The Evolution of CCM: The New Customer Experience Imperative

by | Aug 13, 2020

As consumer expectations around instant access to timely, relevant information continue to rise, the customer communications industry is evolving to meet them. For this reason, customer communication management (CCM) has evolved rapidly in the last few years, to a new, omni-channel reality.

Where customer communications used to involve static, one-way messaging, today’s communication solutions can help organizations realize the promise of true, scaleable, omnichannel customer interactions based on deep analytics.

But not all businesses have completed the evolution to mature CXM (Customer Experience Management). Where does your organization, and its customer communication strategy, fall on the following spectrum?

1. IT-Lead Customer Communications

In the least mature organizations, which represent 30% of the companies surveyed in recent research by Aspire,  IT continues to make customer communication decisions. These businesses retain a document-centric perspective and invest in CCM only when backed into a corner by regulatory changes or equipment failures. 

CCM advancements at this lowest maturity level tend to be tactical rather than strategic. For example, IT led organizations might expend energy and capital in a push toward digital migration, but those efforts will be short-sighted, designed to meet concrete (but limited) goals or an evolving regulatory requirement. 

You might be in this stage of CXM maturity if:

  • Your communications are limited to those required by law
  • You have a print-centric approach, with limited and rudimentary online communications
  • Communications with your customers are fragmented or even contradictory (i.e. mortgage ads sent to your current mortgage holders)

2. Line-of-Business (LOB)-Lead Communications

The 60% of businesses that find themselves in the middle of their transformation have handed over customer communications ownership to line-of-business (LOB) users and entered the second stage of CXM maturity. Investments in this middle stage are focused on securing the agility and adaptability necessary to achieve the fastest time to market through a customer’s preferred communication channel. 

While cost reduction remains important as a means to fund these new initiatives, the primary goal is higher customer satisfaction. Problems arise, however, when businesses approach this goal with an insular perspective that does not account for actual, real world consumer demand. 

For example, a healthcare provider might go to great expense to set up a mobile app without considering the reluctance of their older customer base to download the app or conduct sensitive business through it. On an even more fundamental level, while empowering the LOB does help organizations increase business value, internal siloes often remain in place and restrict them from becoming fully customer centric.

Your organization might be in phase two of CXM maturation if:

  • You have some limited personalization of messaging and channel
  • You are working towards timely communications, but sometimes miss the mark
  • Your communications are data-driven, but you have the sense you could be doing more with customer analytics

3. CX-Lead Customer Interactions

In the third and final stage of maturity, true converts to CXM prioritize customer experience through superior data analytics and journey insights. Every communication is scrutinized to ensure it is relevant, consistent with the consumer’s place on their customer journey, and calibrated to deliver maximum lifetime value. 

Aspire’s recent CXM research found that only around 10% of businesses worldwide have achieved this level of CXM maturity. Going forward, these businesses will begin to adopt a perspective that looks from the outside in, allowing actual consumer needs to shape their communications and placing control in the hands of centralized CX teams, who can direct a cohesive strategy reaching consumers at every point along their journey.

As a mature CXM-led organization:

  • Your communications are deeply personal, timely, and relevant, because they are based on rich customer insights
  • All customer communications are part of a  multi-step, holistic customer communication strategy
  • Messages reach customers through their preferred channel or device, and you have an eye on emerging channels and evolving preferences

Accelerate Your CXM Evolution

Savvy investment is a vital component of the journey to CXM maturity, but an organization cannot spend its way to success. Since customer experience is the sum total of all interactions during the entire lifecycle, true change cannot be achieved just by evolving technology to fully understand customer behavior and secure the ability to interact in a channel and device agnostic way.

Real transformation also requires organizational changes to overcome functional silos and improve coordination and collaboration between business units, as well as developing more agile and automated workflows and processes. These transformations can be complex, but the rewards are significant, with CX-focused businesses bringing in 5.7 times the revenue of their less customer-obsessed peers, according to Forrester Research.

To evaluate your readiness to provide CX-focused customer communications, and to understand your next steps towards CXM maturity, download Aspire’s recent analyst whitepaper, “CXM Transformation: How Establishing a Single Source of Truth Can Help Businesses Build a Consolidated Communications Strategy

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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