Customer Experience Journey Mapping in HSBC Bank UK

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Table of Contents

INTRODUCTION1

BACKGROUND1

LITERATURE REVIEW2

METHODOLOGY3

DATA COLLECTION4

CONCLUSION6

RECOMMENDATIONS7

Increased Competition and Deregulation7

Technology8

Diversification and Specialisation9

Islamic Banking9

Customer Experience Journey Mapping in HSBC Bank

Introduction

HSBC Bank is one of leading banks in the United Kingdom. It has around 3.5 million customers in the country. Its financial growth and performance is outstanding as its current share value is on the top among all the banks in the United Kingdom. As the banking industry is facing many challenges in the world, most of the banks are concerned about the customer journey experience and its potential information that provides them new customers and maximize their time value. This research study is based on customer journey mapping at HSBC, UK. The dissertation is more practical in nature, analyzing the customer journey mapping and customer relationship management of HSBC through the strategic marketing tools. The research also analyzes the relationship with customer and its effectiveness with business performances (Bass, 2005, 56).

Background

At present, the banking industry is facing many challenges that include globalization, competition of capital deposit, loans, increasing customer demands and profit margin. In this challenging business environment, the quality service is the fundamental goal for most of the retail banks while customer satisfaction and loyalty are the main concerns of it. Effective analyses of customer journey mapping can help a company to compete with competitors, acquire customer satisfaction, loyalty and retain profit (Buttle, 2009, 978).

HSBC has adopted the customer relationship management system in order to enhance the customer satisfaction. It is more likely that HSBC is evolving new policies in the banking system by making innovations in the current customer management system that challenges its competitors. The first stage towards accomplishing these goals is “customer journey mapping” or “managing the customer journey” (Ford, 2003, 45).

Literature review

HSBC has a massive international network having over 10,000 offices in 83 countries and territories in all over the world. A company, whose major shareholders are mostly the members of public, is nowadays becoming more complex in terms of understanding the customer in a better way. The business has become the major subject for the criticism. Customer relationship management and customer journey mapping can be supportive to the business for the following reason: People have a higher level of expectation due to more choices in terms of products and services. Through customer journey mapping, it becomes easy to understand the customer's demand (Ford, 2003, 45).

As the work load has been increasing, focusing on customer journey mapping could be important to improve the outcomes. It will reduce the workload and the service design will help in the deeper analysis of the customer experience. The validation from work on customer journey might be used as evidence of complete area assessment, in demonstrating a customer focus (Robbins, 2009, 78).

“Customer journey mapping” is more related with customer experience management. Customer Journey Mapping (CJM) can be defined as an instrument for picturing how customers interact with the bank through multiple channels and touch points at every stage of the customer life ...