Digital transformation for customer communications

Introduction

Doxim Vision Series: Chris Palmer on Growth-Oriented Product Development

Doxim is proud to work with over 1,500 financial services organizations, and with this comes responsibility not only to take care of our customers, but also to continuously calibrate our product strategy to keep pace with the industry requirements. Moreover, over the past 20 years we’ve seen the market evolve so rapidly that we push ourselves to build the future, by including anticipated needs in our vision.

Doxim Vision Series: Chris Palmer on Growth-Oriented Product Development

Doxim is proud to work with over 1,500 financial services organizations, and with this comes responsibility not only to take care of our customers, but also to continuously calibrate our product strategy to keep pace with the industry requirements. Moreover, over the past 20 years we’ve seen the market evolve so rapidly that we push ourselves to build the future, by including anticipated needs in our vision.


By Olga Zakharenkava

Recently, I had an opportunity to chat with VP Innovation & Strategy Chris Palmer, about the vision for customer engagement technology that underpins everything we do here at Doxim. Today I’m sharing the highlights from this conversation, to give our valued customers and partners an insight into our strategic process.

Olga Z.:  Chris, what technology does Doxim believe to be the foundation for successful customer engagement in the future, and why?

Chris Palmer: Really, when we think about it, the crux of the successful engagement strategy is to create a successful customer experience regardless of channel, and to do that you really need CRM. Understanding the consumer – their preferences, goals, and financial needs is vital to be able to provide that experience.

Community banks and credit unions work hard to differentiate themselves from other financial institutions, like low cost banks that are good at transactions, but not good at relationships. They recognize that consumers, while they want access on-demand services, also, still want to be able to talk to a knowledgeable person. So having a lens into the customer and understanding the holistic relationship is important to provide that differentiation – that’s true engagement.

That’s where CRM comes in. It’s the foundation for genuine relationship management. We’ve developed ours over 2 decades working with CFIs seeking to create helpful and valuable relationships with their customers. The other elements of the Doxim Customer Engagement Platform provide rich and broad functionality, but managing the engagement well starts with relationship management.

Relationship management also includes understanding how the bank or credit union is communicating with the consumer – what products and services are being targeted to them. CRM records all that, which staff can review to develop a consistent, informed, and knowledgeable relationship with them. And of course, this all has to occur efficiently, in a compressed time period – so CRM plays an essential role by feeding front-end staff information, so they can develop those tighter relationships.

Olga Z.: Thanks Chris. Let’s shift from technology to delivery model for a moment. Doxim is offering software as a service (SaaS) model, what’s the advantage for community financial institutions?

Chris Palmer: There are two advantages here for CFIs. On the technology side, there are cost and time savings. There’s lower cost of implementation, plus lower maintenance fees when you don’t have to pay for both software and hardware. Doxim manages the IT functions of the software, including security, availability, and performance. That way your staff can focus on implementing business strategy, not managing technology.

Also with SaaS solutions, CFIs don’t run the risk of getting behind on software version updates and thus having higher costs for updates when the time comes. Instead, updates are applied incrementally by Doxim, and the organization moves along naturally with them.

Then, looking at the advantages from a business and strategy perspective, using a SaaS model helps us support the vision for the Doxim Customer Engagement Platform, which centres on omni-channel access to services for end consumers. The idea here is that with cloud-based solutions, the software is no longer restricted to the office.

Relationship managers and lenders can meet with end consumers at the coffee shop, the farm, the house or office – they move, and software goes with them. SaaS solutions offer portability, not just in terms of software access but also by empowering the CFI to select any portable device they want their staff to be using when they meet with the end consumer – from laptops to tablets.

Olga Z.: So the goal is to save customers time and money today, and to set them up for a more mobile, omni-channel future as well?

Chris Palmer:Exactly.

Want to know more about Doxim’s strategic vision? Tune in next week as our CEO Chris Rasmussen discusses how having a broad view into the financial industry helps Doxim make informed decisions about how to invest in emerging technologies. And if you have further questions in the meantime, just reach out to Doxim to discuss your challenges, and we will continue learning from each other to keep advancing financial services technology.

Olga

About the Author

As the VP of Demand Marketing at Doxim, Olga helps financial institutions grow through improved customer experience and increased engagement. She is passionate about helping businesses choose the right technology to solve their challenges.

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