Today’s hyper-connected users are using mobile technology to communicate one way or another throughout the day. Therefore they expect the financial institutions they do business with to communicate with them on a personalized, relevant, and relevant basis just like their favorite brands. If consumer expectations are high now, how will their demands be five years from now? What foundations do you need to lay today to be ready and ready with customers in 2024?
We took this question to the street by surveying analysts, industry firms and banking and customer experience experts. They identified 12 key customer communication trends to look out for — most of which are owned or influenced by the marketing department:
1.Customer experience and digital transformation
These are the links that connect Customer Communication Management (CCM) and Customer Experience Management (CEM), so it is not surprising that they are high on the priority list. This does not mean that more traditional customer communications will be lost. The requirement of bank statements and business correspondence remains the same, but they are embedded in digital applications and are part of the overall CX strategy of optimizing customer interaction for financial institutions. This means more thinking is needed:
Consistency of communication (e.g., tone and form and feeling)
How it fits in the whole customer journey
How to conduct more interactions
The extracted information can be conveyed in easy and good ways
2.Bi-Directional Communications
Two-way customer communication is preferred over outbound-only communication. Data is extracted and integrated from inbound communications for data analytics to use data more intelligently.
3. Intelligent use of data
It is crucial to prove that banks know their customers, understand their needs, and are ready to provide the best possible experience regardless of the customer’s channel preference. CCM becomes more interactive with advances in Artificial Intelligence technology.
4. Partnerships between companies
Optical technology solutions initiated by bank/tech company partnerships allow banks and bank sellers to know all the different information sent by them, from anywhere in their organization. Whether a bank outsources its document product or makes it at home, it can review current versions of all documents, emails, texts and social media communications. The bank can identify the source of the data used to personalize these messages, as well as the circumstances that triggered them. Banks can extend data-based, just-time marketing offers to their clients across all channels and consistently follow those offers. By sending subsequent e-mails, text messages and pieces of mail that continue the conversation, banks can make sure they don’t leave any lead.
5.Customer Journey Mapping
Greater emphasis will be placed on customer travel mapping exercises and travel analytics to understand the specific interactions exchanged between the bank and the customers and the full life cycle of the exchange. Optimizing the customer experience is not just about providing a digital experience — it is about banks providing an easy experience.
6. Customer Communication Management is a key strategic initiative
At most banks, customer experience is already a strategic driver. Now, forward-thinking leaders have begun to bring customer communication management into a broader coordination strategy that extends to all customer engagement touchpoints. CCM becomes obsolete as a fully functional activity, leaving aside the customer experience programs. Since most of the business-to-consumer touchpoints are driven by customer communication-related processes and supported by relevant technology, customer communications are recognized as a key role in implementing the CX strategy.
