Compliance is one of those areas that is better off unnoticed.
When compliance does get attention, it is usually because something has gone wrong and that is something that keeps executives up at night.
It is easy to see why.
Regulatory compliance is a growing area of risk for financial services and insurance companies at a time when effective compliance with complex and ever-changing regulations is becoming more and more difficult.
Other financial services firms and insurance companies report a similar focus on compliance. For these companies, preventing compliance problems is of critical importance. But what if these organizations could take compliance beyond that?
What if there is a way to make compliance a source of competitive advantage?
In the area of customer communications management (CCM), the idea of compliance as a competitive advantage is a compelling one. CCM technology enables organizations to design, manage and deliver personalized communications such as letters, bills, statements, policies, contracts and customer correspondence that are crucial to the overall customer experience.
Originally print-centric technology, modern CCM solutions have evolved dramatically over time and now have the ability to deliver targeted customer communications through a wide range of media including mobile, email, SMS, Web pages, social media sites print and more.
Historically, CCM has been limited to ensuring customer communications material adhere to very specific criteria set forth by regulators with delivery on a specific timetable. However, that approach to CCM is changing.
In fact, financial services firms and insurance companies that can leverage the advantages of modern CCM have an unprecedented opportunity to combine regulatory requirements with improving the customer experience (CX).
After all, attracting new customers and enhancing the customer experience are priorities for these companies on par with regulatory compliance. It is at this intersection of compliance and customers where the idea of customer communication compliance as a competitive advantage starts to take shape.
Download the white paper Integrating Compliance into Innovation: Taking Control Over Customer Communications to find out how financial services firms and insurance companies that can leverage the advantages of modern CCM have an unprecedented opportunity to combine regulatory requirements with improving the customer experience.