The Value of Customer Communications Management in Banks and Credit Unions

by | Mar 17, 2021

Customer Communications Management in Banks And Credit Unions is Critical Now

Organizations today understand the value of a great customer experience (CX) and are leveraging digital technology and channels to better engage customers. So, it is imperative that banks and credit unions focus on customer experience to ensure relevance and competitiveness in the current, dynamic, ever more digital marketplace.

We have selected articles that explore the value of Customer Communication Management in banks and credit unions.

To conclude, Robert Gilbert gives great advice on how banks and credit unions can reduce communication costs, while also improving client and member engagement and ultimately, customer experience.

We can help you develop and implement a CCM strategy for your bank or credit union that delivers a great customer experience. TALK TO A CCM EXPERT TODAY

 

Why Banks and Credit Unions Should Focus on Modernizing CCM

Why Banks and Credit Unions Should Focus on Modernizing CCM Effective communication is key to building solid relationships and ensuring customer loyalty. Therefore, it is essential that organizations carefully craft their customer communications strategy, making sure that it delivers an exceptional customer experience.

This means communicating regularly, at the right time, via the customer’s preferred channel, while ensuring that communications are relevant, personalized and deliver value. A cost-effective, convenient customer communication management (CCM) system is also a key consideration.

“A focus on CX is the top priority for nearly two-thirds of businesses, according to CXM Transformation, a recent Aspire report.”

The report also reveals four credentials a CCM platform needs to deliver on CX goals, which are discussed in this article. They are: Focus on quality content, deliver agility and high-powered workflows, provide consistency across all channels and deploy in the cloud.

Creating Genuine Relationships with Members

 Creating Genuine Relationships with MembersOnce again, we read about the vital role communication plays in building and maintaining member relationships. Today’s credit unions can take advantage of the various communication channels and customer touchpoints available to effectively engage with their members. Furthermore, digital technology enables them to personalize offers based on their members’ needs.

The article draws our attention to the fact that there is a fine line between sending regular communications to stay connected and over-communicating. It’s all about ‘striking the right balance.’ And if you are wondering how to get it right – simply read further for more on these five best practices:

  • Consistency across channels
  • Cross-sell carefully
  • Timing
  • Keeping the branch in focus
  • Data

Top Digital Banking Transformation Trends for 2021

Top Digital Banking Transformation Trends for 2021Spurred by the pandemic, digital (online) banking quickly became the new reality. While banks deserve kudos for making this happen, it is noted that the speed at which digital transformation took place “was not fast enough and far from complete.”

“Research from the Digital Banking Report found that financial institutions ranked themselves lower in digital transformation maturity in 2020 than they did in 2019.” 

This article encourages banks and credit unions to re-visit their digital efforts in 2021 and take advantage of everything the digital era has to offer, such as “data, analytics, technology, innovation and people that will transform customer experiences.” Read further to learn more about the trends that banks and credit unions can leverage to realize their digital transformation goals in 2021. They are:

  • Focus on Digital Banking Experiences
  • Use of Data and AI for Predictive Personalization
  • Movement to Cloud Computing
  • Automation Becomes a Financial Imperative

Effective Customer Communication Management in banks and credit unions is needed to improve customer experience

Many banks and credit unions were not prepared for the impact of the global pandemic on the traditional way of servicing clients and members, respectively. As in other industries, they had to act very quickly to enable employees to work from home. In addition, they had to provide services online and establish ways to communicate with clients and members via digital channels.

Customer communication management for banks and credit unions is critical now. It’s time to consolidate the upheaval from last year and plans for this year into a defined customer communication strategy.

What banks and credit unions need is an all-inclusive CCM Platform that reduces communication costs, while also improving customer engagement and customer experience.

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