How Banks Can Improve Customer Experience by Digitizing Customer Communications

How Banks Can Improve Customer Experience by Digitizing Customer Communications

The definition of customer experience (CX) in banking is simple. According to this definition, customer satisfaction via CX is achieved when a bank puts all its resources and employees to work with the end objective of tending to the customers’ needs. 

That means the bank, in whatever way possible, will tend to customer concerns, and will ensure necessary customer interactions to provide them the best possible service, and the one key component that can ensure all this is proper customer communication. 

Engaging customers through proper customer interactions and communication in a clear and straightforward conversation to help them and attend to their queries is vital for banks. 

After all, banking policies, terms, and conditions can often be confusing. In many cases, any particular banking process might confuse the customer. Thus, clear customer communication is a must, and in this day and age, such communication needs to be digitized. 

Banks these days are improving the overall customer experience by digitizing their customer communication. In case you’re wondering how such thorough communication is being done, keep reading. 

Using Omnichannel Communication Methods

In the past, banks would send letters to your address as the most common means of customer communication. The idea of using multiple channels for such communication didn’t really exist. However, times have changed, and now, multiple channels are being used in this regard. 

While important letters and documents are still delivered by post, this practice has mostly been replaced by a more omnichannel approach to customer communication. 

Banks these days will ensure communication by sending you your documents, like monthly statements, via your email. At the same time, you can request certain account information via text messages, chat apps, and other communication channels. This omnichannel approach to customer communication has made lives much easier for customers. Not only are such customer communication methods more advanced and fast, but they are also readily available. 

Apart from accessibility, using technology to ensure communication with customers also means that banks can promote an eco-friendly way of doing business. Since most, if not all, documents are sent electronically, less paper is wasted, which can only mean good things for the environment. 

Using Customer Communications Management (CCM) Software

Customer communications management software ensures seamless integrations into existing customer communication systems, which means it takes banks no additional effort to integrate these systems with their current comms system lineup. This, in turn, enables banks to switch to omnichannel customer communication methods more rapidly. 

As you go through the integrated system, you’ll realize that the customer communications management software gives you a complete view of the customer profile and also speeds up your response times. 

Customer communications management software can help you enhance your customer communication in a multitude of ways. For a US-based business analyst, who worked with SmartCOMM’s cloud-based customer communications management software, the tool allowed their company to establish a structured process for customer engagement and customer communication. The software also allowed personalization which offered more flexibility for target marketing. 

Using such a communications platform like CCM tools also helps businesses handle more customers and customer inquiries at a time, improve customer engagement operations, enhance the customer journey experience, and help with all sorts of repetitive tasks. 

Sales teams also use CCM solutions for better communications management, as this type of communication platform can easily facilitate omnichannel communication. 

That means, when used properly, customer communications management software can upgrade your bank’s customer communication methods and make the overall customer communication process more accessible and readily available.

In short, customer communication management software offers a lot of other benefits, which include the following:

  • Customer communication management software helps ensure customer satisfaction by streamlining customer communications management and ensuring faster issue resolution.
  • A customer communication management platform enhances customer engagement with personalized customer communications. 
  • Customer communication management software helps with targeted marketing messages.
  • Customer communication management software increases operational efficiency by automating repetitive tasks and workflows.
  • Customer communication management software improves compliance and risk management.
  • Customer communication management software provides better insights into customer behavior and preferences through data analysis and reporting.
  • Customer communication management software improves cross-selling and upselling opportunities through targeted customer communication.
  • Customer communication management software enhances collaboration and knowledge sharing across teams and departments.
  • Customer communication management software leads to faster response times and resolution of customer issues through automated routing and prioritization.
  • Customer communication management software improves security and data privacy through centralized control and access management.
  • Customer communications management software increases revenue through improved customer retention and acquisition.

Data-Driven Promotional Campaigns

Do you use a credit or debit card to make purchases? Have you seen how the card company or bank will almost always send you promotional campaigns and offers that match your taste? In actuality, the offers don’t necessarily match your taste. They match your customer data profile.

Whenever you use the card to make a purchase, the bank is notified about your spending. It then checks what you’re buying, what you frequently buy, what you buy only when you have money, how much you spend on certain types of products, and so on. 

Through customer data collection, banks create your customer data profile and attach different types of labels to it based on what customers prefer. For instance, you might be labeled as a big spender, a frequent purchaser of breakfast cereals, someone who likes to spend on air tickets, etc. 

Based on these labels, the banks send you various offers and promotional campaigns. In a way, this is customer communication done right because when you take the card from them, you actually consent to the bank to use your data (in most cases). 

Thus, it’s completely legal for them to use your data in this way, and since you, too, are, getting to know about the best market deals out there for you, you probably wouldn’t mind the bank or card company having your data and using it in such a manner. 

Having established all that, it goes without saying that banks these days are doing whatever they can to enhance the customer communication process and improve their customer relationship management standards. 

In doing so, these banks are ensuring maximum customer satisfaction with the best possible customer communications and overall experience. With time, however, banks have to up their game plan as technology continues to evolve and more advanced customer communication solutions reach our doorsteps.