When Citizens Financial Group wanted to streamline its home equity line of credit, the bank turned to its expert in customer experience and analytics, Beth Johnson.
She helped lead a team that redesigned the product, priced it more effectively and shortened the application process for customers, who are increasingly tempted by speedy personal loans from nonbank lenders.
While the industry average is about 50 days, Citizens can now offer a home equity line of credit in as little as seven days, said Johnson, chief experience officer for the Providence, Rhode Island-based company.
The changes propelled Citizens to the No. 1 market share in the U.S. for home equity originations, Johnson said. "We brought together all of the people that we needed to move quickly and capitalize on that customer insight to bring that to life."
Johnson, who has been in her current role since 2019, has played a leading role in the digital transformation at Citizens and in bringing the bank to new markets, including the competitive New York consumer market, contributing to a 21% increase in the existing customer base there. She also helped expand the bank's footprint in the high-profile areas of Florida, Pennsylvania and Washington, D.C. She also serves on the bank's 12-person executive committee and is the executive sponsor of its diversity, equity and inclusion program, called AWAKE.
While the financial services industry has largely avoided joining TikTok, Johnson has embraced the social media platform. The resulting campaign was used as a case study for the social media platform's first-ever "The State of Fintok" event and led to 37.5 million impressions and increased the bank's reach to younger consumers.
"If you look at people in their 20s and below, they're using it as a major way to find information," Johnson said.
The bank, meanwhile, is enhancing its ability to use the information it collects through investments in data analytics and other tools, she said. "That's been able to really fuel customer experiences to drive new business for the organization."
Johnson has been applying her digital savvy as a board member for The Home for Little Wanderers, a Boston-based child welfare organization. She has helped the nonprofit hone its brand message and adapt new technologies in delivering service.
