For any business to be successful in today’s world, depends a lot on customer experience and the transparency of communication channels. The need is to understand what the customer needs in a fast-moving environment. Therefore, 2018 will witness a battle for intense and new relationships with customers and once it has been established, financial marketers would need to strengthen their engagement via onboarding and build value with cross-selling.
Communication like never before would be key to banking in 2018 as more and more marketing budgets are being allocated for spending on direct communications for not only acquiring but also for welcoming, onboarding and cross-selling to members and customers. Without an aggressive communication strategy, the investment is done for building awareness and pre-sales engagement would be lost. Effective customer communications would prevent the negative impact of losing a customer acquired after spending a lot.
Here are some of the most effective modes of communication that banks need to adopt in 2018:
- Knowing your customer- Consumers want to communicate with their banks to know about the where, when, and how. This requires an increased capacity on the part of banks to be able to open new accounts or complete applications, switch from one channel to the other without the customer starting the process all over again. Along with the ease of opening or applying for new accounts digitally, consumers also want their banks to know them better and that too as quickly as possible. They want to be understood and rewarded as well and therefore, digital onboarding as a process is an expected capability.
- Putting the mobile platform to maximum use- Staying mobile is today’s buzzword. Banks need to go beyond simple transactions on the mobile if they intend to stay connected with customers. For example, a customer is experiencing issues while applying for a loan- online- requesting information or executing a transaction. Here proactive human intervention is required. Banks should define triggers so that employees who are at the help desk or contact center are immediately notified and is able to help the customer. A well-fabricated mobile communications platform will send notifications like status updates and reminders. Developing prompts that help in completing the application processes, congratulating tenured customers are a few other ways to let consumers know that there is someone there to care for them and want them to have a positive banking experience. The mobile platform is so versatile that it can help banks to reshape consumer behavior, improve their operational efficiency and also serve as a way to create and strengthen bonds that are so necessary in today’s world.
- Elimination of digital and departmental silos- 2018 is all set to see a very important change in organizations having separate teams for communicating with clients via emails, mobile, print, and other digital media. This only leads to operational inefficiency, inconsistency, high costs, and increased risk. Departmental silos would be removed for making way for a centralized CCM infrastructure that would ensure that customer experience is made better, there are efficiency gains due to the fact that changes are being enforced easily across the various customer channels and touch points.
- Risk reduction by centralizing CCM solutions- Compliance is often taken as a barrier though it is always good to make compliance a part of the development and design team. Customer communication designs and solutions would be made better by their inputs. There would be a reduction in ‘errors of omission’ because all compliance teams would review the entire communications package in all forms – mobile applications, web pages, hard copies etc. This would ensure that the customers see the particular communication in the way they ideally should.
For effective and consistent communication with consumers across all the touch points need the adequate understanding of their journeys. Banks need to take a look at correct data and know about what consumers need, their happiness or unhappiness with the current services, products that they might be interested in, how are they using the digital/social media and how channels are influencing interactions with each other.
Consumers today are in need of better experiences and the competitive landscape is fast changing. A single solution cannot be designed for all and each bank/financial institution needs to develop its strategy as per its unique goals and current capabilities. The first step is realizing that ‘status quo’ can no longer work and communication strategies need regular changes to meet customer expectations and also meet organizational goals.