Customer Data Is Vital to CX in Financial Services

by | Nov 30, 2020

Are data silos holding your customer experience strategy hostage?

One of the most significant challenges for banks and credit unions wanting to provide their customers or members with an omnichannel, seamless communication experience,is the fact that customer data resides in many disparate systems. This, despite the knowledge that customer data is vital to CX in financial services. The issue is 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 CX.

While data silos are understandable when you view them as a factor of company structure, they make no sense at all from the customer’s perspective. All the customer sees is that one side of the company doesn’t know what the other side is saying. 

This leads to a fractured communication experience, not only due to the different products a customer has subscribed to, but also as a result of the different profiles the customer holds with the same provider.  

Why a Single View of Communication per Customer Profile is Vital in Banking CX

Like other organizations, financial services providers need to work towards having a single view of all the communication that is sent to a customer across various customer journeys. Having this insight facilitates coordination of the messages each customer receives, to ensure that they align with each other in terms of tone, look and feel, and call to action. When anyone or all of these elements are misaligned, the customer suffers a fractured communication experience. 

But, for banks and credit unions, there is also the fact that a single person can have multiple customer profiles within the organization. It’s possible to be a customer utilizing personal financial management products and services, while also using the same bank to manage business accounts. In this example, the customer would have different contact details, like multiple email addresses – one for work and one for personal communication. 

It’s important that these profiles are not blended or merged, but rather kept separate so that the customer can manage their multiple profiles appropriately. This is also key for the organization, as different profiles require different strategies to drive the desired behavior.

For this scenario, a single view of communication per customer profile is a better approach than a single view per customer.  

Easy access to customer data is vital to ensure a great CX in financial services

Not only is data essential to achieving an omnichannel CX, but it is also the foundation of using highly personalized communication to create engaging experiences that drive the desired behavior.

For many, the idea of integrating multiple systems that hold disparate data is just too large and lengthy a job to contemplate. The same goes for purchasing an enterprise solution that requires massive migration and integration.

At Doxim, we take a different approach, one that doesn’t focus on massive integration or capital outlay. Our CCM platform centralizes your customer data to create a common source from which all communication originates. GET THE DOXIM CCM PLATFORM OVERVIEW TO FIND OUT MORE

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A collection of blog posts and articles written by our team of customer communications and engagement experts at Doxim, providing you with direct access to the latest trends and proven strategies that increase engagement, helping you make the most of your customer communications.

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