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).
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.
RVP for EMEA & APAC, Doxim
James Hall is RVP for EMEA & APAC at Doxim. James focuses on building partnerships with clients to help them meet their business goals through communication. James has more than 20 years’ experience in a wide range of technology-based roles. His expertise extends across the fields of consultancy, product management, project management, account management and sales. James has an MSc in climate change management.