Providing a Distinctive Customer Experience: The Power of Customer Communications Management
Banks Must Present a Familiar Face to Customers Across All Channels
By Avi Greenfield, Product Manager, HP Exstream (Palo Alto, Calif.)
In order for banks to produce and distribute targeted, relevant multichannel customer communications, they must have targeted data about their customers; create targeted marketing messages for the communication pieces; and prepare and test documents using customer communication tools and solutions.
The most difficult part of distributing multichannel customer communications is preparing content so that it can be presented in channel-appropriate ways. From a distribution standpoint, it is important for banks to have back-up secondary channels to deliver customer communications if the first channel does not work. For example, if an email delivery fails, banks should send a paper statement along with a failure notification and instructions on how customers should update their email addresses.
Consumers and mobile workers have the devices and comfort level to transact electronically. While it's clear that Generation Y and Millennial users have little attachment to paper-based communications, studies show that as Baby Boomers retire from the workforce and have more time on their hands, they also are becoming much more comfortable with web and mobile applications. Coupled with the increasing costs of postal delivery, it seems clear that banks will be under increasing pressure to support more on-demand, electronic delivery of regular communications, including statements, in addition to other vital communications, such as notices and correspondence.
In order to continue supporting the vital print channel in addition to the increasing variety of electronic channels in a consistent and appropriate way, it is critical that banks address their cultures and organizational structures. Many banks have a multitude of tools, teams and processes to address their communications objectives. This has been compounded by growth through acquisition and a project-based culture in which point solutions are acquired to meet the narrow needs of a department or line of business without considering the impact to the broader organization. This leads to redundant efforts and an inconsistent face to the customer. It is important that banks develop enterprise approaches and solutions for communications in order to improve the impact and consistency of communications across channels while reducing the cost and efforts required to support multiple disconnected teams and technologies.