Reduce Communication Costs

Here are a few Cost Reduction success stories from our clients:

100% Digital Servicing

A major bank decides to launch a 100% digital bank subsidiary resulting in lower servicing costs.

  • The CEDAR-Client team designed a Digital Customer Journey from scratch employing a combination of scheduled and real-time messaging events by channel along with a supporting preference, content, and business rules.
  • At launch over 100 separate communication types using a wide variety of device-optimized layouts and rule-driven content enabled a fully digital experience without any security or compliance sacrifices.
  • The bank launched in 7 months and the digital nature of the services won multiple industry awards while enabling a regional bank to have clients in all 50 US states and over 20 foreign countries in less than a year.

Want to learn more about how we supported this client’s strategy? Contact us 

Print Cost Reduction

A major provider of wealth management and retirement product services was struggling to cost-effectively manage 6 print vendors acquired over the years.

  • The CEDAR-Client team designed a single enterprise standard for communications across all print-producing operations and systems enabling all output to be modernized, managed, and aggregated to a single high-volume vendor.
  • Applications were shifted based on economic impact with over 30M pieces and 200M images processed annually. Economies of scale and competitive flexibility enabled a $13M annual savings to be achieved.
  • Client self-manages content and business rules with over 7,000 system users planned at full rollout making requests for communications, changing content, tracking jobs, monitoring delivery status, supporting calls, and using detailed cost reporting to optimize economic performance.

Change Management Automation

Prior to the CEDAR implementation, this client previously struggled with the cost and lead time to make changes to communication as well as the cost and compliance risk of manual creation of customer-specific 1 to 1 communication.

  • The CEDAR Rapid Content Management system enables clients to self-manage as much as 80% of their required changes themselves within a few hours while improving quality, cost, and compliance visibility. Over 1,000 changes are performed annually with one business analyst.
  • Client case studies show a cost per change going from a range of $3,000 to $20,000 to practically zero with lead times dropping from 90 days to 90 minutes. Clients have saved between $3-5M annually eliminating development cycles.
  • Communications are not only faster and cheaper but better. By using the standard on-demand tools all communications get enterprise standards applied and are also available for digital delivery options that are more secure and traceable to final delivery.

Want to learn more about how we supported this client’s strategy? Contact us 

Call Center Efficiency

A large wealth management client previously struggled with the cost and lead time to deliver PIN numbers to customers with urgent account needs. Customers would request a PIN and wait a week or more, calling in daily to check progress.

  • CEDAR was sent the data feed and composed a printed copy that was directly sent through an overnight carrier while storing a “sanitized version” in the archive for call center reps to know the PIN had been sent.
  • Our delivery tracking module was set up to include the overnight carrier tracking number linked directly to their tracking site so call reps could give a real-time update while reading the PIN to the customer.
  • Electronic delivery of email and SMS updates is a roadmap item to proactively prevent a call with a secure web/mobile messaging option available for more complex and sensitive transactions.

Core Replacement Acceleration and Vendor Consolidation

A large auto finance lender was faced with a replacement of their legacy core system and the myriad of vendors acquired over the years to do the wide variety of communications necessary in auto loan servicing.

  • CEDAR was able to replace 5 separate vendors doing communications services while simultaneously upgrading all services to match the flexibility and real-time services of the new core system.
  • Our services were superior to each replaced vendor on an individual basis, at a lower overall cost, with massively reduced system integration risk and time and giving our client “one source for the truth” in customer communications sent and received.
  • The lender’s core team went from concerns of adding the vendor consolidation scope to the project to being convinced that they would not have launched without our integration and technology capability.

Want to learn more about how we supported this client’s strategy? Contact us