"Many companies are implementing omnichannel communications strategies which allow them to engage with customers more effectively and efficiently across an array of platforms."
Achieving this requires meeting the growing consumer demand for personalised, relevant and easy to understand communications which they can access, in real-time, via the channel of their choice. Keeping pace with those demands is no easy task, especially when establishing omnichannel communications is increasingly complex and where failure to deliver the right message, at the right time, and in the required format can have expensive consequences.
While financial considerations, such as cheaper borrowing and higher earnings on savings, are still critical factors in consumer decision making, many expect their financial service providers to offer a more comprehensive user experience. This expectation, together with the growing number of ‘disrupter’ organisations and the increasingly easy way to switch providers, is causing many companies to rethink the approach to attracting new customers and retaining existing ones. All this against a back-drop of increasing regulation.
As the finance sector seeks to deliver an improved customer experience, many companies are implementing omnichannel communications strategies which allow them to engage with customers more effectively and efficiently across an array of platforms.
Overcoming the hurdles
Putting such strategies into place is not without its challenges, especially for organisations in highly regulated sectors. In particular is the need to deploy a modern customer communications management (CCM) system cohesively, so that the advantages of a single customer view and conversation can be had without the need to use the multitude of suppliers and systems which often makes digital transformation arduous and protracted.
For instance, organisations that want to provide individualised communications will need to leverage technologies such as Artificial Intelligence (AI) and data analytics. However, if they depend upon legacy IT systems or use complex IT infrastructures, utilising these cloud-based services may be problematic. Providing adequate IT time and resources can also be an obstacle, impeding the pace of implementation.
Staying put, however, is not an option. The next generation of consumers has already embraced the new communication platforms and expect financial service companies to deliver a cohesive customer experience across all their mobile, social and physical channels, without being restricted to corresponding with their provider via a specific channel. As a result, the sector needs to adopt a synchronised approach to deploying these technologies and modern CCM solutions in order to meet those ever-evolving expectations.
To support this a crucial requirement of a modern communications solution is that it caters for the entire customer journey, ensuring all communications to and from the customer are accessible via a single portal. One of the advantages of a centralised CCM system is that it connects with existing infrastructure without disrupting it. This enables it to overcome the information sharing issues associated with operational silos, where, for example, formal communications are conducted by operations departments and social channels are managed by marketing teams.
A centralised system that can map the complete customer journey helps tackle these challenges and meets the customers’ demands for receiving communications via their preferred channel, be that print, email, SMS, app notification or any other channel. In doing so, it delivers a seamless brand experience while enabling the company and customer to interact in the most appropriate way.
Unleashing potential
A centralised communication management solution, together with its enabling technology, truly brings finance companies into the digital age, unleashing their communications expertise and enabling the delivery of a genuine, omnichannel customer experience. With such a CCM system, companies can design, manage and deliver high-volume, personalised communications, on-demand, from a single, centralised platform and do so across the entire customer journey, without disruption to their legacy infrastructure.
Overall, there are significant benefits to migrating from multiple customer communications CCM platforms to a single, unified, end to end solution. Today’s leading-edge CCM platforms integrate seamlessly with legacy systems, streamline processes and eliminate operational silos. At the same time, they make operations more efficient, reduce costs and lower the risk of non-compliance, while providing consistency in messaging and brand image.
