Customer Communication Management in the Cloud: Perspectives in Financial Services

by Nicolas Michellod, March 22, 2016
Industry Trends
Global

Abstract

Customer communication management plays a key role in financial services firms’ daily activities. Cloud models present an alternative for companies to consider when implementing a new customer communication management system.

 

Celent has published several reports on document automation and customer communication management in insurance, including reports profiling vendors active in this domain. As part of this research, Celent has observed a growing interest in cloud models such as software as a service (SaaS) and hybrid cloud.

Celent has published several reports on document automation and customer communication management in insurance, including reports profiling vendors active in this domain. As part of this research, Celent has observed a growing interest in cloud models such as software as a service (SaaS) and hybrid cloud.

This report provides the results of a survey conducted in February and March 2016 on the following topics:

  • The current role of customer communication management and deployment preferences.
  • Adoption of cloud models, drivers, and concerns for customer communication management in the cloud.
  • Expected benefits of customer communication management in the cloud and vendors’ requirements.

One-hundred sixteen (116) financial services firms responded to the survey. The objective was to examine the current situation in terms of customer communication management in the cloud as well as assess perceived benefits and constraints of the cloud model. This survey also tried to capture the potential of cloud models (SaaS and hybrid cloud) in the near future.

The report concludes with Celent’s recommendations for financial services firms and vendors active in the customer communication management space.

“The role of customer communication has been changing,” says Nicolas Michellod, a senior analyst with Celent’s insurance practice and author of the report. “Today it is perceived as a key tool to interact with customers and partners. This means not only generating mass communication, but also delivering a personalized message.”

This 16-page report contains 11 figures.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Report Methodology

2

 

Survey Participants

2

 

Survey Structure

3

Today’s Customer Communication Management Role and Deployment Preferences

4

 

The Current Role of Customer Communication Management

4

 

Defining Outsourcing Models

5

 

Deployment Preferences

5

Drivers and Concerns for Customer Communication Management in the Cloud

7

 

Customer Communication Management Components

7

 

Application of Cloud Models to Customer Communication Management Capabilities

8

 

Cloud Drivers and Concerns

8

The Business Case for Customer Communication Management in the Cloud

11

 

Expected Role of Customer Communication Management

11

 

Vendor Attributes

12

Final Thoughts

13

 

Is There a Wider Cloud Strategy?

13

 

Recommendations

14

Leveraging Celent’s Expertise

15

 

Support for Financial Institutions

15

 

Support for Vendors

15

Related Celent Research

16

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