by | Aug 11, 2021

How a comprehensive Customer Communications Management (CCM) solution can help clear the path to effective communication

As the financial services industry emerges from a tough 18 months, banking organizations that accelerated their digital transformation in response to the crisis, now need to review all the print and digital communications they are sending to clients across the modified customer journeys. The goal is to ensure that the client experience is seamless, personalized, and consistent customer communication in banking, when interacting via any channel.

Why is customer experience an important consideration for customer communication in banking organizations?

Seamless customer communication means the client receives the same experience regardless of how they are interacting with an organization – via an email, logging into a portal or using a mobile app. If the experience is not seamless, the client feels a disconnect between channels, or even between communications on the same channel. This disconnect fosters mistrust.

Personalization of customer communication does not only mean addressing the client by name. Personalization means using available customer data to customize communication, so that it is highly relevant to the individual. Today’s customers expect a personalized experience from their bank.

Consistency breeds trust. Consumers are more digital savvy now and more aware and suspicious of inconsistencies or fractures in a bank’s customer communications. This means a bank must provide a consistent experience when it comes to customer communication, as this will help build a trust relationship with clients.

Consistency, personalization, and seamlessness may seem like an unattainable goal, based on the many obstacles a bank recognizes in their own operation. Read on for a summary of five of these obstacles and how a comprehensive CCM (Customer Communications Management) solution can help clear the path to effective communication.

5 Barriers to achieving seamless, personalized, and consistent customer communication in banking organizations

  1. Lack of a central communication authority. It is difficult to create consistency if there is no central authority that controls the design, tone, and frequency of communication. An individual or team must be appointed to create the overall look and feel of the organization’s customer communication and apply it across all communication types.
  2. No single view of all communication. Many organizations operate in a federated manner, meaning different departments (loans, mortgages, checking) manage their own messaging. This makes it harder to optimize key elements like frequency of communication.
  3. Cuistomer data is incomplete, inaccurate or in silos. When customer data resides in multiple systems without an integration layer, it is challenging to achieve any level of personalization. Creating customized offers is dependent on having access to contact information, behavioral and preference data, as well as engagement data.
  4. Channels operate in isolation. If print and digital messaging channels are owned by different teams, integrating the customer experience is tough. This hampers the achievement of a consistent and seamless experience.
  5. No communication framework. Without a framework to map the strategy against and measure results, it is hard to show return on investment and to orchestrate the many moving parts of a communication enhancement initiative.

A comprehensive CCM solution can clear the roadblocks and make way for great customer communication in banking organizations

It is vital to partner with a vendor that has experience in improving customer communication in banking and can help to overcome these and any other barriers that arise.

Doxim provides an end-to-end solution to manage customer communication in banking organizations. Our CX and digital transformation experts work alongside banking clients to map current communications, identify gaps, and draft the framework that will inform the communication strategy.

Doxim’s CCM platform (SaaS and in the cloud) provides a quick, low investment option to integrate channels, consolidate data sources, and create consistent messaging across all communication types. We offer a flexible pricing model with a predictable monthly fee for all customer communications regardless of channel, so the banking organization can grow its digital channels and save on postage costs.

Using a single CCM vendor also eliminates other challenges, such as managing multiple vendors, maintaining regulatory compliance, and keeping up to date with information security requirements. Outsourcing these requirements allows the bank’s employees to focus on providing the level of service needed to grow the client base.

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Josh Noble
VP Sales, Financial Services North America at Doxim
Josh is a solutions consultant by nature, focused on identifying customer communication solutions for financial institutions.
In his position as Vice President of Sales (USA), Josh leverages his experience to understand the needs, and propose solutions, for customer communications management in credit unions and community banks.

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