transparent tracking, and reduced paperwork. 

Enhanced Software: Tailored to Your Needs

In today’s tech-savvy world, user-friendly software plays a pivotal role in banking. Banks now offer mobile banking apps, chatbot powered customer support, personalized dashboards for monitoring finances, AI powered financial insights, and digital receipts and statements – to name a few! BAs collaborate closely with IT teams to gather user feedback, ensuring that software updates align with customer preferences and needs, and address any annoyances or pitfalls. 

By understanding and eliciting requirements from customers as well as banking organizations, Business Analysts can create and align optimal customer experiences – including enhanced user interfaces and functionalities – with the needs and objectives of the bank. This makes online banking more intuitive and user-friendly for customers, increasing satisfaction and, often, long-term patronage.

Integrated Systems: A Unified Banking Experience

Digital Document VerificationDisjointed banking platforms can lead to confusion and frustration for customers – and, ultimately, customer churn. Business Analysts work behind the scenes to overcome this challenge by integrating systems. We’ll share a hypothetical example of how, thanks to business analysis initiatives, a bank’s various platforms now “talk” to each other. As a result, customers can smoothly transition between online banking, mobile apps, and even in-branch services, experiencing consistent service and real-time updates.

Tying It All Together

MetroScape Bank had built its reputation over decades as a dependable financial institution. However, with the digital age surging forward, it became evident that some of their processes were lagging behind, notably the loan approval process. Instead of looking externally, the bank decided to tap into its reservoir of in-house talent, partnering with a seasoned Business Analyst, James Thornton.

The Problem: Jane Doe, a dedicated customer of MetroScape Bank for over 15 years, decided to apply for a home loan in early 2018. The ordeal she faced was exhausting. The extensive paperwork, multiple visits to the branch, and prolonged waiting periods made her question her decision. After all of that, the bank notified Jane of a missing document. Disappointed, Jane had to restart the already lengthy process. Jane’s story wasn’t an outlier; it mirrored the experiences of many of MetroScape’s customers.

The Solution: MetroScape recognized that they already had knowledgeable staff who understood the bank’s culture, values, and more importantly, its systems. They decided to form an internal task force (a project team, if you will) comprising members from different departments, such as customer service, IT, and loan processing. This team was led by James Thornton, a Business Analyst with over a decade of experience in optimizing banking processes.

James began by conducting workshops to understand the pain points of both the customers and the staff. The collaborative nature of these sessions led to a clear mapping of the existing process and its inherent flaws. The solution was two-pronged:

Digital Document Verification: MetroScape decided to leverage OCR technology. Customers could now use their smartphones to upload necessary documents. These would be verified digitally, reducing the chances of oversight and the back-and-forth between the bank and the customer.

AI-Driven Qualification System: With the IT department, James co-developed “QuickQualify”, an AI tool that evaluates an applicant’s creditworthiness by analyzing various data points in real time. This reduced the subjective element of loan approvals, making the process faster and more consistent.

By mid-2020, the effects of these changes were palpable. Tom Richardson, a new MetroScape customer, expressed his astonishment, “I heard horror stories about loan approvals. But with MetroScape, my car loan was approved and processed within two days!” Such feedback became commonplace. The bank saw a 65% reduction in application processing time and a rise in customer satisfaction ratings to 9.1/10. Additionally, the paperless initiative led to an 82% reduction in physical document submissions, reaffirming the bank’s commitment to sustainability.

Leveraging its internal resources and the expertise of a Business Analyst, MetroScape Bank not only streamlined its processes but also bolstered employee morale, proving that solutions often lie within, waiting to be unearthed.

Wrap-Up and A Sneak Peek

Business analysis plays a pivotal role in enhancing in-person banking experiences. While it may work behind the scenes, its impact is front and center in every seamless transaction you experience. 

In part 2 of this series, we’ll explore the intersection between business analysis and UX design and discover how these two fields collaborate to create user-centric digital solutions that further refine your virtual banking journey. 

Stay tuned for a deeper exploration of this fascinating synergy.

– Written by Jeremy Aschenbrenner, The BA Guide

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