R.I.C.E: Reducing Cost, Improving Compliance, Controlling Data, Enhancing Experience

Daren Glenister

R.I.C.E Therapy for Next Generation Customer Experience

As industries worldwide adapt to the digital transformation that is modernizing many business processes, one big benefit is the ability to focus more on improving customer experience. An example of this change is the digitization of client communications. Today’s client is tech-savvy, and expects access to their sensitive documents at any time, from any device. However, the need for augmented communication calls for an evaluation of how organizations can deliver both transparency and security to ensure and easy and secure user experience.

Current customer experience roadblocks

customers-eyes-tech

In addition to the rising concern of leaking sensitive information, there are several other customer and client experience roadblocks in today’s processes, including:

  • Lack of e-mail surveillance risk of important documents ending up in the wrong inbox, digging through piles of e-mails
  • Poor communicationlag in sending time, confusion in attached documents, clunky interface causing both employee and client frustration
  • No ROIcostly printing and mailing fees, growth at a gridlock
  • Weak securityfailing to comply with regulations, risk of being fined

Leveraging online communications platforms that are vetted and validated can help organizations avoid these all-too-familiar pain points. Companies should look towards technologies that incorporate features and benefits to fit the needs of their growing customer base.

Turning to R.I.C.E for support

What’s the best way to ensure a speedy recovery from a sprained ankle? Some experts stand suggest a little R.I.C.E therapy will have you back on your feet in no time: a little rest, ice, compression and elevation typically does the trick. But what’s the best way to repair client communication?

R.I.C.E can work for organizations looking to transform client communication, too. Reducing cost, money and effort; improving compliance; controlling data; and enhancing experience are key ways companies can overcome current roadblocks and put them on a path toward customer experience recovery.

  • Reduce cost, money, and effort responding to more client and financial advisor requests in less time, reducing printing and mailing costs
  • Improve compliancestrengthening policies and procedures related to safeguarding client data
  • Control dataalternatives to e-mail when sharing “high value” information such as clients’ personally identifiable information (PII)
  • Enhance experiencefocusing on digital client engagement, providing real-time access to information, delivering investment information in clients’ preferred format

By following these core concepts, businesses can not only ease customer or client nerves about data collection and cloud storage, but also improve and streamline communication. With a secure content collaboration platform to back companies up, common customer grievances such as trust and responsibility will no longer be a concern.

Building client credibility: Tryperion

As a niche real estate investment firm in Los Angeles, Tryperion serves a range of foundations, family offices, and high net worth investors. Tryperion is a great example of a company that realized it needed a new tool to meet its industry’s transition of priorities to fostering better client relationships, rather than just enhancing performance. The rising concern of private investment statements and real estate investment reports ending up in the wrong hands made Tryperion recognize the need for an upgraded digital solution that delivered greater transparency and security.

Clients were complaining about their experiences using Tryperion’s existing portal, so retaining investors and making them happy was a key driver for change. Tryperion also had to manually put documents into each investor’s portal, and when that portal wasn’t working properly, the Tryperion team wasted hours trouble-shooting and sending out individual emails to investors. With its new enterprise-grade, secure collaboration platform, Tryperion can now securely and seamlessly upload various documents one time and automatically distribute them to each investor. This frees up the team to focus on more important issues affecting the growth of the firm. Moreover, their investment managers can now get up to speed and exceed their investor clients’ expectations via a platform that offers a convenient and hassle-free interface where clients can access capital calls, distributions notices, K-1 reports, capital account statements, tax forms and several other classified investment documents from a click of a mouse.

One size fits all: The ACE bandage of communication

R.I.C.E can apply to industries everywhere, not just investor communications. Organizations across all fields need to identify key areas of opportunity to improve customer experience and act on them. Taking a look at client communication is a good place to start.

By Daren Glenister

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