The world over, Banks and Financial institutions are facing a tough economic climate. It is only natural that they are looking for ways to increase their business and without the burden of incurring costs. There is a need to be more innovative and Banks and FIs today realize that it is critical to effectively communicate with customers and deliver superior service, improve efficiency and reduce costs. In this light, maximizing the effectiveness of daily communications such as bills, statements and correspondence is becoming a top priority. This also means improving customer interactions in a consistent manner across a wide spectrum of customer touch points and media channels.
The 21st century is being annunciated as the information economy, wherein knowledge is power. The more knowledge and information banks have at their disposal, the more prepared and equipped they will be to handle the complexities and uncertainties of the economic ecosystem. So how is this unassailable knowledge extracted?
From customers of course!
The easier banks make it for customers to do business with them, the better it is, to gain an understanding of customer needs and the easier it becomes to enhance their relationship with them. The challenges that retail banks face today will not evaporate overnight. Banks will continue to face reduced marketing budgets, increased regulatory and compliance issues, ever demanding consumers and a diffident economy.
It is natural, in volatile times, for businesses to undertake serious self-introspection. The current economic gloom therefore throws up some intimidating questions:
- With budgets shrinking, how do banks and FIs meet all their regulatory obligations for communicating with customers and still improve and grow their customer relationships?
- How do banks capitalize on each opportunity to communicate while satisfying their customers’ needs to be acknowledged and valued?
- How can the wide assortment of data about customers be leveraged so as to provide a personalized, compelling and consistent series of communications that benefit the customer and at the same time, grow the revenue derived from them?
- How can banks improve the effectiveness of their communication channels and also propagate more environmentally friendly ways of communicating and fulfill their corporate social responsibility?
The questions are compelling but their answer lies in one comprehensive solution. The answer is Customer Communication Management (CCM). CCM simply means enhancing customer experience in a cost-effective manner by communicating and engaging with customers through a multitude of channels and mediums. CCM enables banks to connect with their customers by providing them with personal and immediate attention. CCM also ensures that banks have better control over their communications, provide an opportunity to cross-sell and up-sell their services while also keeping their operations profitable.