Regulatory Constraints for Business Communications in 2025
With all of the communications possibilities available in the future, businesses will most certainly have a complex mix of regulations to follow. As communications channels grow, product and service owners will be focusing on better messaging. And regulators may use incredible amounts of force to slow down transactions or interactions on new channels.
The Need for Data Protection
Personal data security will be a powerful regulatory force as an increasing number of touch points exponentially increases the chance of a breach that could negatively impact a customer or prospect’s life. Technology exists today to ensure privacy, but it is not commonplace in many services because it affects ease of use and increases the costs of delivery.
Conducting Business Across Multiple Channels
Finance, insurance, healthcare and telecommunications companies will strive to keep up with regulations on core aspects of the very services they provide in addition to regulations requiring clarity and consistency in communications. With communications form factors tending towards the smaller and faster, simple updates to complex terms and conditions will become staggeringly difficult to realize. It is hard not to imagine that consumers will have to go to multiple channels to conduct business, make purchases, research benefits, and understand terms of service. By 2025, regulatory agencies may likely require cross-channel consistency standards to prevent consumer frustration.
For example, if a new microblogging channel takes off that sells insurance for devices on a network, the entire terms and conditions probably need to be available on a channel that supports display of that information. This combines with the need for powerful archiving capabilities that will archive items that were available to the user on a variety of channels, but that the user neglected to review.
Delivering Customer Communications
Businesses structured to communicate across multiple channels without organizational silos will better be able to meet regulatory challenges. By ensuring that all critical IT systems can move data and content up to the communications design process, communications can be pushed to the correct formatting utility, ultimately delivered to the customer, while being effectively captured, stored and reported to regulatory agencies.
The Right Technology Choices
In order to thrive in 2025, businesses will have to approach communications as an interdisciplinary competence. The technology choices made today should be considered in the light of the future of communications from many perspectives. The customer communications projects of 2025 depend on the choices you make now.
A Focus on the Customer Experience
You can start by creating an organization that is centered around customer experience, understanding that the customer is impacted by every interaction with your brand. Many of these interactions are beyond your control, so you need a business that respects the data, time and privacy of your customers. Consider how new technologies in the area of Customer Experience Management, Customer Engagement Management, and Customer Journey Mapping can combine with your Business Intelligence and Data Analytics investments to deliver powerful results in the short term.
Content, Data and Compliance
It will certainly be challenging to handle customer communications in 2025. You will have to manage a dizzying matrix of ownership over content, data and compliance. You will have to always support the latest technology, along with some old technology. You will balance regulatory constraints with service innovation. But, with the right attitude and perspective, this is possible. And it’s easier if you start today. After all, the future is only a few upgrade cycles away.