The Value of Customer Communication Management in Wealth Management

by | May 24, 2021

How Wealth Managers Can Use Customer Communication Management To Strengthen Client Relationships

Enduring client relationships are built on 3 key criteria: trust, transparency, and loyalty. In the absence of the first two, achieving the third is highly unlikely.

Trust and transparency are especially important when a financial organization, such as banks, insurers, and wealth managers can directly impact the financial wellbeing of consumers.

Consequently, the relationship between a financial services provider and their customer is a special one, and the success of that relationship has far-reaching consequences for the individual. A strong relationship based on trust will build the kind of loyalty that endures for many generations.

In this blog post, I will discuss the value of Customer Communication Management in wealth management.

A consistent customer experience (CX) across all customer journeys is vital to building trust

A consistent customer experience is particularly important when it comes to building trust, especially in wealth management. From the point at which an investor opens a dialogue, each communication they receive needs to be consistent at every level.

From onboarding, new account opening, to KYC (Know Your Customer) and other regulatory processes – every touchpoint the wealth manager has with their client creates an impression that impacts the client’s sense of trust.

Unfortunately, gaps and inconsistencies in communication can 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.

In addition, with the rapid digitalization in response to COVID, it is not surprising that communications were quickly set up for functional reasons but have yet to be revisited for how they contribute to, or detract from, a consistent customer experience.

The basis for transparency is the sharing of knowledge

Investors need to know that their best interests are at the center of all decisions. To do this, they need information that is easy to understand. Regular communication with relevant information removes the veil of mystery that sometimes surrounds wealth management for the layperson.

Wealth managers need to share knowledge and show expertise in a way that their clients can understand. This is best achieved through a combination of pushing information to clients (by mail, email, text) and enabling them to access more when they want to (online, via portal or app).

It is true that digital communication offers certain benefits over print and mail – it enables faster delivery and the sharing of information in real-time. But, when it comes to working with their financial services provider, customers place the most value on choice: the ability to choose how, when and from where they interact.

The ability to educate customers and show transparency is key and easily achievable with an omnichannel customer communication strategy. Omnichannel means allowing customers to select their preferred channel across print and digital.

Effective customer communication in wealth management can help build enduring client relationships

Building wealth is a long-term process, which has up and down cycles. Consequently, wealth management firms must build relationships strong enough to endure both bull and bear markets.

One of the foundations of a strong client relationship is providing regular, relevant, accurate, and useful information, communicated when the client needs it, via the channel of their choice.

Doxim’s CCM platform provides wealth managers with the best opportunity to communicate with clients in a way that builds strong relationships which prevail in all market cycles.

Let us help you deliver an omnichannel customer communications experience that builds trust and promotes loyalty.

5 Reasons to Choose Doxim CCM:

  1. Award-winning, omnichannel CCM industry leader to drive your digital client communication strategy.
  2. Robust IT infrastructure and comprehensive data governance ensures enterprise-grade protection of client PII.
  3. Integrated consulting + technology + production approach drives enhanced client experiences, optimized operations and empowered business users.
  4. Chosen partner to dozens of enterprise wealth management organizations across North America, helping them strengthen client relationships.
  5. Proven implementation methodology that delivers a flawless ‘go-live’ of your client communications on our platform. CONTACT A DOXIM CCM EXPERT

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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