NEW YORK, Feb. 19, 2019 /PRNewswire/ -- Broadridge
Financial Solutions, Inc. (NYSE: BR), a global Fintech and
customer communications leader, today released a study revealing
that personalization in communications is significantly impacting
customer loyalty. Over one-third (35 percent) of 3,004 consumers
surveyed in the U.S. and Canada
say that the companies they patron need to improve communication
experiences. Moreover, one in four (25 percent) have stopped doing
business with a company specifically due to poorly personalized
communications. This grows to one in three (35 percent) among
Millennials.
![Broadridge Financial Solutions, Inc. survey captures communications impact on customer experience Broadridge Financial Solutions, Inc. survey captures communications impact on customer experience](https://mma.prnewswire.com/media/822748/Broadridge_Consumer_Trends_Survey_Infographic.jpg)
"Consumer expectations have changed dramatically in the digital
age and brands need to increasingly look to engage their customers
in meaningful ways," said Matt
Swain, managing director and practice lead for
communications consulting services, Broadridge. "Essential
communications, like bills and statements, offer a unique, yet
often underutilized, opportunity to provide a personalized
experience for customers. This can do more than build brand
loyalty, it can also drive the bottom line."
Interestingly, the survey found one-in-five consumers has
purchased a new product or service because they received a message
in a bill or statement, a significant conversion rate and
opportunity for companies to deepen customer relationships.
Digital Adoption Hinges on Quality Communication Experiences,
Especially Mobile
Broadridge found that most consumers (69 percent) are likely to
convert to paperless if providers make digital experiences more
engaging. In fact, if a company's mobile device experience is poor,
more than half (57 percent) of respondents said they'd be less
likely to go paperless. That said, most consumers (62 percent) have
converted at least one bill or statement to paperless delivery
within the last year, with Millennials and households with children
leading the migration.
"Companies recognize that digital communications are attractive
because they can reduce operational and call center costs by
creating more self-service experiences for customers; but,
consumers now demand digital experiences that are far better than
print. They want personalized digital communications that deliver
real value," said Swain. "We help companies transform their
businesses by enriching customer engagement and optimizing
efficiency."
While digital transformation in billing is trending upwards,
half (50 percent) of consumers say that printed bills and
statements are important or vital to them, and one-third (34
percent) believe that print will maintain this importance to them
over the next five years. If companies ceased mail
communications and completely converted customers to digital
channels, this would upset or annoy 49 percent of Baby Boomers –
and even 38 percent of Millennials.
New Technology Brings New Conveniences for Digital
Converts
As the digital landscape evolves, companies should look to
introduce next-generation technologies to the communication
experience. Broadridge's survey results indicate that consumers
already prefer to receive payment-due reminders via email and text
message rather than by physical mail. Millennials, 30 percent of
whom have missed a payment due date in the last 12 months, prefer
to receive payment reminders via text, email or mobile app
notifications.
Looking at new technological capabilities, more than one-third
(36 percent) of consumers want to view bills and statements in one
digital location – a key advantage of personal cloud storage, like
Google Drive and Dropbox. Responses suggest that consumers like
cloud channels due to the convenient location/access, the ability
to create an overview of monthly expenses and investments, and the
ease it allows to predict future expenses.
Broadridge found that in the next wave of communications,
consumers would be interested in customizing the layout of their
bills and statements themselves, incorporating touch ID and facial
recognition into mobile experiences, leveraging AI in customer
service to get more immediate responses to simple questions, and
adding personalized informational videos in digital
communications.
Visit
https://www.broadridge.com/report/annual-customer-experience-and-communications-trends-survey to
view a summary of the study results. For more information about how
Broadridge supports customer communications, please
visit www.broadridge.com/resource/broadridge-communications-cloud.
Broadridge provides communications, technology, data and
analytics solutions to help clients drive business transformation,
enrich client engagement, optimize efficiency and generate revenue
growth. Its essential communications services reach 80 percent of
North American mailboxes on behalf of more than 5,000 brands each
year. Broadridge helps clients across industries create more fluid
omni-channel experiences designed to increase communications
clarity, engagement, and digital adoption.This research is the
latest in its effort to help clients better understand consumers
and gain insight into customer communication preferences.
Methodology
Broadridge Customer Communications commissioned Engine to
conduct a CARAVAN Omnibus Survey. The 53-question survey was
administered between November 29 and
December 6, 2018 to 3,004 U.S. and Canadian residents ages
25 and older. The sample was weighted to current U.S. and Canadian
Census data for age, gender and region. The figures are
statistically significant at the 95 percent confidence level with a
margin of error of ±2 percentage points.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global Fintech leader and part of the
S&P 500®, is a leading provider of investor communications and
technology-driven solutions to banks, broker-dealers, asset
managers 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 50 percent of public companies and mutual funds globally, and
processes on average more than US $5
trillion in fixed income and equity trades per day.
Broadridge employs over 10,000 full-time associates in 18
countries.
Media:
Cindy Engman
Prosek Partners
+1 646-818-9281
cengman@prosek.com
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SOURCE Broadridge Financial Solutions, Inc.