Digital transformation for customer communications



A Customer Engagement Management Platform offers cost savings, resource optimization and is the foundation of providing a better CX. Read more



CEM Platform reduces costs, saves time, and enables a better customer experience. 

Today’s customers expect efficient and personalized services from their banks and credit unions, based on an understanding of their personal financial needs.  

This expectation extends to numerous interactions that customers have with their bank and credit union. When these processes are still partly manual, it is difficult to deliver the insights, speed, and quality that customers demand. Manual processes are an unnecessary drain on critical resources, which would be better utilized if focused on strategic tasks.  

Doxim recently worked with Hobson & Company to understand the major challenges that are top of mind for executives responsible for customer engagement and experience, going into 2021. Hobson & Company conducted a set of interviews with selected clients to really get to grips with the challenges and how these can be remedied.   

Get the white paper: The Business Case For a Comprehensive Customer Engagement Management Platform

Customer Engagement Management Challenges  

Top of mind for the interviewees was how to save time and reduce operational costs, while still improving the customer experience. They were also concerned about the inefficient use of marketing and sales resources. This can be alleviated by having access to appropriate customer data, which would ultimately refine these efforts. 

A common thread across the interview responses related to the following three challenges:  

Decrease the time spent on customer queries 1. Too much time spent on setting up new clients, accounts, and loans 

Interviewees noted that it could take days to complete the onboarding of a single new client, and as much as a day or more to set-up and review a new loan application. 

In the absence of a modern digital process, onboarding clients and opening new accounts can result in a frustrating experience for both parties.  

Slow, impersonal exercises, such as manual form filling and shuffling papers are cumbersome, even more so when working with legacy systems. Manual processes are also prone to inconsistencies and human errors. 

In addition, the time spent managing loan applications with paper-based or less sophisticated processes can be extensive. Especially when part of the process is to collect all the customer information, multiple times, to fill in the loan application and complete the evaluation. These processes are also prone to inconsistencies and errors.   

The good news is that customers also want more efficient interactions. In today’s digital world, consumers want to self-serve when it comes to opening an account or applying for a loan. They want to perform these functions at home or work, in their own time, and on the channel of their own choosing. And they want Instant gratification and immediate feedback.    

2. Inefficient usage of sales efforts and marketing spend 

Interviewees commented that an inability to see which promotions and customer outreach programs had worked and which hadn't, made it hard to know if they were allocating their sales and marketing resources smartly. 

Without detailed insights that can be derived from a central data repository, it’s difficult to assign sales and marketing resources optimally.  

In the absence of the right data, sales teams are at risk of spending time targeting low-quality leads that are unlikely to be converted and marketing teams are less likely to generate qualified leads for sales.  

Both scenarios result in ineffective use of important resources, with a high level of marketing investment and human effort, resulting in a low yield in terms of leads and sales.  

Insights into customer preferences, behavior and circumstances are needed to match the right offers to the right prospects.  

Single customer view vs single profile view3. Increasing customer engagement and satisfaction  

Interviewees remarked that maintaining the ‘personal touch’ with customers was severely limited by manual processes, heaps of paperwork and disparate data systems.  

Manual origination processes not only limit the number of new customers, accounts, or loans that can be processed but also negatively impact the customer experience. Completing loads of paperwork is frustrating and doesn’t allow for natural conversation which is so important for the beginning of the customer relationship.  

Existing customers have expectations that their financial services providers know them personally and are familiar with their current accounts or issues. Manual processes and paperwork detract from the financial advisor’s ability to focus on their customer’s needs.  And without the necessary information at their fingertips, it’s difficult to know the customer’s specific circumstances and provide them with the appropriate advice. 

Addressing these challenges through a Customer Engagement Management platform 

A comprehensive Customer Engagement (CEM) Platform can resolve all these pain points. 

Having a centralized, detailed data repository provides essential information about customers. This enables customer service agents to provide the level of personalized service that customers expect.  

Having access to data online and making it available to the business in an efficient and secure way, is imperative. Without this, it’s very difficult to move the business towards being more customer-centric. 

Not only does this free up time to focus on selling new loans or opening more accounts, but each individual customer interaction is a far better experience.  

A valuable benefit of better CX is increased customer loyalty, as customers are far less likely to look at alternative options when the relationship starts with a great experience. 

Furthermore, a CEM solution provides critical information for the analysis and optimization of sales and marketing spend. It allows the financial institution to track campaign effectiveness and optimize future spend, to make the most of the marketing budget.  

A comprehensive CEM solution is the foundation needed to build towards offering customers what they want – be it a faster process or a self-service option when opening an account or applying for a loan.   

Download "The Business Case for a Comprehensive Customer Engagement Management Platform" to see the potential cost reduction and improved efficiencies for your organization

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Sean Kennelly, Vice President, Product Management for Payments and CEM

Sean Kennelly

Vice President, Product Management for Payments and CEM

With close to 15 years of industry experience, Sean Kennelly brings a wealth of technical knowledge to Doxim. During his career, he has led both Managed and Professional Services teams, and been involved in both Project and Product Management; he has also led both presales engineering and business development teams responsible for growth of a product portfolio across North America. For the last decade, Sean has been heavily involved in the support, implementation, design, and planning of Doxim's engagement management platform.

This experience, as well as his engagement with hundreds of North American financial institutions, informs his vision around origination, analytics, and customer experience strategy. Sean has been closely engaged with Financial Institutions across North America, As Doxim's VP of Product Management for Payments and CEM. Sean leads an experienced team, as they identify, plan and build the right solutions for the complex problems faced by today's clients.