Consolidated Statements
Create unified statements over multiple statements including account statements, retail individual statements, credit card statements, and brokerage statements
Banks and financial service providers generate an array of communications to interact with their customers. It entails account statements, proposals, notifications, policies, letters, etc. These communications enable businesses to get through with customers, enhance customer loyalty and deepen their share of customers’ wallet.
Key Business Challenges
- Higher printing and mailing costs for customer-facing communications
- Higher turn-around time due to manual creation of documents, letters, e-mails, etc.
- Consolidation of information from multiple systems into a single customer statement
- Unsecured communications without digital signatures, and password protected PDFs
- Inability to track communication delivery and response
- Ad-hoc document generation from the web, mobile, email etc.
- Lack of multi-lingual communications
- Absence of centralized template repository, leading to inconsistencies in compliance and branding
Burdened with legacy IT systems, many banks have hard-coded documents, and out-of-date output communication systems – all dispersed. Appending to these challenges are the dynamic regulatory compliances, which banks have to adhere to while communicating with customers. To cater to the ever-increasing expectations of customers, banks have created layers of applications on top of core banking systems, which has made their architecture slow and sluggish.
Use Case Scenarios of CCM in Banking
Business Benefits
Docbyte’s Communication Management solutions enables banks and financial service providers to streamline enterprise-wide communications and reach out to digitally targeted audiences across engagement channels. Leveraging CCM, insurers can roll out high-volume operations documents, one-to-one customer communications across multiple channels such as the web, mobile, email, social, print, without having to replace their legacy systems. CCM enables organizations to reliably manage customer-facing communications, thereby enhancing acquisition & retention rate and deepening their share of customer wallet in the long run.
Avoid Risk
- Ensure compliance with standardization and extensive audit
- Provide real time responses to changing regulatory compliances
Enhance Customer Experience
- Enable customers to access documents anytime, anywhere via self service
- Reduce wait time and minimize error rate for your front-office communications
Minimize Operational Costs:
- Automate millions of complex correspondence in a day and reduce unnecessary waste of paper and postage costs
- Decrease call-center volume of on-demand communication generation by a significant margin
- Create, develop, and approve content once, then reuse it across multiple communications, thereby enhancing efficiency and reducing production costs
Strengthen Customer Base
- Improve ability to target and tailor new offers to increase up-sell and cross-sell opportunities
- Acquire customers faster by sending proposals and quotations in real-time
- Reach out to customers with targeted offers and promotions for new products and services, based on their needs, profiles and preferences
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