July 08, 2022

Reading time minutes

4 ways a CCM system delivers value to banks and credit unions

How to increase customer and member engagement while decreasing the effort involved.

Photo of Bryan Boynar

Bryan Boynar

Expertise in the financial services and insurance fields

Person stands in front of plant frond holding a cell phone.

For enterprises across the globe, growth, success and customer loyalty can rise and fall by their ability to communicate. That’s why, when it comes to your customer communication strategy, you need to ask yourself the right questions.

Do customers and members hear from you at the right times, through the best avenues of delivery? Is your communication personalized, informative and helpful? Is it often enough? Is your customer communication management (CCM) system cost effective and easy to use?

Essentially, how remarkable is the experience you’re creating?

The future of CCM is embedded within the customer experience (CX). It’s also integrated within the concept of customer experience management (CXM).

After all, the entire purpose of communicating with your customers and members is to add value to their experiences. But you can’t do that if you’re manually assembling your communications from disparate sources like documentation, variable data and information stored in various systems.

And we’re not just talking about sending a random email and walking away. In fact, a focus on CX is the top priority for nearly two-thirds of businesses, according to CXM Transformation, a recent Aspire report.

4 ways a CCM system delivers value to financial services

The report provides four credentials a CCM needs in order to deliver on CX goals. They are:

1. Focus on quality content

The savviest CXM enterprises deliver high-quality, high-engagement content. A modern CCM facilitates relevant messaging that aligns the consumer’s journey with your institution, which Aspire deems “the essential core of quality CX in B2C communications.”

The right CCM solution for financial services delivers this through:

  • Accurate and up-to-date correspondence that pulls data from multiple sources across the enterprise, such as core systems like Corelation, Jack Henry and more
  • A document designer function that allows business process owners to author and manage document content
  • Omni-channel distribution that helps get the right message to the right people, via the best channels of communication — whether it’s email, print, SMS text or another avenue

2. Deliver agility and high-powered workflows

As financial institutions move increasingly to agile, low-code solutions, CCM users must have the ability to use tools, add-ons and plug-ins to drive cost-effectiveness, usability and efficiency. Workflows that not only move business along, but also create visibility within the system, allow CXM specialists to customize their processes effectively.

3. Provide consistency across all channels

The modern CCM needs to deliver a creative environment that helps users manage and develop complex documents.

The right CCM helps you accomplish this by:

  • Centralizing management for text blocks, processes, scripts and more
  • Empowering member and CXM specialists to create and update their own templates in Microsoft Word
  • Implementing component inheritance, so downstream templates are updated when the base template is revised
  • Protecting brand integrity, so every communication promotes the voice, look and vision of your enterprise

4. Deploy in the cloud

Aspire’s research found that companies with high CXM maturity were nearly seven times more likely to migrate CCM to the cloud than CXM laggards. The cloud provides faster and easier deployment, alleviates in-house IT burdens and delivers significant savings by allowing scalability.

But where do you start? Financial institutions should look for cloud capabilities that help CCM solutions deploy more effectively, by outperforming on-premises deployments in areas including:

  • Higher levels of system availability and uptime
  • Quicker disaster recovery – cyber, physical or workforce-related
  • Improved flexibility across the enterprise
  • Lower costs through the elimination of hardware installation and IT equipment
  • Easier ecosystem scalability

Increased engagement, decreased effort

With so many consumer options, CCM is the foundation for making your financial institution the obvious choice. It’s that important.

A powerful customer communications management solution produces and delivers accurate, personalized customer correspondence by pulling data from multiple databases and applications to deliver a customized message for each audience member. You increase engagement while decreasing the effort to do so.

Interested in taking your CCM, CX and CXM to the next level? Hyland's Content Composer can help.