Transforming compliance into a competitive advantage: enhancing Customer Communications Management
The fines for non-compliance are increasing too. For example, one co-op bank was fined nearly $70 million after a computer programming error caused it to mail loan statements three days late. When fines are combined with the reputational damage suffered from falling short of requirements, it’s easy to see why compliance is often viewed as a necessary burden. If viewed from a different approach, however, compliance can actually be used as a source of competitive advantage, driving customer retention and business growth.
One process that can be enhanced through compliance is Customer Communications Management (CCM). CCM technology enables organisations to design, manage and deliver personalised communications, such as letters, bills, statements and contracts, which is critical to the overall customer experience (CX), perhaps the key differentiator in today’s competitive markets.
Historically, CCM has been limited to ensuring customer communications materials adhere to very specific regulatory requirements. The evolution of technology and the subsequent proliferation of communications channels, however, means businesses now have an unprecedented opportunity to use compliance to actually improve the CX. Whether via mobile, email, SMS, web pages, social media or physical mail, companies can interact from all angles and platforms, delivering an engaging and comprehensive CX, which results in happy and loyal customers.
In the next blog, we examine how CCM compliance can be converted into a competitive advantage, including the key challenges. For more information about how compliance can fuel innovation and growth, download our whitepaper http://www.neopost.co.uk/gmccompliance.
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