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

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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