“Do I really need to modernize my customer communication management platform?”
This is a pertinent question today, especially with the changing demographics and digital-native customers who expect businesses to communicate with them in context across channels. So, if you are still dependent on your legacy customer communication management system, it’s time you give it a digital facelift.
Per marketsandmarkets.com, “the global CCM market size is projected to grow from USD 1.3 billion in 2021 to USD 2.2 billion by 2026, at a compound annual growth rate (CAGR) of 11.2% during the forecast period”.
Benefits of Modernizing Your Customer Communication Management Platform:
Providing 360-degree View of Customers’ Communication Lifecycle
By tracking the delivery of communication across various channels, an ideal CCM platform facilitates you with a holistic view of customer interactions through reports and dashboards. It helps you understand how your customer interacts with your communications, which can help you design personalized promotional offers, improve cross-sell and up-sell opportunities, and increase your revenue.
Delivering Omni-channel Experience
Pursuing customer-centricity is a fool-proof approach to being ahead in the competition. And for this, you need to ensure a fluid customer experience across channels. Even if a customer switches the communication channel during the transaction, you should be able to continue the process/conversation without any difficulty. An ideal CCM platform provides consistency in customer experience across channels, like phone calls, e-mail, SMS, chat, or social media.
Knowing Your Customers Better
An ideal CCM assists your executives by consolidating past customer interactions across various channels. You know your customers by their name, understand their preferences, and purchase history, which can help improve customer interaction and lifetime value. CCM also helps in delivering personalized communication by arranging variable data and information in structured templates. Sending e-cards on birthdays and anniversaries can improve your customer engagement.
Employing Cutting-edge Technologies
An efficient CCM leverages modern technologies such as artificial intelligence, machine learning, and digital sensing to track your customer interactions across various touchpoints. This can help you auto-route and prioritize cases based on urgency, requirement, and resource skill set.
Designing Flexible and Extensive Template
Ideal CCM platforms have in-built, easy-to-use, drag and drop tools, enabling you with component-based designing of communications for consistency, compliance, and standardization. Extensive template management capabilities facilitate security, collaboration, and sharing of content.
Automating Communication Generation
An ideal CCM can generate various kinds of communications as per requirements. It can be in batch, on-demand communication, and interactive. Batch generation enables structured, scheduled, and consistent communications processed in large volumes. On-demand generation delivers real-time communications with triggers from enterprise business applications. Interactive generation adds a human touch to the communication by arranging variable data and content in a structured template.
Generating Documents Quickly
Minimal to no-coding simplifies the document generation process, cutting the processing time. An efficient CCM platform also helps in reducing errors in communications generated with controlled and permission-based editing rights.
Reimaging Communication Using Customer Communication Management Platform
In a nutshell, by considering all the factors mentioned above, an ideal CCM can help you track the customer journey across various channels, deliver personalized messages, reduce operational costs, and increase selling opportunities, thereby maximizing return on investment.
By 2023, over half of the medium to large enterprises will have adopted low code as one of their strategic application platforms – Gartner
By 2024, more than 65% of application development will be done on low code platforms and 75% of large enterprises will be using at least four low code development tools – Gartner
A market study by Forrester expects the market for low code development platforms to increase to $21.2 billion by 2022, up from $3.8 billion in 2017 – Forrester
What stands out in the above data points is that low code is an opportunity you simply cannot miss!
As a business leader, you deal with evolving customer expectations and changing market needs. This requires you to be faster than your competition and respond to dynamic business requirements with speed and agility. So, the time to embrace low code is now!
And if you are still deliberating, here are the five key business values you can unlock by investing in low code:
Achieve Faster Go-to-market: Low code helps slash enterprise application development time significantly. Reusable application components and web-based drag-and-drop features of low code speed up the application designing process. This ensures that you bring your application faster to market and incorporate changes at the shortest notice!
Make Your IT More Efficient: Don’t make janitors out of your IT workforce! Most IT teams today spend a significant amount of time in maintaining IT hygiene—continuous upgrades, compliance checks, security certifications, and performance measurements—thereby hampering productivity. Technical debt accrued by organizations is a major factor that increases the technical burden. Low code platforms can significantly reduce these IT overheads and enable your developers to rapidly build applications that can bring in higher business value
Lower IT Costs: The traditional way of developing enterprise applications is on its way to becoming obsolete. Low code not only enables organizations to keep up with the fast, digital times but also offers significant cost reduction in the long run. With low code, you get faster innovation in lesser time and without adding to your IT headcount
Delight Customers: Today’s digital native customers’ expectations keep changing rapidly and they want organizations to respond quickly to their changing needs. This is where low code comes as a savior by enabling faster responses and easier change management per market and customer needs
Improve IT Governance: Shadow IT continues to be a pain point for enterprises. It not only accrues technical debt in the organization but also affects overall risk monitoring. Low code deftly handles shadow IT by reducing dependency on quick-fix third-party applications and enabling a collaboration-driven work environment. The standard modeling environment of low code boosts IT governance by doing away with data, process, and security vulnerabilities
In a nutshell, low code provides a lot more than just speed and agility
Wealth management has oft been regarded as an elite sector of banking, however, as financial institutions step into the 21st century by focusing on implementing new-age technologies, it sometimes seems that delivering a superior experience to high net worth investors has taken a back seat.
What makes me say so?
