Controlling communication chaos: 3 perspectives to get it right

Financial institutions need a cohesive, integrated strategy to manage their customer communications

What you say to your customers, when you say it, and how/where you say it are the cornerstones of any marketing strategy. A well-oiled and fine-tuned communications strategy can represent one of the most valuable pieces of intellectual property a banking organization can possess. Your approach to customer communications shapes your brand image, sets the tone for important business transactions, influences renewal and referral decisions, and differentiates you from your competitors.

However, many banks and credit unions don’t take a strategic, integrated approach, and instead manage their customer communications through a series of isolated business systems — usually handled by departmental teams that often only create mission-critical documents and send the messages that are absolutely necessary. This chaotic mix of uncoordinated efforts often results in fragmented communications that leave customers feeling confused or frustrated.

According to a study by Forrester Research, many financial institutions are striving to achieve a better customer experience by improving technology systems, providing seamless customer onboarding and ensuring accuracy of customer data. However, the study found that many customer experience initiatives do not apply best practices to the entire experience; instead they focus in on sexier digital initiatives.

Meanwhile, legacy systems continue to hold institutions back. Almost half of respondents in the study said that their technology platforms don’t let them integrate documents — particularly those for new customers — into multichannel communications. Furthermore, 61% of the survey’s respondents said they face hurdles when it comes to creating a consistent look and feel for documents, while also struggling to ensure they adhere to necessary regulatory requirements. It’s hard enough for most of them just trying to incorporate and enforce compliant language long before visual consistency becomes part of the equation.

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