Don’t Forget About Customer Communications Management During Your Banking Core Upgrade

Maximize the benefits of your banking core upgrade by prioritizing a customer communications management integration

Outdated banking technology can make it difficult for banks to offer the seamless, convenient, omnichannel banking experience their customers expect. This, in turn, makes a banking core conversion a C-level priority and potential outcome at most banks, sooner or later.

With new core technology, deeper insights on customer relationships can be uncovered, leading to fresh opportunities to increase share of wallet. Common business processes can be automated as well, leading to improved efficiency and a better experience for customers and staff members alike. But to take full advantage of these new capabilities, the systems which connect to your banking core must also be up to date.

That’s why, to get the best results from a core conversion project, bank leaders should consider making their core conversion part of a broader digital transformation which includes optimizing the regulated customer communications and other data-driven customer experiences that are derived from the core.

A vendor review can be integral to the success of your banking core conversion

McKinsey & Company suggests that the cost of re-integrating systems at a medium-sized bank after a core change can exceed $50 million depending on complexity. Conducting a vendor review before finalizing the new architecture can help mitigate these costs and ensure that your bank is future-ready.

When evaluating a vendor that provides Customer Communications Management (CCM) solutions, for example, you might start by asking your team the following:

• Are you happy with your current CCM vendor’s service and ability to meet SLAs?
• Are they client focused and responsive to change requests?
• Do they have a strong vision for the future of customer communications like client statements?
• Does their technology roadmap support the communication channels your customers want and expect?
• Are they making the right investments to reduce your costs, modernize engagement, and guide you into the future?
• Are your customer communications integrated into your organization’s overall customer experience strategy?

If your vendor partner, or their technology, doesn’t meet your communications needs, then perhaps it is time to consider working with a new solution as your bank implements its new core.

Banking core system changes are a unique opportunity to improve CX

Core upgrades are an important opportunity to assess how well your customer touchpoints, including your regulated communications, are driving engagement and enhancing the customer experience (CX) – and there are many options to consider. By moving to a secure, cloud-based Customer Communication Management solution, you can expect to:

• Accelerate the adoption of digital communications
• Deliver engagement that is highly personalized through modern and innovative channels
• Provide a customer experience that drives greater satisfaction, loyalty, and wallet share
• Align communications with your organization’s overall CX strategy
• Lower the single largest cost for customer communications – postage

Your CCM solution should also include robust connectivity options, so you can seamlessly and securely integrate business and servicing communications into your digital customer experience ecosystem – from online banking to the individual email and SMS messages that your customers want and expect to receive from their financial institution.

How Doxim can help you succeed during banking core conversion

A core banking replacement is a cross-team, high-stakes project that requires intense focus for many months, or even years. During this period of change, Doxim can help you manage the complexity of creating and delivering critical customer communications like statements, notices, and other regulatory documents across the channels your customers prefer.

• We’ve been in business for 20+ years, serve over 2000+ clients, and have a proven approach to creating and delivering communications that will effectively engage your customers.
• Our omnichannel communications platform allows you to engage the most digitally savvy customers, while delivering print to those who prefer paper.
• Our national network of high speed, full color, variable print & mail operations are located near key customer centers and are ready to create and deliver targeted, personalized communications to your customers.
• We empower your business user with self-serve tools to administer key aspects of your communications – for greater speed and agility.
• We invest heavily in our technology platform, with a large team of experienced software developers led by a dedicated product management team, bringing you the CX of tomorrow – today!
• We have a team of professional services experts to ensure your transition to Doxim is seamless and flawless