5 Signs Motivating Investment in an All-Inclusive Customer Communications Management Platform

by | Jun 21, 2021

Complex Data, Inconsistent Messaging, High Service Costs And Slow Time To Market Are All Indicators That Your Financial Institution Needs To Invest In CCM

Complex data, inconsistent messaging, high service costs and slow time to market – these are all indicators that a company needs to invest in Customer Communications Management (CCM).

The Business Case For A Comprehensive Customer Communications Management Platform – Get The Whitepaper

When CCM is lacking, what transpires is a fractured communication experience – where messages from the same organisation have a different look, feel and approach, leaving the customer confused and unsettled.

Let’s look at a couple of specific indicators a financial institution should look out for, to motivate investment in an all-inclusive Customer Communications Management platform:

Inconsistency, mixed messages and no oversight

Gaps and inconsistencies in communication cause a fractured customer experience, which erodes trust and threatens customer loyalty. These gaps can often be traced back to legacy organizational structures which created communication silos.

Different departments manage distinct customer journeys; data is owned and processed separately; channels are managed in a federated manner, and more. This fragmented approach to CCM makes it challenging to introduce enhancements.

Data complexity limits personalisation

Each customer wants to be treated as a unique person, with their own specific needs. One of the most significant challenges for financial services providers when it comes to an omnichannel, seamless communication experience, is the fact that customer data resides in many disparate systems.

These systems are typically not integrated, meaning the data is maintained through different processes and owned by separate departments, making it difficult to provide a great customer experience.

Mutiple vendors for print and digital

Whether a result of legacy decisions or chasing the lowest price, many financial institutions expend unnecessary time and energy managing multiple vendors for print and digital communication.

Consolidating all customer communication onto a single platform from one vendor can save significant time and money and allow valuable resources to focus on growing the core business.

High service costs and slow turnaround

In addition to the inefficiency of managing multiple vendors, there is also the threat of higher service costs and slower turnaround times. Partnering with a vendor that empowers business users and offers self-service capabilities, will enable users to be agile in response to new revenue or CX enhancement opportunities.

A balanced approach to outsourcing and self-service is the best fit when an organization needs the ability to change quickly, while remaining compliant with regulations.

Ineffective management of risk and compliancy on regulated documents

For financial services institutions that are highly regulated, ineffective management of risk and compliancy is a threat to the wellbeing of the business. The business cannot operate optimally when constantly questioning whether communications comply with various regulatory requirements, such as accessibility.

Consolidating communication with a single vendor that upholds the strictest compliance standards and is regularly audited, will remove that stress from the operation.

Address these challenges by investing in an all-inclusive Customer Communications Management platform.

About Doxim CCM

Doxim launched its Customer Communication Platform (CCM) platform for the UK market, enabling organizations across various industries to address all the challenges listed above. With our CCM expertise across digital and print, Doxim will manage your complex data, eliminate the need for you to support disparate systems and manage multiple vendors, so you can focus on growing your core business.

Chat to us about how you can benefit from having one vendor manage all your customer communications management requirements.

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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