Need to Accelerate Digital Adoption and Reduce Costs?

Start by Transforming Customer Communications

Customer Preferences for Digital Transactions
In response to evolving consumer preferences, traditional financial institutions have joined fintech disrupters in employing digital-first banking tools — in particular, online banking, mobile banking, chatbots for customer support, and electronic statements. Bank customers embrace using mobile apps (48%) and online portals (23%) to check balances, complete transactions, access records, and use self-service tools for simple problem-solving.

From the customer’s perspective, these inbound digital channels appear to be extensions of a fully integrated, digitally transformed financial institution — although this is seldom the case. Despite progress in serving customers digitally and enabling faster transactions, end-to-end digital transformation remains hindered by technology, data, and business silos.

The Impact of Silos on Customer Communications

To better understand the impact of silos on digital adoption, consider how traditional and even neo-banks, credit unions, lenders, and other financial institutions generate outbound customer communications. Most have multiple legacy communications systems, many of which are redundant. For example, operations and marketing often have their own systems for email and print communications, each run by different business applications and drawing from different data stores.

Business silos — such as retail banking versus card services, wealth management, various lending groups, and business banking — create and distribute push communications using their own disconnected systems and channels. Often, they use both digital and print channels for the same communications — think digital and printed statements, tax forms, or welcome kits — to satisfy customer preferences. And sometimes, things are printed because that’s the way it’s always been done.

Read this white paper to learn more about transforming customer communications.