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
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
Once 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
- Keeping the branch in focus
Top Digital Banking Transformation Trends for 2021
Spurred 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.