Every day BFSI organizations send out communications, including service letters, bills, monthly, quarterly and yearly statements, as well as communication pertaining to late payments, or new offerings to their customers. These correspondences have been from time immemorial the means for communicating with their customers. The BFSI domain certainly has a greater need for investing in customer communications management (CCM) than any other. But to catch up with the customer expectations, organizations are faced with unsurmountable odds arising because of factors such as all sorts of regulatory compliances and complexities in digital networking.
At times communication seems lost in translation – not ensuring a befitting image of the brand. Another oft repeated problem in customer communication management is the lack of consistency and synchronicity. From time to time, campaigns for cross sell or up sell or products are launched. But with the campaigns emanating from different silos within the organization - marketing teams, finance, sales and contact centre there is often a disconnect in the message being sent out to the customer. A upsell to a customer who is unable to make a payment, or a repetition of the same message, can be irksome for the customer.
There are two reasons why problems of this nature arise:
One, because by the very nature of their operation, financial organizations, including banks and insurance companies’ customer communication is regulatory nature. Most of the communication sent forth to the customer such as bills, bank statements, invoices, etc., are extremely critical for the customer, a missing or a misplaced bill, invoice or bank statement can be detrimental for the business. At best it could result in a poor CSAT and at worst a shift of loyalty.
Therefore, the essence of customer communication management, either outsourced to a contact center or undertaken by the parent organization themselves is to ensure timely delivery of customer communication. In the digital age, the complexity of customer communication management has more than quadrupled, with the hyper-connected customer demanding the facility to get and receive communication while on the go, on multiple channels - print as well as digital.
Second - as mentioned earlier, the disconnect in communication can be linked to the various silos existing within the organization. Often what comes in the way of creating consistent branding and tone as well as personalization is the use of technologies that are not agile.
In such a scenario, Messagepoint has emerged as the tool of choice for marketers. For one it has features which facilitate outside-in approach instead of the inside-in approach that is not at all customer centric. An outside-in approach is one where the business first tries to gain a peek into the needs of the customer using data with it and thereafter communicating with the end user or the customer in such a way that it ensures brand identity, consistency and seamless communication across all touchpoints. With features that allow content creators to create, develop and manage content without relying on IT, it is not only transforming the customer communication management, but ensuring that communications are delivered faster than ever. Furthermore, as it simplifies the task of gauging customer behaviour, preferences and demographics, using intuitive natural language targeting, it can deliver a differentiated customer experience, while simplifying the job of the marketer.
Another typical problem is the excessive lifecycle costs when simple changes such as a signature change or fixing a typo which should ideally be handled by the user becomes a project for IT, taking anywhere between five to eight weeks at the most to complete, and costing thousands of dollars and more.
With Messagepoint the time to market has decreased as users can modify content on their own in Messagepoint's SaaS content management solution. Apart from that they can also utilize graphical elements inherent in Messagepoint to create or modify mailer designs.
Espire the global partner of Messagepoint has been implementing the platform for our clients to engage with the new age new age multi-channel customers in a more meaningful, highly personalized and contextual manner, seamlessly across all brand touchpoints. We have delivered success stories for clients in multiple business domains by leveraging the powers of our advisory and consulting services spearheaded by Espire's CCM Centre of Excellence (CoE) that tailor makes solutions that are a best fit for your business and technology investment.
MORE FROM OUR BLOGS
Delivered end-to-end product development and infrastructure management services for a leading Australian wealth management ISV
The customer required a technology partner for delivering product support, maintenance and enhancement services. Espire helped the customer maximize its geographical footprint and diversify their business by providing full spectrum product development using SOA, product testing & QA services. We assisted in product development services/ new feature development for the upcoming product versions in the latest J2EE technologies using SOA and incorporating the same to the existing application framework in Sybase/ PowerBuilder. We also provided complete infrastructure management support services for issues related to the servers, network equipment and desktops
Carried Out Automated Performance Testing for a leading South America-based BPM solution provider
The need was to improve the speed, quality and functionality of the deployed software. Espire conducted automated performance testing to analyze and emulate the environment as well as customize the scripts for parameterization and checkpoints before being executed in the load runner. The Load Runner was used for recording the test scripts with different sets of parameters, based on the customer’s pre-approved scenarios. A detailed analysis report was prepared to sum up the results of the scripts run
Developed a platform agnostic web-based application for a leading resilient hosting and connectivity services company
The customer required a strategic technology partner to design a web-based application to streamline operations. Espire designed and implemented a platform agnostic web-based application for efficient data management and reporting. The tech solution improved customer service by reducing the response time by 50%, creating greater transparency and control over cost. The re-usable automation frameworks improved employee efficiency while controlling defects and reducing financial leakage
Designed a cutting-edge n-tier Web application for a UK-based multinational bank
The need was to develop a platform with advanced reporting tools. Espire designed and implemented an n-tier web application based on advanced reporting tools and distributed systems for accessing deep insights, efficiencies and effectiveness of the sanctions screening program. The tool was able to visually portray the efficiency and effectiveness of the program as well as coverage and accuracy of these systems. It easily developed Flash-based graphical reports which provided a high level of visibility of the ongoing projects and future projections for the business
Re-engineered workflow & Print Production Management for a leading Banking Company
The customer required a strategic technology partner to mitigate challenges related to the legacy systems. Espire successfully migrated all the business data from their legacy systm, Stream Serve to Quadient for easily curating and creating new sample templates based on the changing customer behaviors. We developed and implemented a file-based processing system for automated fulfillment of dispatch and e-mailing, split output for better print load management and a comprehensive reporting system
Espires top 10 webinars for fy20 21 a win win for us our partners and customers
With FY20-21 in hindsight, in this blog, we share a list of Espire’s top 10 webinars from the past financial year that resulted in win-win for us, our partners and our clients!
Technology trends disrupting insurance in the new normal and way forward
Content with legacy models, insurance leaders appeared as late adopters of the digital boom that has resurfaced with digital transformation and evolution of disruptive digital technologies- led by artificial intelligence, data analytics, predictive modelling, blockchain, Internet Of Things, intelligent automation and machine learning
Top challenges in claims management and revolutionizing claims outcomes
With the advent and rise of new digital technologies like Machine Learning (ML), Artificial Intelligence (AI), Intelligent Automation, Internet of Things (IoT), Sensors, Wearables, Drones and Data Analytics, insurance leaders are forced to transition to these digital technologies for collecting and analyzing data and meeting customer expectations.
Insurance industry top 5 drivers to uplift cx in the next normal
The present environment presents a stream of opportunity for insurance carriers to craft awe inspiring customer experience by leveraging modern tools and innovative ways to engage with the customers and follow suit with the new insurance start-ups and InsureTech providers in the way they have addressed the customer expectations and created value for the insurance industry