6 Key Reasons to Outsource Your Regulatory Customer Communications

6 Key Reasons to Outsource Your Regulatory Customer Communications

In the current business landscape, modernizing customer communications is key, but it is a significant challenge for many companies. This difficulty primarily stems from navigating the intricate web of rules and regulations, alongside managing diverse communication channels. However, with the strategic partnership and the right technology, your company can effectively tackle these complexities and reap the benefits of a robust customer communications management system. 

Breaking Down the Challenges in Regulatory Customer Communications 

Organizations, especially in highly regulated fields like finance and healthcare, encounter several internal and external obstacles. Externally, they must navigate a landscape filled with regulatory requirements, evolving customer expectations, and diverse communication platforms. Internally, the challenge lies in efficiently managing a variety of documents and the needs and expectations of various stakeholders. 

The Challenge for Small to Medium-Sized Companies 

Small to medium-sized businesses, particularly those interacting with customers through regulated touchpoints, may be leveraging their existing system of record or CRM solution for their customer communications management needs. This approach requires a Core or CRM-supplied data feed, standard templates, and IT-managed additional data. While assigned administrators oversee these processes, their ability to influence the output is usually limited. Such setups, focusing on traditional customer service interactions, might suffice for basic requirements, however, for companies aiming to streamline compliance and engage customers at a deeper, data-driven level, this approach may prove inadequate. 

The Greater Complexity Faced by Larger Enterprises 

Larger enterprises encounter more intricate challenges in communications management. The complexity of technology, the intricacies of planning and governance, and the heightened regulatory risks necessitate the assistance of an experienced partner. Enterprises often grapple with multiple systems of record, which leads to a fragmented communications architecture and additional complexities in orchestrating each touchpoint. Furthermore, collaborating with an expert communications management provider has proven to yield significant time and cost savings for these larger entities. 

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Our experience with clients has highlighted six primary challenges in managing their regulatory customer communications: 

Complex Industries: Certain sectors inherently present complicated communication scenarios. 

Complex Regulations: Staying current with continuous changes in laws, privacy standards, and security demands adds another layer of complexity. 

Complex documents: Handling a diverse range of document types, each requiring specific content, formats and distribution methods, is a significant task. 

Complex consumer behavior: Customer expectations, often influenced by less regulated sectors, can be challenging to fulfill. 

Complex technology: Choosing from a wide array of technologies and integrating them with existing systems can be overwhelming. 

Complex organizational changes: Successfully implementing new communications strategies necessitates effective coordination of people, systems, and processes. 

Benefits of Outsourcing Customer Communications Management (CCM) 

Given these challenges, it's increasingly common for companies to seek external assistance. This approach not only grants access to the latest technological advancements but also facilitates cost savings and ensures regulatory compliance. Despite outsourcing, many businesses prefer to maintain control over certain elements such as campaign development, workflow design, email marketing, and customer service. 

How to Choose the Right Communication Partner 

Before seeking a CCM partner, consider these factors: 

Current State Assessment: Understanding your existing communication infrastructure and documenting it comprehensively. 

Future Visioning: Determine desired future communication structures and plan accordingly. 

Identifying Present Issues: Recognize current communication challenges and seek diverse perspectives. 

Prioritization of Updates: Identify which aspects of the communication system require immediate attention and strategize for quick implementation. 

Uncovering Cost Savings: Explore potential cost reductions through increased outsourcing. 

Enhancing Flexibility: Develop strategies to make communication more responsive and adaptable. 

By thoughtfully addressing these considerations, businesses can gain a clear understanding of their present situation and future needs. This clarity aids in determining the extent of in-house management versus the need for professional external communication services. 

DataOceans' Approach to Partnering for Customer Communications Management  

At DataOceans, we've learned a lot from our clients about the importance of finding a balance between outsourcing and doing things themselves. This approach lets companies solve problems step by step, which is great for companies that need to change quickly and still follow the rules.  

Here's how we can help:  

Handle Complexity: For businesses of all sizes, we can manage the complex aspects of digital and print communication, connecting various customer interaction channels and simplifying the management of diverse systems and vendors. 

Empower Teams: Our platform equips teams with the tools needed for rapid adjustments and seizing new opportunities, fostering business growth while maintaining personalized customer experiences. 

Manage Risk: Compliance is key, especially in heavily regulated industries. We ensure adherence to regulations, providing peace of mind and trust in customer communications. 

 Are you ready to make your customer communications less complex? 

We want to hear how your company handles these challenges and how much control you want to give your team over communications - from creating and managing messages to delivering them and tracking the results. 

 

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