In the Shift to Customer Experience Management (CXM), Banking Communications Need to Be Personalized
With customer experience now a key differentiator, personalization is a powerful strategy for companies today. Companies need to show that they understand their customers and their specific needs at each point in the customer journey. This also means meeting customer expectations of personalized, consistent communications, regardless of the source or channel.
Personalization is vital for companies looking to build long-term relationships with customers. For banks, which have always provided a local, high-touch and personalized service, personalizing digital interactions and more specifically customer communications are now imperative.
Personalization is also great for the organization’s bottom line, as it drives better engagement and revenue.
Personalization Drives Better Engagement & Revenue
71% of consumers say a personalized experience influences their decision to engage.
– Dynamic Yield
202% of companies see an increase in conversions when calls-to-action are personalized.
28% of consumers have increased brand loyalty when communications they receive are personalized.
95% of companies that saw 3x ROI from their personalization efforts.
Doxim offers a holistic CCM solution that will help operationalize your banks’ customer experience strategy and make every interaction count. Connect with a Doxim CCM expert today
How important is personalization for banking customers?
Studies have proven that personalization is important for bank customers.
McKinsey research found that “customers who receive personalized bank offers across multiple channels are more than three times as likely to accept, compared to those receiving offers via a single channel”
Banks can reinforce customer relationships, build trust, and drive growth “by infusing humanity and personalization into digital channels.” – Accenture’s 2020 Global Banking Consumer Study
While, according to Keypoint Intelligence’s Vertical Visions research, 84% of financial/banking firms that used direct mail customized or personalized these pieces to have more targeted messaging. Of these firms, the vast majority report significantly or moderately higher response rates on personalized/customized direct mail.
In the Shift to Customer Experience Management (CXM) Banking Communications Need to Be Personalized
Across industries, we’re seeing a shift from Customer Communication Management (CCM) to Customer Experience Management (CXM).
Banks can boost customer experience through personalized interactions. To achieve this, they can engage customers with communications that are:
- Frequent and ongoing – to maintain good engagement
- Connected across touchpoints of the customer journey – where one communication triggers the next
- Omnichannel and delivered in the customer’s preferred channel
- Ad hoc and frequently interactive, supporting 2-way engagement
- And, most importantly, PERSONALIZED
4 Innovative ways to Personalize Banking Communications
The latest release of Doxim CCM incorporates 4 powerful new tools banks can leverage to achieve effective, personalized communications that deliver business results:
- Targeted, Personalized Onserts – drive demand by including onserts, which are advertisements and messages that appear directly on customer statements and communications, in designated blocks. But, because no customer is the same, marketing business users can segment their customers, design and upload onsets for each segment and apply logic – so that during document generation the process will automatically select and include the right onsert based on the individual customer’s data.
- Self-Serve Correspondence – give your customer service team the ability to send urgent communications to customers. Doxim CCM Self-Serve Correspondence gives them the control, speed, and agility they need to rapidly author service communications and, in doing so, deliver a better customer experience.
- Personalized, Interactive Video – satisfy customers, motivate them to act, drive conversions and wallet share, as well as lower the cost per sale with Doxim CCM Interactive Video. It delivers an interactive and personalized experience – providing the ‘personal touch’ that your bank’s customers have become accustomed to.
- Interactive Documents – Provide rich, interactive information and personalized end-to-end engagement – all contained within the capsule of a PDF document and sent securely to the customer via email with Doxim CCM Interactive Documents.
How Doxim Can Help Banks Achieve Their CXM Goals
As a single, trusted partner offering a holistic CCM solution that will meet all your CXM needs, Doxim can help you operationalize your customer experience strategy and make every interaction count.
Doxim’s omnichannel CCM platform can empower your business users to generate the frequent, ongoing, and personal interactions your customers have become accustomed to and crave. Communications are also distributed through multiple channels (via print, PDF, HTML, email, text, and online interactive experiences) to further enhance the customer experience.
The omnichannel capabilities of the platform are such that when a customer calls in for support, the service representative can provide immediate assistance by calling up the communication or document that the customer received. This keeps every customer communication connected, making multi-step, omnichannel customer interactions a reality.
Doxim Interactive Video provides the ‘personal touch’ needed to simplify complex information and drive increased satisfaction and wallet share. Seamlessly integrated into the broader Doxim CCM platform, Doxim CCM Interactive Video will enable personalized digital experiences, such as interactive statements, bills, policies, or reports, that offer visual engagement and real-time interactivity.
Behind the scenes, Doxim’s seasoned customer experience experts can also help you encourage customer engagement and consult on creative communication design that delivers a great user experience.
And of course, Doxim’s customer communications management technology offers you all the security and compliance you require to keep your customer’s sensitive data secure, plus the scalability and flexible pricing you would expect from a modern SaaS-based solution.