Q&A Blog Series: Digitizing and Consolidating Client Communications

Many financial services organizations are still using large and complex applications to manage client communications processes, delivering a standardized approach that has changed little in decades.

To serve clients most effectively, firms may need to rethink the way they communicate with their clients. By embracing digital communications tools and consolidating all client-specific information in one place, they can deliver more value to their customers while enhancing advisor and client experiences.

In this installment of our Q&A Blog Series, Ernie Carducci, Head of Client Communications Solutions at Mediant, a BetaNXT business, and Scott Feit, Vice President, Product Sales and Solutions, Client Communications at BetaNXT, share how technology can transform client communications, the pain points organizations are dealing with today, and how Mediant and the acquisition with BetaNXT can solve them.

Q: What is considered client communications?

Any digital or physical document created and delivered either internally or externally by an organization. Examples include statements, confirmations, tax reporting, client letters, checks, and other ad hoc communications.

Q: How does technology impact the lifecycle of client communications?

The evolution of communications technology has had a significant impact in the lifecycle of client communications. Modern communications technology allows us to leverage client data as a single input and drive multi-channel output that is consistent in style, messaging and branding across all delivery channels. The biggest impact is allowing us to deliver more personalized client experiences and operational efficiencies with cost savings.

Q: What are key challenges or pain points organizations face when it comes to client communications?

The top three challenges are achieving operational efficiency, capitalizing on digitalization, and managing complex infrastructures.

Firms strive to achieve operational efficiency to reduce expenses while still enhancing client experiences. Reasons are a lack of visibility into processing that is driving up cost, no centralized portal for oversight into the communications programs, and missed opportunities in print/postage savings.

Clients also want to capitalize on digitalization and reduce their printing, but are struggling to achieve this due to lack of a unified digital adoption strategy.

In addition, clients and their service providers are dealing with complex, monolithic applications that over time the technology resources that managed them have moved on leaving little to no expertise. The reputational risk is huge and making even the smallest content/template changes can result in extremely long lead times.

Q: How does Mediant address these challenges?

We accomplish this through digital transformation such as paper reduction strategies, digital adoption techniques, inventory management, and content/template management.

Paper reduction and digital adoption techniques include providing quarterly versus monthly statements and efficient communication redesigns, eliminating redundant content in household mailings, removing duplicate customer mailings, consolidating documents, and utilizing QR codes to redirect to online material.

Our inventory management program focuses on a white paper factory approach and print-on-demand inline inserts.

We have pre- and post-processing postal strategies including address cleansing solutions, return mail services such as secure destruction, mail tracking/reporting, and presorting services helping to secure maximum allowable USPS discounts.

Our lean tech stacks utilize the latest technology, which is scalable, cloud-enabled, and API-driven. We have the top developers in the industry, each averaging more than 20 years' experience.

We provide self-service management tools that allow our clients to create and control their own content and templates without the need for our IT development resources.

Our MIC technology software is an industry-leading, role-based, modern technology platform that offers a single pane of glass view to operations management and other applicable users. It offers a centralized portal for oversight into the communications program giving granular visibility and transparency into the process.

Q: This was the first product launch following Mediant's acquisition by BetaNXT. What has changed?

I wouldn't say it changed but perhaps accelerated is a better word. Our solutions are now bolstered by BetaNXT's expanded ecosystem of resources and data infrastructure, which results in not only clients benefitting from access to a deeper set of product capabilities and scale but also their investors having a clearer view into their investments to take advantage of trends and opportunities. It has also simplified engagements by providing an end-to-end frictionless solution from back to front office.

For more information about our Client Communications Solutions, contact us today.