Reviewing Vendor Relationships During Banking Core Changes Offers Opportunities to Boost CX And Reduce Operational Load
Nobody enjoys having to convert their systems and processes to work with a new or updated banking system. Core conversion projects take many months, if not more than a year to complete and are often very costly. Core banking systems are complex, highly customized, and built to handle large volumes of transactions with 24/7 availability. They also interface with dozens of other systems and applications integrated and/or built on top of them. These characteristics make core banking systems very challenging to upgrade or replace. But eventually, every bank is faced with the need to upgrade the core as its business evolves and operational needs grow beyond what can be supported by the existing core.
Outdated banking technology makes it difficult for banks to offer the seamless, convenient, omnichannel banking experience their customers expect. This, in turn, makes a core upgrade a C-level priority at every bank, sooner or later. But a core modernization project is not just an operational challenge. It also offers a unique opportunity for bank leaders to optimize the regulated customer communications that are derived from the core.
Making a core change? Then it’s time to consider your customer communications needs
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Take a moment to evaluate the systems your new core will connect to
McKinsey & Company suggests that the cost of re-integrating systems at a medium-sized bank after a core change can exceed $50 million depending on complexity. Conducting a vendor review before finalizing the new architecture can help reduce these costs and ensure that your bank is future-ready. When evaluating a vendor that provides Customer Communication Management (CCM) solutions, you might start by asking your team the following:
- Are you happy with your current CCM vendor’s service and ability to meet SLAs?
- Are they client focused and responsive to change requests?
- Do they have a strong vision for the future of customer communications like client statements?
- Does their technology roadmap support the communication channels your customers want and expect?
- Are they making the right investments to reduce your costs, modernize engagement, and guide you into the future?
- Are your customer communications integrated into your organization’s overall customer experience strategy?
If your vendor partner, or their technology, doesn’t meet your communications needs, then perhaps it is time to consider working with a new solution as your bank implements its new core.
Keep a laser focus on customer experience during banking core system changes
Core upgrades are an important opportunity to assess how well your customer touchpoints, including your regulated communications, are driving engagement and enhancing the customer experience (CX) – and there are many options to consider. By moving to a secure, cloud-based Customer Communication Management solution, you can expect to:
- Accelerate the adoption of digital communications
- Deliver engagement that is highly personalized through modern and innovative channels
- Provide a customer experience that drives greater satisfaction, loyalty, and wallet share
- Align communications with your organization’s overall CX strategy
- Lower the single largest cost for customer communications – postage
Your CCM solution should also include robust connectivity options, so you can seamlessly and securely integrate business and servicing communications into your digital customer experience ecosystem – from online banking to the individual email and SMS messages that your customers want and expect to receive from their financial institution.
How Doxim can help you realize value from your new banking core
A core banking replacement is a cross-team, high-stakes project that requires intense focus for many months, or even years. During this period of change, Doxim can help you manage the complexity of creating and delivering critical customer communications like statements, notices, and other regulatory documents across the channels your customers prefer.
- We’ve been in business for 20+ years, serve over 2000 clients, and have a proven approach for creating and delivering communications that will effectively engage your customers.
- Our omnichannel communications platform allows you to engage the most digitally savvy customers, while delivering print to those who prefer paper.
- Our national network of high speed, full color, variable print & mail operations are located near key customer centers and are ready to create and deliver targeted, personalized communications to your customers.
- We empower your business user with self-serve tools to administer key aspects of your communications – for greater speed and agility.
- We invest heavily in our technology platform, with over a hundred software developers led by a dedicated product management team, bringing you the CX of tomorrow – today!
- We have a team of professional services experts to ensure your transition to Doxim is seamless and flawless