For many banks, customer communications can become an afterthought. If account statements, electronic account statements, email notifications, and other routine communications are sent to customers in an accurate and timely manner, the bank’s leadership is satisfied and may not give customer communications more attention.
But the truth is that CCM technology is more complex and important today than ever before, and banks that don’t realize this fact are missing out on simple and affordable opportunities to make a difference for their customers.
In the first digital world, customer communications are more important than ever.
After all, in today’s digital world, transactional communications are as close as you are likely to get a one-on-one monthly appointment with each of your customers. Instead of wasting this unique opportunity, you can use it to convey personal, meaningful messages, providing them with an experience that your competitors cannot match.
Comprehensive CCM builds customer interaction
Modern CCM has evolved to include many customer touchpoints, both physical and digital, from account statements to email notifications, as well as communications such as targeted emails and messages through the online banking website and app.
In addition, optimizing and personalizing each communication is becoming imperative, as customers move away from personal touchpoints such as branches, and move toward digital relationships first.
Banks that want to build a “trusted advisor” relationship with their customers need to view all touchpoints — including customer communications for transactions — as opportunities for meaningful interaction. There are two primary aspects of customer communications to consider in this regard:
• The quality of the messages that reach your customer
• Consistency of your messaging strategy
Are your client communications timely, relevant and personal?
Have you ever received an offer of mortgage financing when you are in the middle of your mortgage period? Or a “prequalification” notice for a credit card that you don’t already qualify for? Then I experienced how disjointed impersonal advertising can erode the bank-customer relationship and make your customer feel like an account number, not an individual.
In today’s data-driven world, customers expect more — more personalization, more assistance with access to financial wellness, and faster access to the products and services they need. Fortunately, advances in technology and data science have made the increasing importance of communications simple and cost-effective.
By using a business analytics solution to extract insights from the wealth of data you collect about your customers, you can select the right offer for each customer. Then, deliver it through your CCM system, and include it in the transaction documents they open and review every day. The result? Increase the portfolio share, increase the trust of customers who feel real understanding.
A comprehensive strategy for all communication with customers
Customized offers on customer communications are a cost-effective way to increase engagement, and the higher uptake rate of these marketing campaigns can have a very positive impact on your bank’s bottom line.
But to maintain the personal touch, consistency is key. Otherwise, your customers can easily sense that “the right-hand doesn’t know what the left hand is doing” when they call for more information about a statement-based offer and experience a lack of understanding of your call to center representatives who were not informed of the campaign.
Alternatively, imagine a scenario like the one shown below, where a pre-qualified customer is introduced and can make good use of a Home Equity Line of Credit (HELOC) across multiple channels. Each channel delivers consistent messages about HELOCs, in different formats, and makes it easy for the customer to act on supply and demand for the product.
By centrally managing all of your communications, as in this example, you can ensure your clients have a consistent and trustworthy advisory experience with your organization, across all the channels that make up the modern banking experience. Today’s customers interact with your bank through a different mix of channels, depending on age, convenience with technology, and personal preference, so a multi-channel communication strategy is a must to ensure your messages reach every one of them.
Get personal with modern communication technology
To achieve a unified customer communications strategy that meets the needs of customers today and sets you up for success in the future, you need scalable and flexible CCM technology that interacts with your enterprise platforms and key third-party service providers. Once you put this state-of-the-art technology suite in place to support your customer communications, the benefits will emerge across the enterprise. Your organization can go beyond maintaining the status quo of your communications, and:
Enable Multi-touch, multi-channel, data-driven communication that enhances the transactional communications your customers are more likely to open and review.
Enhance: Improve tracking for your marketing department, so they can adjust their communication strategy based on what works best
Empower: Enable customers to receive communications through their preferred digital and physical channels, at their convenience
Encourage: your customers to see your organization as a unified, cross-functional team with shared knowledge and a unique focus on customer needs
If you haven’t taken a good look at customer communication management techniques lately, it might be time to consider investing in upgrading your routine communications like billing and account statements into touchpoints to build branded relationships to increase sales and loyalty. In today’s competitive and crowded financial landscape, the personal touch can be a powerful differentiating.
We would be interested to learn how your organization navigates complexity and how much control you would like to give your business users over-regulated or marketing communications, from creation, management, personalization, targeting, to delivery and access to reporting. Visit our website…
What is Customer Communication Management?Customer communication management is a set of ways to create better interactions between your organization and customers.
With Customer Communication Management, you can better engage your customers through consistent brand management and help them effectively address their pain points across all channels.
Customer communication management strengthens customer relationships by improving your overall communication strategy to improve customer acquisition and customer retention.Previous blog: Tips to Build a Customer Communication Management Strategy (2021)-15.
However, you need to understand your clients and their pain perspectives to create comprehensive self-help resources that are truly useful.For example, you can pick up FAQs from your live chat transcripts to create a FAQ section where your customers can find the information they need to resolve independently.Some highly effective customer self-help resources include:QuestionsThe basis of knowledgeVideo tutorialsHow-to guide6.
That’s why it’s important to identify and track key customer service communication metrics to gauge your customer satisfaction levels, such as First Response Time (FRT) (to improve response time for each conversation), average Response Time, and Customer Satisfaction (CSAT) metrics.
Customer feedback helps you in several ways:Helps you find out how consumers feel about your brand.Communication Identify the differences in your communication strategy.Starts a conversation to build a long-term relationship.Identify and improve your product or service.Customers listen to customers and feel valued.In addition to gathering feedback, you must follow through and let customers know about your actions (or not and why not) so that they feel involved in your business.8.
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