Lately, there has been sort of a ‘paradigm shift’ when it comes to Customer Communications in the BFSI sector. This can be attributed to the intense competition for consumer attention and engagement in the respective commercial landscape.
The fight for digital eyeballs is getting strenuous day by day! To talk candidly, this is because consumers have never been spoilt with so many choices in the market! More than ever, interactive communication can now be a strong influence in attracting consumers. According to a study, over 71% of consumers expect personalized communications from companies, and 76% are disappointed when it is not there. Let us try to understand the reasoning behind this!
Unchecked Challenges for the Customers!
It would not be surprising to assume that you might have struggled with your bank or insurance company, at least once in your life!
We can easily conclude that Customer Service is the single most vital factor in deciding whether a customer will stay with a bank or insurance company or switch to another one. Research suggests that around 89% of customers could switch their service providers after an unpleasant experience.
Considering the contemporary trends and consumer behavior in 2022, here are some of the major customer challenges in the BFSI sector:
- Not getting a personalized experience
- Lack of solutions for individual problems
- Long waiting times in customer services
- Limited channels for raising an issue
- Delay in document generation and delivery
- Absence of multilingual communication
CCM Emerging as the New ‘Kryptonite’ for These Challenges
Above mentioned challenges might seem ‘Super’ arduous to solve; however, there is always a solution around. Platforms related to Customer Communication Management can always provide the required support in overcoming these challenges.
An effective CCM Platform focuses on establishing interactive communications with consumers. Now, the question arises, what exactly is interactive communication? It is the process of sharing and gathering information with your customers in more interactive and personalized ways. The channel for the same can have a wide range of options such as emails, WhatsApp, personalized videos, pURLs, HTML5, push notifications, etc.
CCM can transform a non-human entity into an organization providing personalized communications!
Many people consider banks and financial institutions as these big, non-human entities that rarely care about the individual problems of their customers. While the staff at local bank branches might still provide personalized services, doing the same from a digital medium is the main challenge. This is where an effective customer communication platform fills the gap.
Financial institutions need to integrate personalization to cater to the requirements and preferences of each of their customers. Using an effective CCM platform can help you deliver personalized experiences. CCM platforms can empower the existing chatbots used by banks or insurance companies for personalized document generation and delivery.
We all can agree that the modern-day consumer is well aware and smart!
Having a platform that can provide solutions to their needs and challenges, with the help of interactive communication, can be the ‘cherry on top’ of your customer experience. Also, enhanced customer experience leads to increased customer retention and revenue generation.
Implementation of CCM in the BFSI Sector
An effective customer communication management platform can easily personalize, integrate, and automate the following processes for companies in the Banking & Financial sector:
- Survey & Feedback
CCM enables organizations to send dynamic feedback forms via several digital communication channels, accept customer responses, and store the response in a centralized repository in real-time.
It can generate pre-filled editable PDFs for customers to validate information, attach identity proofs, and submit it to the financial institution digitally. This can help the organization save on paper forms, scans, and mail-related costs.
- Wealth Statement Generation
With the help of a CCM platform, banks can generate and deliver personalized videos, and interactive documents that explain complex wealth statements comprising diverse portfolio products in an easy-to-understand format.
- On-demand Statements & Tax certificates
Banks can speed up the generation & delivery of complex documents such as GST statements, Interest certificates, Amortization schedules, and more.
- Achieving Brand Uniformity
Use CCM as the central engine to integrate with all your source systems such as core banking, internet banking, and mobile banking, and make all your communications consistent.
- Providing Relationship Statements
Create consolidated and personalized statements for multiple relationships and products such as CASA, Credit Card, DEMAT, Term Deposits, Loans, etc. to give your customers a thorough analysis of their finances.
Organizations in the Insurance industry can also use an effective CCM platform for processes such as policy servicing, form digitization, product launch expedition, compliance improvement, and enhancing overall brand consistency.
All things considered, interactive communication is the key to driving business growth these days and you can definitely consider an efficient CCM facilitating the same.
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