Driving customer engagement in a fast-paced BFSI domain with Messagepoint
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.