Customer Communication Management (CCM) — bridging the gap between customer and banker
Worldwide, banks and financial institutions face severe economic conditions. Naturally, they are looking for ways to grow their business without the hassle of spending. There is a need to be more innovative and banks and financial institutions today realize that it is important to communicate effectively with consumers and provide superior services, improve efficiency, and reduce costs.
In this light, maximizing the effectiveness of everyday communication such as bills, statements and correspondence is becoming a top priority. It also means constantly improving customer interactions across a wide range of customer touchpoints and media channels.
The 21st century is being declared as an information economy, in which knowledge is the power. The more knowledge and information banks are at their disposal, the more prepared and equipped they will be to deal with the complexities and uncertainties of the economic ecosystem. So how is this inaccessible knowledge extracted?
From customers of course!
The easier it is for banks to do business with their customers, the better, the easier it is to understand customer needs and build relationships with them. The challenges facing retail banks today will not end overnight. Banks will face lower marketing budgets, increased regulatory and compliance issues, more demanding customers, and a different economy.
It is natural for businesses to take serious self-awareness at times of turmoil. So, the current economic downturn raises some terrible questions:
· With budgets shrinking, how do banks and FIs fulfill all their regulatory obligations to communicate with customers and still improve and enhance their customer relationships?
· How do banks take advantage of every opportunity to negotiate to recognize and value the needs of their customers?
· How to take advantage of the wide range of customer data to provide a personal, powerful, and consistent stream of communication that benefits the customer as well as increases their revenue.
· How can banks improve the effectiveness of their communication channels and promote more environmentally friendly ways of communicating and fulfilling their corporate social responsibility?
· The questions are compelling, but the answer lies in a comprehensive solution. The answer is Customer Communication Management (CCM).
CCM simply means enhancing the cost-effective customer experience by engaging and engaging with customers through a wide range of channels and mediums. CCM enables banks to connect with their customers by providing personal and immediate attention. CCM also ensures that banks have better control over their communications, allowing them to cross-sell and up-sell their services as well as keep their operations profitable.