Deliver Positive Business Outcomes Sooner with a Strategic Customer Communications Management Partnership

by | Jun 8, 2021

Transitioning to new, innovative customer communications management solutions can be challenging.

The business case for improving customer communications seems simple. Timely, relevant communications that reach customers through their channels of choice, result in a better customer experience, thereby creating happier and more loyal customers. In today’s increasingly competitive environment, businesses that take every opportunity to add value to customer relationships will surely pull ahead of those which maintain the status quo.

If that is the case, what is preventing organisations from implementing the latest customer communications management (CCM) solutions?

In some cases, the sheer complexity of managing communications in an increasingly regulated world with an ever-expanding array of channels, is overwhelming.

But thankfully, with the right Customer Communications Management partnership and technology stack, an organization can conquer CCM complexity and access the many benefits of customer communication management.

Roadblocks to achieving successful CCM

Communicators and decision makers in regulated industries operate in an increasingly complex world. There are external pressures (such as regulatory mandates, customer expectations, and an ever-changing mix of communication channels) and internal factors (including creating and managing a large library of documents and managing the needs of multiple stakeholders).

Our clients mention the following six areas of complexity when discussing customer communications roadblocks with us:

  1. Complex businesses

    Financial services such as banks and wealth management are complex to begin with, regardless of how one decides to manage communications. Customer communication initiatives must compete with other leadership priorities.

  2. Complex regulations

    Leaders must respond to ever-evolving legislation, privacy, and security requirements, covering every area of their already complex, regulated business.

  3. Complex documents

    Documents include multiple types, templates, delivery channel requirements, lifecycle management rules, and deadlines. Many different teams are involved in the design, generation, and quality assurance of these documents.

  4. Complex consumer behavior

    Customers have ever-increasing expectations and points of reference for what a communication experience must look like, based on experiences in other industries that may not have the limitations imposed by regulatory pressures.

  5. Complex technology landscape

    Technology options include a myriad of viable solutions with many implementations and integration options, in addition to the need to maintain and integrate with legacy infrastructure.

  6. Complex internal change management practices

    Many people, systems and processes must be organized around any new initiative.

Deliver positive business outcomes sooner with a strategic Customer Communications Management partnership

Given the complex requirements for customer communications management, it is no surprise that an increasing number of organisations are electing to outsource some, or all, of their CCM requirements.

Today, digital communications outsourcing is growing at an 8.9% CAGR, as companies look for ways to leverage the latest technology, while cutting costs and improving security and compliance.

But, while compliance and cost reduction drive outsourcing, there are some processes that organisations want to retain full control of by empowering business users to execute on them.

For example, your organisation may choose to outsource the complexities of omnichannel campaign setup, workflow design, and data integration. However, in-house marketers, content authors, customer service and operations personnel may take care of some, or all the following: template and asset management, email marketing campaigns, or reporting and analytics.

When deciding how to tackle complexity in a way that retains control over your strategy and execution, you should include some key considerations about your CCM strategy, such as:

  • Your top communication challenges,
  • 3-year CCM improvement plan, and
  • How you can shorten the time to market for regulatory and marketing communications

You can also consider how your business users could benefit from content management, personalisation, targeting, marketing, customer service, customer profile information, and reporting if they had access to these capabilities any time through a self-serve portal.

Answering such questions will build a clear picture of a) the current state and b) the goal state of your CCM.

You’ll see where you have sufficient internal resources and were working with an experienced CCM partner can help you deliver positive business outcomes sooner.

Are you ready to conquer CCM complexity?  GET IN TOUCH WITH 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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CCM for Banks and Credit Unions

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Scott Biel

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