Resolve Key CX Challenges Via a Comprehensive Customer Communications Management Platform

by | Feb 20, 2021

A Comprehensive Customer Communications Management Platform Is A Critical Foundation To Achieving Great CX

Modern organizations are striving to create a better customer experience, and with increasing customer expectations and changing channel preferences, laying a solid foundation that can also be flexible and agile in our evolving world is becoming a challenge. However, it is critical for organizations wanting to achieve a true omnichannel customer experience today and in the future. A comprehensive Customer Communications Management (CCM) platform is the foundation organizations need to deliver a great customer experience.

We recently worked with Hobson & Company to understand the major challenges that are top of mind for CCM professionals going into 2021. Hobson & Company conducted a set of in-depth interviews with our selected clients to really get to grips with the challenges and how they can be resolved.

Get the white paper: The Business Case for a comprehensive Customer Communications Management Platform. DOWNLOAD THE WHITE PAPER

Customer Communications Management Challenges

It is no surprise that top of mind for the interviewees is how to save time and money. With the unprecedented disruptions of 2020, most organizations will need to focus on cost reduction across the board, and the most significant opportunities related to the digitization of customer communications management.

A common thread across the interview responses were the following three strategic objectives:

Decrease the time spent on customer queries 1. Decrease the time spent on customer queries

 

Some clients reported spending upwards of 20-40 hours on finding or reprinting hard copy documents to resolve customer queries. Clients also reported taking up to 5-10 minutes on a customer query, when the resolution required finding a stored document. This time is extended if the document is not filed accordingly.

For clients that receive hundreds, if not thousands, of customer queries a month, this is a significant cost.

SOLUTION: customer service representatives need to have immediate access to customer documents to resolve customer queries quickly and efficiently. Remove the unnecessary time it takes to find, reproduce, and share hard copy documents through a centralized, online repository. 

Reduce the cost2. Reduce the cost of sending, storing, and managing customer documents 

The costs of printing and mailing physical documents to customers are significant, and regulated industries have additional costs, such as storing hard copy documents, as required by retention regulations.

There is also the potential for fines or penalties if documents are not completed correctly, not properly date stamped, or not delivered within the mandated period.

Added to this are the costs of inserting personalized messages which, when it comes to physical documents, can include paper, printing, folding, insertion, and increased postage.

SOLUTION: introduce a digital option for the sending and storing of customer documents. This reduces the likelihood of customers misplacing the original document and vastly improves the ability of customer service agents to locate documents (stored digitally, rather than in hard copy). It also facilitates the placement of targeted offers without increasing costs. 

Customer Centricity 3. Improve customer engagement and retention 

Customer expectations have changed and so, it is no longer good enough to only focus on delivering documents and messages in a prompt and consistent way, despite this being the foundation of a good CX.

In today’s data-driven world, customers expect more personalization, a greater breadth of services, and offers that are relevant to their needs. In the absence of these critical aspects of CX, customers are more likely to look elsewhere for the same service.

SOLUTION: select a CCM solution that can create, send, and store customized messages and provide consistency across all the channels that customers interact through. Leverage the data on hand to generate highly personalized offers that are relevant to each customer’s needs and lifecycle stage. 

A Comprehensive Customer Communications Management Platform Is A Critical Foundation To Achieving Great CX  

Modern organizations are striving to create a better customer experience, and with increasing customer expectations and changing channel preferences, laying a solid foundation that can also be flexible and agile in our evolving world is becoming a challenge. However, it is critical for organizations wanting to achieve a true omnichannel customer experience today and in the future. A comprehensive Customer Communications Management (CCM) platform is the foundation organizations need to deliver a great customer experience.  

We recently worked with Hobson & Company to understand the major challenges that are top of mind for CCM professionals going into 2021. Hobson & Company conducted a set of in-depth interviews with our selected clients to really get to grips with the challenges and how they can be resolved. DOWNLOAD THE WHITE PAPER

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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