Banks and Credit Unions Need a Ccm Platform That Reduces Communication Costs

by | Feb 22, 2021

An All-Inclusive CCM Platform is Critical to Reducing Communication Costs

Like most organizations, banks and credit unions have a long-term strategy to achieve true omnichannel customer communications. However, a white paper published by Hobson & Company and sponsored by Doxim, indicates that short to medium term requirements are more focused on cost and time efficiencies.

The results clearly indicate that what banks and credit unions need now is an all-inclusive CCM Platform that reduces communication costs, while also improving customer engagement.  

Hobson & Company reached out to a selection of Doxim clients to understand the major challenges that are top of mind for CCM professionals in the financial sector going into 2021.  

Get the white paper: The Business Case for a comprehensive Customer Communications Management Platform. DOWNLOAD THE WHITE PAPER

Major challenges for CCM professionals

It is no surprise that after a highly disruptive year (2020), most organizations need to focus on technology and processes that reduce costs across the board.

Challenge 1: High cost of sending and storing customer documents

The costs of printing and mailing physical documents to customers are significant and regulated industries have additional costs, such as storing hard copy documents, as required by retention regulations.

There is also the potential for fines or penalties if documents are not completed correctly, properly date stamped nor delivered within the mandated period.

Added to this are the costs of inserting personalized messages which, when it comes to physical documents, can include paper, printing, folding, insertion and increased postage costs.

Challenge 2: Inefficient processes result in extra time spent on customer queries

Some clients reported spending upwards of 20-40 hours on finding or reprinting hard copy documents to resolve customer queries. Clients also reported taking up to 5-10 minutes on a customer query, when the resolution required finding a stored document. This time is extended if the document is not filed correctly.

For clients that receive hundreds, if not thousands, of customer queries a month, this is a significant cost.

Challenge 3: Customer attrition due to poor customer engagement and customer experience

Customer expectations have changed and so, it is no longer good enough to only focus on delivering documents and messages in a prompt and consistent way, despite this being the foundation of a good CX.

In today’s data-driven world, customers expect more personalization, a greater breadth of services and offers that are relevant to their needs. In the absence of these critical aspects of CX, customers are more likely to look elsewhere for the same service.

An all-inclusive CCM platform resolves all of these challenges 

Most of the challenges organizations need to address today are related to either legacy technology, outdated processes, or a lack of historical focus on digitizing and improving adoption of digital channels.

o overcome these challenges, banks and credit unions need technology, along with strategic input into how to leverage it. An all-inclusive CCM platform reduces both costs and addresses both efficiency and retention requirements.

The high cost of managing hard-copy customer documents can be significantly reduced by introducing a digital option for the sending and storing of customer documents

Digital documents are easier to store and locate for both customers and service representatives.  Having online access to customer documentation gives service representatives the ability to resolve customer queries quickly and efficiently. It removes the unnecessary time it takes to find, reproduce, and share hard copies, as all documents are accessible through a centralized, online repository.

Offering a digital option gives customers the ability to view their documents online in their own time. It also reduces the likelihood of them misplacing the original document, and when required, it can easily be resent from the CCM platform.

Digital documents enable the placement of targeted upsell offers, with little to no cost impact. It’s is also possible to leverage the data on hand to generate highly personalized offers that are relevant to each customer’s needs and lifecycle stage.

Partner with the right CCM vendor to ensure success

Banks and credit unions need to continuously improve the quality and speed in which they create, manage, and deliver all types of customer communications, including documents. This means it’s vital to select an all-inclusive CCM platform that can create, send, and store documents as well as provide consistency across all customer service channels.

At Doxim, we believe that an all-inclusive CCM platform is the foundation on which to build exceptional customer experiences. This is critical for organizations wanting to reduce costs today and achieve a true omnichannel customer experience in the future.

Download “The Business Case for Comprehensive Customer Communications Management Platform” to see the potential cost reduction and improved efficiencies for your organization. DOWNLOAD THE WHITE PAPER

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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