The advancements in internet technologies and ease of accessibility by the consumers, the search and research process before initiating a purchase has changed dramatically. The consumers are more informed and utilize mobile technologies from making both short term and long-term commitments. While many businesses tend to provide their clients with access to a website or social media presence, the role of online communities have seen a considerable rise. Adoption of community-based platforms in the financial sector is intended to give customers a seat at the table, where they can easily voice their concerns and share experience, provide testimonials and give product feedback with other members of the community.
For organizations this becomes a viable approach to engage, nurture and build strong relationships with their customers within a single platform. The CeMD allows customers to seek assistance from trained sales agents and customer service representatives via open forums, allowing customer issues to be resolved quickly and reducing servicing cost as a result. The CeMD solution also supports generation of direct sales revenue where it establishes a virtual marketplace to promote and sell financial products as per community needs. With the level of data generated from CeMD strong insights into the brands customer base, feedback and expectations can be drawn allowing better development of new products and effectively satisfying the needs of the community members.