Almost all firms are working on digital transformation strategies across many aspects of their business. Most are working on streamlining and automating processes to eliminate lag time and poor customer experiences. For many, however, digital transformation of their communications comes as an afterthought, and folks in the CCM space are left scrambling to try to fit in. Let’s look at ways to help make CCM an integral part of the total digital transformation strategy.
Digital Transformation in Financial and Insurance Services
So, who’s doing well? I can’t name names, but there are several examples in the insurance and financial services spaces that are succeeding in whole or in part. I share three examples below.
Example A: A large U.S. insurer with customer experience strategy incorporated from the beginning
This industry leader began a focus on customer experience 6-7 years ago. A mandate from the top ensured that communications were not treated as an afterthought. While early communications updates still focused on the print channel, as core platform rewrites began to roll out, voice and tone standards were well ingrained within the culture, enabling a faster digital transition.
Example B: A large insurance and financial services firm with great metrics on digital
The old adage “if it’s not measured, it’s not managed,” certainly is in play here. Planning for the measurements needed throughout the transformation began up front and set the stage for advanced analytics and data mining into digital behaviors and responses to digital communications.
Example C: A multi-national bank(s) with forms digitization
It may sound boring and truly un-sexy, but many processes are still dependent on manual forms of processing and capture. This definitely doesn’t provide the desired experience to customers. Doculabs has recently worked with multiple banking institutions to refactor existing forms and help drive the transition to digital experiences.
Tips for Success
1. Get a seat at the planning table, and incorporate CCM early into the digital transformation program.
Whatever it takes, get the CCM area involved in the digital transformation program at the enterprise level. If a series of departmental efforts are getting started, then engage through those efforts. You can’t afford to play catch up and turn into the long pole in the tent.
2. Know your sweet spots. Isolate the key communications that will have the most impact on customer experience and are aligned with the digital transformation plan.
Not all communications carry the same value to the customer or the organization. Focus your digital efforts on those with the highest volume and value combination. Make sure you can measure the impact your digital communications are having within the program.
3. Connect to the benefit stream by leveraging savings or revenue generation to fund further CCM digitization.
Especially if you are getting pulled in later than others within the enterprise, funding may be scarce. Measure your benefits and efficiency gains and propose that you retain the savings to self-fund additional efforts aligning with the digital transformation program.
4. Be realistic. Many firms have seen their digital adoption and print suppression rates plateau, and most growth in this area is coming from millennials and digital natives (new business, new accounts).
Don’t get trapped trying to meet unrealistic or overstated goals for print and mail savings. If your print suppression rates are in line with peer firms, you’ll probably only see 2% to 3% annual reductions going forward.
5. Be willing to rip and replace. While the lipstick on a pig approach provided some early wins, it doesn’t make for a long-term sustainable digitization strategy.
Sometimes your tools, your organization, or your processes have just reached the end of their useful life. Know when it’s time for radical change vs. incremental improvements. Agile business and development models are emerging everywhere, demanding significant change in process, organization, and the tools needed to support these changes. Be ready and willing to embrace that level of change when the time is right.
You’re probably engaged in your firm’s digital transformation at some level already. To be a real change agent, you need to take a proactive role. Digital experiences will continue to evolve and change at speeds never before seen in the world of one-way analog communications.