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Case Study – How a Top 5 Online Bank

Saved $4.7 Million Annually in Customer Servicing Costs

Challenge

  • Servicing costs increasing due to new account growth and rebranding
  • Large scale local printing, on-demand communications, and manual processes in operations
  • Changes to customer communications were too costly and time-consuming, averaging 140 days and $3,933 per change

Solution

  • Re-platforming enabled bank to self-manage personalized targeted content
  • Delivered high-volume welcome kits and tax forms electronically
  • Automated back-office manual fulfillment of letter and checks
  • Data leveraged to drive personalization, reconciliation, and customer analytics
  • Integrated separate systems into one platform enabling users to self-manage all communications without IT assistance, on demand, at no cost saving over $3M annually

Annual Savings

Annual savings of $2.9M for change costs; $1.8M for e-delivery, with most changes now being made on demand at no cost

Rebranding

Arrow in Target icon as a metaphor for Improved Digital CX - Group-1697@2x

Rebranded with significantly improved customer personalization and preferences

Self-Manage

Self-manage, track, and record over 1,200 changes across 30M communications per year

CEDAR is the best vendor we have.

Sr. Executive, Consumer Deposits & Strategy

Fortune 500, top 25 largest banks

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Learn why so many best-in-class financial services businesses choose CEDAR CX Technologies to elevate their customer communications management. Schedule a free demo with one of our CCM experts.