When it comes to data, banks and insurance companies are sitting on a goldmine. They have access to billions of data points on their customers that can be leveraged to engage in a highly contextualized manner.
While 94% of companies agree that personalization is critical to their current and future success, almost half say that IT roadblocks (47%) and legacy technology (46%) are “major barriers” to their personalization efforts (The Realities of Personalisation Report. Econsultancy & Monetate).
The key to delivering a personalized communications experience lies in the supporting technology and its integration capabilities. That is, your CCM solution must be able to pull data from anywhere within your existing data ecosystem to create higly-personalized, relevant, and timely cross-channel communications.
Buyer beware: some CCM technologies require you to extract, transform, and load your data into an XML file before you are able to leverage it—wasting valuable time and resources and potentially damaging the customer experience.
When evaluating a CCM solution, business leaders are urged to ensure that the technology provider is able to meet their integration needs and CX goals. Thus, a proof of concept is critical.
With this real-time access to data, enterprises engage with their customers on a new level.
For example, banks can deliver things like dynamic account statements that illustrate the customers’ monthly spending habits using interactive charts and graphs—on their channel of choice.
Insurance companies have the ability to upsell new products to their customers using mobile push notifications with convenient pre-populated forms and e-signature capabilities for easy on-boarding.
When it comes to leveraging data to build customer loyalty, the possibilities are endless.
This article was featured in Chapter 5 of our new interactive eBook, "The Authoritative Guide to Achieving CX Excellence: Unlocking the Power of Customer Communications Management (CCM)".
The book teaches business leaders how they can leverage CCM technology to transform their customer experience using simple language, stunning illustrations, videos, podcasts, whitepapers, analyst reports, industry resources and more. And it's free!
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