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Today we are seeing more and more customer communications management (CCM) leaders, not only in financial services, but across many other traditional industries as well, opt for a modern communications platform that is scalable, flexible, integrates directly into a mobile or web app, compliant to regulatory standards, and supports business users (instead of IT professionals) in developing and managing their communications.
A CCM platform marries messaging (or document) templates with data from a system-of-records (i.e. CRM, or ERP), and pushes this out to whatever format is required. Modern CCM platforms allow for easy repurposing of content by virtually any channel and support tracking and archiving. They come with dynamic visualization capabilities, meaning that customers can have real-time mobile (or web) experiences that enable them to interact with their account information using interactive charts, graphs and sliders. Furthermore they also allow business users to take full control, removing the need for IT to be involved.
Other benefits include the ability to accommodate customers’ channel preferences, meet compliancy with regulatory standards, and improve brand awareness. All of these aspects help businesses create more differentiation, higher customer satisfaction and ultimately higher customer lifetime value. Enterprises that use a corporate-wide communications infrastructure are able to centralize all their communications, making it easier for customer service representatives (CSRs) and front-line business users to get a full understanding of what has been communicated with a specific customer. Marketers and customer insights professionals can leverage this data for better upsell/cross-sell promotions or more relevant communications in general.
CCM is an ideal technology to help financial organizations manage all customer contact, from early engagement to contract completion. While migrating existing communication templates into omnichannel, dynamic communications is an expensive thing to do – especially for large banks who easily manage thousands if not tens of thousands of document templates. However, the benefits far outweigh the cost for three main reasons:
1. Higher customer experience
Centralized CCM platforms with real-time, omnichannel, interactive communications result in dramatically higher customer experience, which in turn leads to higher customer loyalty and better business performance.
2. Lower cost
A centralized CCM platform can offer a lower cost by replacing decentralized communication systems or single point SaaS solutions that have been implemented outside of IT’s involvement. These point solutions are typically difficult to scale, or produce communication output that is hard to track or centralize.
3. End-to-end management
CCM is exceptionally well positioned for the financial services industry, because the documents it produces are the products a bank sells. Therefore, it can manage every communication phase from early engagement, to contact delivery, post-sales customer services and loyalty, advocacy, or upsell/cross-sell communications.
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