A recent white paper entitled, “The End of the Banking Autocracy” uses research culled from worldwide survey to reveal that banks need to not only keep up with the latest technology, but to also listen to their customers’ rapidly changing needs in this increasingly high-tech world. Finance companies can no longer ignore the demands their customers place on them to deliver a customer service experience that not only meets, but exceeds, their expectations.
There’s bad news on the horizon for many homeowners who currently have home equity loans. According to a recent article in the New York Times, when these home equity lines of credit (HELOC) reach their 10-year anniversaries, they are resetting. The reset causes the borrower to reach even deeper into his wallet and not only pay interest on the loan, but also pay on the principal. Borrowers might see their monthly payments triple because of this reset – which is especially daunting for individuals and families who are in subprime loans.
Good news for consumer auto lenders, with vehicle sales on the rise, consumer satisfaction with financing providers continues to increase. According to J.D. Power’s 2013 U.S. Consumer Financing Satisfaction Study, roughly 95% of auto consumers indicated that, thanks to a positive customer service experience, they would patronize the same lender when purchasing a new vehicle or recommend them to a friend or family member. The study’s subjects – representing buyers of luxury as well as non-luxury vehicles – pointed out satisfaction with lender communication, prompt account updates, and customer service as the most important factors in a satisfying car financing experience. In the crowded retail automotive industry, consumers are faced with many choices when looking for auto financing. Consumers are looking for more than just a good interest rate – they are also looking for positive onboarding and easy finance servicing experiences.
As enterprise communication strategies play a bigger role in customer experience and loyalty, there is an increased need to re-engineer the end-to-end processes for managing core servicing document output to resolve document related issues at their origin.
Enterprise communication strategies are playing a bigger role in customer experience and loyalty these days. This means increased pressure to re-engineer the end-to-end processes required to manage core servicing documents and on-demand letter output. Not addressing issues at the front end of the process guarantees increased problems at the backend – with your document outputs and customer interactions.
Welcome to the new CEDAR Document Technologies blog! For the past 20 years, CEDAR has been a pioneer in the field of customer communications management (CCM), and our team of subject matter experts have a wealth of experience they are anxious to share. Our new blog will provide best practices, tips and insights into how you can drive better business results through improved customer communications.