Imagine, for example, that Mr. WIlliams, a CEO of a private company, is an elite customer of XYZ Investment Company and relies heavily on his wealth manager, Andy. Mr. Williams chose this investment firm for its great network of relationship managers and talented investment advisors.
On Friday evening, Mr. Williams called his investment manager, Andy, to request a portfolio report analyzing tax information throughout the year for tax optimization and planning purposes. He requested this report on a deadline of two days.
Andy called his colleague, Mark, in the back office, to check if they already have a template ready for such a report, but Mark replied that the team would have to create a brand new report from scratch after collating data from a number of different systems—this process would take weeks of effort. The result? Despite having a great reputation and investing significantly in customer-facing systems, XYZ Investment Company still cannot provide the required communication to their clients, thereby bringing down their overall customer experience.
Bridging the gap
This disconnect stems from the inability of many wealth management firms to adopt a wider repertoire of communication styles and a broad technological toolkit. Instead, wealth managers often fall into the trap of prioritizing the previously successful face-to-face financial advising strategy. Communication is the bedrock of any wealth management business and customers expect top tier communication, including personalized content that is delivered on a range of platforms and interfaces.
The way forward for wealth management firms seems to be embracing and prioritizing customer experience by employing advanced communication technologies and seeking more innovative approaches to delivering tailored, content-rich communication to their clients.
Right Communication Strategy Goes a Long Way in Delivering a Superior Customer Experience
Deliver tailored and insightful portfolio reports
Customers expect many types of reports (portfolio, market performance, analysis chart, etc.) to help them make informed investment decisions. The content of these reports requires data collation from various systems and visual representation through charts and graphs for tangible and applicable insights.
Enable wealth managers to deliver great customer service
Historically, customer service in the wealth management industry has come in the form of face-to-face meetings and advisement. While these conventions are still valuable, wealth managers would be remiss to discount the value of digital communications delivered across many touchpoints using advanced communication technologies.
As the world of financial services progresses, wealth management too must progress and invest in smart, data-driven customer engagement based upon the delivery of personalized and empowering content.
Aim for more than customer satisfaction
Improved customer experiences, especially through effective communication, heighten customer engagement significantly, thereby generating more business and revenue. The main challenge facing wealth management firms is how to go beyond basic customer satisfaction and build interactive and visually appealing communications.
Wealth management firms should rely on customer communication management (CCM) tools which enable them to deliver rich media content, ranging from personalized, advisory videos, to interactive HTML-based portfolios communications. This content should be device-friendly and connected across multiple platforms and interfaces, allowing customers to access insights when and wherever they prefer.
This investment into a connected customer journey is one of the main differentiating factors into which wealth management firms can invest. Every touchpoint along the customer journey is important, and streamlining the customer journey, while ensuring constant and connected communication throughout, is the way to surpass customer expectations every time.
An omnichannel CCM involves a streamlined and integrated approach to delivering all outbound, customer-facing communications—from email marketing to bill and payment notifications to personalized reports generation.
This ecosystem of new tools, incorporating technologies from artificial intelligence to data analytics and omnichannel customer engagement strategies, will inevitably empower wealth managers, thereby enabling them to deliver a great customer experience.
Do you track the number of notifications and alerts you receive daily? As customers, we receive multiple notifications from our service providers.
Banks send account transactions, monthly statements, service updates, new schemes and offers, etc.
Insurers share policy renewal reminders, payment reminders, new policy issuance notifications, etc.
Telecom providers send us monthly bills, payment reminders, new plans, etc.
Utility players send invoice details or other regulatory information
And the list goes on.
Aren’t such notifications the most common interactions an organization has with its consumers? And yet, they do not contribute anything to a customer’s experience. They just serve an informational purpose.
According to a study, 95% of transactional communications are opened and read each month as they contain important financial information and usually require action. With such a high click and conversion rate, it is imperative for organizations to create a WOW experience for users through these notifications. Not only would this help organizations build confidence in their customers, but it would also help them gain an edge over their competitors.
Following are some ways in which CCM can help in delivering customer delight:
CCM can send notifications through multiple channels such as SMS, email, WhatsApp, push notifications, or through social media platforms like Facebook and Twitter. These channels can be decided by building intelligent rules based on a customer’s preferences, demographics, or channel usage.
Links to Access/Download Documents
It would save a considerable amount of time if people could access relevant documents along with the concerned notification. Consider a customer receiving a notification about his account statement. A link can be shared through SMS or WhatsApp which opens the statement in a responsive HTML format right on his phone screen, and further gives the option to download a PDF version. He no longer needs to go to the website or mobile app, thereby saving time and creating a wonderful experience.
Enclosed Media with Notifications
CCM allows you to send images and documents along with app notifications, turning a mundane message into an attractive one. It provides the perfect opportunity for up-selling or cross-selling products and can inform customers about any ongoing offers and promotions.
Tracking and Analytics
CCM suite enables businesses to track each communication sent to consumers on multiple channels. It also analyzes consumer action by monitoring open rates, click-through rates, and bounce rates across multiple channels. This enables businesses to get a 360-degree view of all the notifications sent from different departments and their respective responses received from the customers.
It is important to treat these notifications as an opportunity to establish a personalized and long-lasting relationship with your customer. An effective CCM suite can go a long way in enhancing your brand image and delivering a superior customer experience.