How a Customer Communications Management Platform Can Help Banks Improve Customer Experience

by | Oct 20, 2021

Digital transformation in banking, with a specific focus on improving customer experience, is an imperative in today’s rapidly evolving digital landscape. Pre-crisis the banking sector was already facing several key challenges, including tighter regulations as well as increased competition from non-traditional competitors and new digital entrants. There has also been a shift in customer expectations in terms of how they expect their bank to interact with them.

To retain existing and attract new customers, banks must focus on achieving higher levels of satisfaction when it comes to customer engagement. A comprehensive Customer Communications Management (CCM) platform will help improve customer experience and engagement.

Find out how we can help your bank achieve seamless, personalized, customer communications that enhance customer experience. CONTACT A DOXIM CCM EXPERT


3 Ways a Customer Communications Management platform can help banks improve customer experience

1. Personalize customer communications

Consumers receive highly personalized content from their other service providers, and so they expect this same level of personalization from their bank. To build loyalty, a bank should treat its customers as individuals – acknowledging that each banking customer has their own unique financial circumstances and needs. Broadcasting the same information to all banking customers is inappropriate and ineffective.

A CCM platform underpinned by accurate customer data can be the foundation of a highly personalized communication program that keeps customers informed, builds trust, and underscores the value of active financial advice, which results in better customer experience and loyalty.

2. An interactive digital experience

Simply mimicking the print/mail experience through an online channel is not the way to achieve digital transformation success. Banks may have responded to COVID-19 lockdowns by quickly providing an online portal with access to previously printed documents. But this is a stopgap measure – not truly the digital experience customers want.

Digital channels enable real-time interactions, and customers want to be able to engage with real-time information on the channel of their choosing, whenever the need arises. Information must reach them in time for them to make smart decisions. This is becoming increasingly important in a world of instant gratification and self-service, where customers want information at their fingertips, with the click of a button.

A CCM platform can enable interactive digital experiences that improve customer experience, such as the ability to personalize their experience, make it more dynamic, and choose how they receive documents and reports.

3. A 360-degree view of communication

Consolidating all customer communication onto one CCM platform enables a single view of all messaging a banking customer receives. Without this view, messages can be misaligned, sent too frequently or not often enough, presenting the customer with a fractured experience of the bank. This fosters mistrust and can result in them switching to an alternative service provider.

When all messaging is distributed from a single CCM platform, the bank has more control over the customer experience, and can ensure that messaging is aligned, sent at the appropriate cadence, and works towards building a strong digital relationship.


How Doxim Customer Communications Management for banking can help improve customer experience

Banks need a strategy to digitally transform their communications to anchor the customer experience. To achieve this, a comprehensive Customer Communications Management platform is a vital starting point.

Doxim provides an end-to-end solution to manage customer communication in banking. Our CX and digital transformation experts work alongside banking clients to map current communications, identify gaps, and draft the framework that will inform the communication strategy.

Doxim’s CCM platform (SaaS and in the cloud) provides a quick, low investment option to integrate channels, consolidate data sources, and create consistent messaging across all communication types. We offer a flexible pricing model with a predictable monthly fee for all customer communications regardless of channel, so the bank can grow its digital channels and save on postage costs.

Using a single CCM vendor also eliminates other challenges, such as managing multiple vendors, maintaining regulatory compliance, and keeping up to date with information security requirements. Outsourcing these requirements allows the bank’s employees to focus on providing the level of service needed to grow the customer base.

Let’s discuss how Doxim can help your bank digitally transform communications to anchor the customer experience. CONNECT WITH ME


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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