LAKE SUCCESS, N.Y.,
Dec. 13, 2017 /PRNewswire/
-- Broadridge Financial Solutions, Inc. (NYSE: BR), a global
fintech leader providing communications, technology, data and
analytics solutions, today released findings from the Broadridge
Consumer Trends Survey, identifying key consumer trends, behaviors
and engagement habits around consumer statements and bills. The
survey findings highlight the need to modernize and transform
statements and bills from static documents to dynamic engagements
that meets today's consumers' expectations.
Broadridge surveyed more than 1,000 consumers across the country
and found most respondents want a streamlined digital engagement
experience with companies. Consumers look for ease-of-access to
information, personalized offerings, tailored discounts and
flexible archival options.
- Digital hubs are the next frontier for bills and
statements - A majority (64 percent) of respondents are open to
using a centralized digital hub (i.e., Amazon Drive, Dropbox,
Evernote, or online banking platforms), but most (47 percent) are
unaware of the available options. Centralized digital hubs are
easy-to-use online location that provide a consumer access to
numerous points of contact with a single digital identity.
- Personalized recommendations and advertisements -
Thirty-nine percent of consumers would like better visibility and
recommendations into ways they can decrease the amount of their
next bill or statement, and many consumers are open to engagement
with advertisements on bills and statements.
"Bills and statements are key monthly customer touchpoints that
should be personalized and tailored to each consumer," said
Rob Krugman, Chief Digital Officer
at Broadridge. "With existing and emerging technology, companies
can make bills and statements more targeted, dynamic and
meaningful. This win-win situation provides consumers with the most
relevant information that reflects their preferences and helps
companies drive revenue, digital adoption rates and brand
loyalty."
The Broadridge Consumer Trends Survey also highlighted today's
consumer behaviors and ways brands can use their bills and
statements to drive consumer engagement:
- 60+ seconds vs. 8 seconds - While a 2015 Microsoft study
indicated the average attention span of an American adult is less
than eight seconds, Broadridge discovered 97 percent of consumers
spend at least one minute looking at bills and statements each
month. In fact, 55 percent spend 5-10 minutes reviewing their bills
and statements.
- Eye balls and engagement - Among consumers who spend 10
minutes or more with their bills and statements, 67 percent notice
advertisements on their bills and statements. Fifty-seven percent
of this group (37 percent of total consumers) were motivated to
sign up for a new service or purchased a product within a year
based on the advertisement placements.
- Digital tools on the rise - Fifty-one percent of
consumers use emails and texts as reminders to prompt
bill/statement review and/or payment – even if they receive a paper
bill or statement.
As a part of its effort to enhance and transform consumers'
experience with statements and bills to be a dynamic engagement,
Broadridge – which delivers communications to 80 percent of North
American households on behalf of more than 5,000 brands – recently
conducted a six-week prototyping competition with client experience
designers, engineers, data scientists and engagement
strategists from top digital agency, Huge. The goal was to design
an optimal communications experience for the year 2025.
The following market demands shaped Broadridge's final design
concepts from the competition, which you can view at
www.Broadridge.com/Future:
- Communications should feel like a service, not a transaction
– The first concept is an integrated digital "personal
assistant" to aggregate statements and bills and help consumers
manage their financial lives.
- The growth of digital does not mean the end of paper –
The second concept combines the print and digital statement and
bill experience. A small chip could be all it takes for a consumer
to use traditional paper bills to seamlessly connect with digital
management options.
- Successful communications are designed with the consumer in
mind – The final concept lets brands work together to support
the consumer's financial well-being Working together on a
centralized, data-driven hub, brands can provide financial
management tips when consumer circumstances change.
For more ways brands can improve connections with customers,
visit www.broadridge.com/cloud.
Survey Methodology
The survey gathered online responses over the course of two
weeks in September 2017, from more
than 1,000 consumers across the United
States. The online questionnaire, which balanced a split
between digitally savvy and non-digitally savvy individuals,
measured demographic subgroups upfront to ensure a significant
sample size for statistical validity.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE:BR), a $4 billion global fintech leader, provides
investor communications and technology-driven solutions for
broker-dealers, banks, mutual funds and corporate issuers globally.
Broadridge's investor communications, securities processing and
managed services solutions help clients reduce their capital
investments in operations infrastructure, allowing them to increase
their focus on core business activities. With over 50 years of
experience, Broadridge's infrastructure underpins proxy voting
services for over 90 percent of public companies and mutual funds
in North America, and processes
more than $5 trillion in fixed income
and equity trades per day. Broadridge employs approximately
10,000 full-time associates in 16 countries.
For more information about Broadridge, please
visit www.broadridge.com.
Media Contacts:
Gregg Rosenberg
Corporate Communications
+1 212-918-6966
gregg.rosenberg@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.