How a Comprehensive Customer Communication Management (CCM) solution can help pave the way for effective communication?
As the financial services industry emerges from a difficult 18-month period, banks that have accelerated their digital transformation in response to the crisis now need to review all the print and digital communications that they offer to their customers. Sending during travel. The goal is to ensure that the client experience is smooth, personalized, and customer-centered in banking when interacting through any channel.
Why is customer experience an important consideration for customer interaction in banking?
Seamless customer communication means the client gets the same experience regardless of how they interact with an organization — via email, logging into a portal, or using a mobile app. If the experience is not smooth, the client may feel disconnected between channels or even conversations on the same channel. This breach promotes distrust.
Personalizing communication does not mean just addressing the client by name. Personalization means using the available data to customize the communication so that it is highly relevant to the individual. Today’s customers expect a personalized experience from their bank.
Consistency builds trust. Consumers are now more digitally savvy and more aware and suspicious of discrepancies or fractures in bank communications. This means that the bank should provide a consistent experience when it comes to customer interaction, as it will help build a relationship of trust with the customer.
Consistency, personalization, and smoothness may seem like an unattainable goal, based on the many barriers that a bank recognizes in its operations. Read on to summarize five of these barriers and how a comprehensive CCM (Customer Communications Management) solution can help pave the way for effective communication.
5 Barriers to smooth, personal, and consistent customer communication in banking.
1. Lack of Central Communication Authority. It is difficult to create consistency if there is no central authority to control the design, tone, and frequency of communication. The appointment of an individual or team is necessary to create the overall format of the organization’s client communication and apply it to all types of communication.
2. There is no single theory of all communication. Many organizations operate in a federated manner, meaning that different departments (loans, mortgages, checking) manage their messaging. This makes it difficult to improve key elements such as communication frequency.
3. Data is incomplete, incorrect, or silo. When client data resides across multiple systems without an integration layer, it is difficult to achieve any level of personalization. Creating customized offerings depends on access to contact information, behavior and priority data, as well as engagement data.
4. Channels operate in isolation. If print and digital messaging channels are owned by different teams, it is difficult to integrate the customer experience. This is an obstacle to a consistent and smooth experience.
5. No communication framework. Without a framework for strategically mapping and measuring results, it is difficult to set up many dynamic components of the initiative to show return on investment and increase communication.
A comprehensive CCM solution can remove roadblocks and create the best way for consumers to interact in banking.
It is important to partner with a vendor who has experience in banking to improve customer communication and help them overcome these and other barriers.
Bentech provides an end-to-end solution for managing customer communication in banking. Our Ccm and digital transformation experts work with banking clients to map existing communications, identify gaps, and draft a framework that will communicate communication strategies.
Bentech CCM platform (in SaaS and Cloud) offers a fast, low-cost option to connect channels, consolidate data sources, and create consistent messaging across all types of communication. We offer a flexible pricing model with expected monthly fees for all member communications regardless of channel, so that the bank can expand its digital channels and save on postage.
Using a single CCM vendor also eliminates other challenges, such as managing multiple vendors, maintaining regulatory compliance, and staying up-to-date with information security requirements. Outsourcing these requirements allows bank employees to focus on providing the level of services needed to grow the client base.
An effective end-to-end CCM solution can also help banks reduce communication costs.Increasing client communications can often mean sending more communications and making it harder to estimate the cost.
What if clients agree to have digital communication, but are not fully paperless?
These ‘double dippers’ want digital communication facilities but are not yet ready to give up the habit of receiving envelopes in the mail.
This doubling of costs, while positive for your omnichannel communication strategy, can be devastating to your budget.In two years, the percentage of digital users alone is expected to increase to 36%, down from 31%, at a print-only price.
This means that banks must either adjust their communications budgets to accommodate double dumpers or find innovative ways to encourage them to go completely paperless.Seek cost confirmation while preserving client engagement.Unexpected communication costs can wreak havoc with the bank’s annual budget.
ROI calculations become more accurate when the annual fee (ex-post) is fixed.All you need is cost assurance — an expected fee structure that covers all communications in print and digital.
AI has made its presence felt in all walks of life due to its ability to help the user innovate.
It has also enabled users to make faster and more informed decisions with an increased amount of efficiency.Of late, the banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways.
The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.One of the first steps was taken in 2015 by Ally Bank (USA) — introducing Ally Assist — a chatbot that could respond to voice and text, make payments on behalf of the customer, give an account summary, monitor savings, spending patterns, and use natural language processing to understand and address customer queries.Banks all over the world followed up with their best versions of chatbots: Erica to iPAL, Eva and the most famous one — SBI’s SIA.
Banks are increasingly spending on artificial intelligence and ML in data analytics for personalized and faster customer experiences to garner the interests of the tech-savvy and the millennial class.To Know About: Rise of AI-Powered Chatbots in the Banking IndustryAccording to the FinTech Trends India Report by PwC in 2017, the global spending in artificial intelligence has touched $5.1 billion.
The challenge now is in exploring more ways where the powers of artificial intelligence can be harnessed to streamline internal banking processes and improve customer experiences.Front end operations of artificial intelligence are those that involve direct interaction with the clients.
It includes applications and payment interfaces, digital wallets, chatbots, or interactive voice response systems.
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In the list of scenarios and instances that feel nostalgic today, we could clearly add visiting the bank.
Today, visits to banks are only limited to circumstances that involve paperwork for loans, approvals & statements that require physical verification.
Otherwise, pretty much every banking-related action can be carried out through apps or online portals.
Digital transformation in banking has made our lives simpler instances of stepping out and personally visiting a bank.
Today, we have IoT-enabled banking services, tap and chip-based cards with added encryptions & app-based payment systems.
From the elderly to the young population, banking has become accessible, banking functions more understandable and services more streamlined.
About ClientThis retail company is one of the top retail companies in India.
They offer a range of apparel and accessories and more for men, women and kids ranging from shirts, pants, dress, bags and much more.
The company operates around various stores and outlets across the country.Problem statementThe retailing company wanted to boost their conversions rates (the percentage of their website visitors making purchases on their store) and also increase the profit margin significantly.
This was because they were not able to retain customers since the customer loyalty programs were under-performing, which had only few sign-ups and low customer engagement.
