Think Ecosystem – the CX Landscape and How Your CCM Technology Fits In

by | Jun 17, 2021

‘Ecosystem Thinking’ – Optimizing Potential While Managing CCM Complexity Through Collaboration

In today’s uncertain, ever-changing and increasingly digital environment, becoming more digital and agile in all areas of the business, while ensuring security and compliance, is now a survival strategy for organizations.

At the same time, businesses need to cater to a multitude of consumer preferences to meet heightened expectations and ensure a great customer experience, while also focusing on cutting costs.

Many of these variables can be conflicting, which makes it hard to design a strategy to overcome all the associated challenges. It is no wonder then, that it is getting more difficult for organizations to develop and implement a successful and resilient customer communications management strategy.

Regulated industries, in particular, are in a tough spot when it comes to enhancing customer communication in order to deliver an exceptional customer experience.

In this blog post, I will explore the concept of ‘ecosystem thinking’ and how it helps with developing agile CXM / CCM technology strategies and making pragmatic buying decisions.

But first, let’s look at the top three trends that executives report are driving CXM / CCM technology and strategy decisions in various financial institutions:

Retail banking

Trend 1: Removing friction from the customer journey

In addition to offering exceptional value, retail banks need to focus on each customer journey, creating a seamless customer experience no matter what channel customers choose to engage on while removing any interaction that causes friction. For example, complex communication and issue resolution processes will cause unnecessary frustration and stress for people who are already anxious and uncertain. Helping customers make financial decisions by ensuring that processes are simple and intuitive, is imperative.

Trend 2: Use of big data

Access to accurate and useable data is the foundation for creating a seamless, omnichannel customer experience. Having the tools and technology that gather or analyze complex data sets is an investment into the insight required to make strategic communication decisions.

But, for many, the task of integrating multiple systems that hold disparate data is a huge challenge. Fortunately, there are smart ways in which to leverage data without massive investment.

Trend 3: Use of APIs and open banking

Open banking, driven by APIs is becoming a key trend. The process enables third parties to develop services and applications around them, which helps reduce development time and enhances functionality. However, there is a growing need for closed security ecosystems, this is due to the evolution of both international legislation and compliance regulations.

 

Wealth management

Trend 1: The need to gain / leverage deep customer insights

To achieve a great customer experience, it’s vital that wealth managers ‘get to know’ their clients and put them first by driving a company-wide customer-centric mindset. To achieve this, they must leverage client data, using specific data analytics software to generate more personalized and targeted client communications.

Trend 2: Intelligent / AI-based solutions

AI (Artificial Intelligence), among other use cases, enables hyper-personalization, which incorporates real-time customer data to ascertain the most relevant content on an individual level. It is the next step in a personalized approach and demonstrates that the organization values clients on an individual level, which in turn fosters loyalty and trust. Wealth management organizations are well-positioned to leverage the power of AI, as they have access to a large amount of client data.

Trend 3: Open APIs

Open APIs provide real-time client data, allowing wealth management organizations the opportunity to learn more about their clients in order to better serve them. They also enable easy integration of various technologies. For example, allowing the software that wealth managers use for services like investments and portfolio building to communicate with one other.

Insurance

Trend 1: Customer-centricity

Up until now, insurers have been slow in adopting a customer-centric approach. With customer experience now a key differentiator today, the insurance industry is forced to become less focused on driving down costs and more on improving customer experience.

Trend 2: Intelligence and AI

AI is set to change the way insurers engage and service customers. New, intelligent technologies such as AI and Machine Learning are going to drastically improve the Insurer/policyholder relationship, by enabling a continuous cycle of interactions. The combination of AI-based technology and big data is enabling insurers to predict and prevent before the event, as opposed to repair or replace after the event.

Trend 3: Urgency around legacy system transformation

Digital transformation in insurance is now more important than ever to ensure success and competitiveness in the current digital market. However, many insurance organizations have obsolete legacy systems that are not easily integrated with modern technologies and systems and are thus a barrier to digital transformation. As a result, insurers need to urgently update all or some of their legacy systems to better support their digital initiatives.

These trends were reported by executives during recent market research studies. Do you see the pattern? Across the financial services industry segments, firms identify the same areas of focus for their growth. What these top trends tell us, is that shared challenges revolve around consumer insights, AI, and being connected to the ecosystem.

After all, how can organizations get deep insights on consumers, if they do not consider third-party sources of data? How can they analyze consumer behavior with AI if they do not have access to activity tracking across all channels, inside and even outside of their own customer experience ecosystem?

Open APIs enable organizations to connect to the broader ecosystem. This way, they can benefit from the entirety of what modern technology solutions can offer.

What does it really mean to ‘think ecosystem’ when it comes to CXM / CCM technology strategies and buying decisions?

‘Ecosystem thinking’ means opening your organization up for endless possibilities while managing the complexity of making it happen through collaboration with third parties.

Let’s explore the concept further by considering how Doxim defines the ecosystem and the value of being connected to it.

1.It’s highly likely that your organization already has a ‘tech stack’ which incorporates multiple applications and systems, with great capabilities. Collectively, they help resolve many of the current customer communication and customer experience challenges faced by your organization.

This stack should however be evaluated to determine whether it fits your organization’s future CXM / CCM technology strategies, or not. Through this process, it will become evident which applications and processes should be made obsolete versus which can be kept and upgraded.

2. Some CCM platforms focus on composition, some on authoring and others on omnichannel orchestration. When choosing a platform, consider how much breadth and flexibility if offers, as you need it become a strong, powerful addition to your future ecosystem of CXM / CCM technology solutions.

It is also important to determine the benefits of breadth vs. focus. A vendor with a broader set of features in their own platform is likely to be able to connect you to more adjacent solutions in various categories as well.

3. Think about your near and mid-term customer engagement and customer experience goals and what tools you should have in your technology mix that, traditionally, aren’t provided by any CCM vendors.

These include emerging technologies, such as chatbots, AI technologies, social media communication platforms, etc. Basically, all new technologies that deliver the functionality and experiences expected by consumers today.

It is important to note that these emerging technologies are available in such a variety of technology categories that you would never find them from one or even a dozen vendors.

Think about how easily new communication formats, channels, partners, and apps can fit with the ‘core CCM/CXM’ vendor’s tech stack.

For example, how difficult would it be for your CCM technology provider to connect a social media channel as a new method of customer communication for your CSRs? And what about adding interactive video capabilities, using your customers’ statement/profile data for personalization?

Choose a partner that supports ecosystem thinking and can help future proof your CXM / CCM technology strategies

If you deliberately choose partners that are aware of these current ecosystem challenges and design their platforms for easy connectivity – you will be ahead of the curve. You can also avoid lengthy and costly custom integration projects when you decide to act on your comprehensive communications strategy in the future.

Given our world is changing faster than our plans, ecosystem thinking is essential.

Choose a CXM / CCM technology partner that already ‘thinks ecosystem’ and offers a different degree of completeness and breadth when it comes to bringing the latest CXM and CCM technology to your organization.

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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