NEW
YORK, Feb. 9, 2022 /PRNewswire/ -- In the last
three years, the percentage of consumers that feel companies need
to improve their overall customer experience (CX) has jumped from
35% to 65%, according to global Fintech leader Broadridge Financial
Solutions, Inc. (NYSE:BR). Its fourth annual CX and Communications
Insights consumer survey examines how B2C communications impact CX.
With 77% of surveyed consumers willing to spend more with a company
that provides a good customer experience, companies must act now or
risk the financial impact of falling further behind their
peers.
"Communications play a key role in CX and while technology has
certainly made strides in customizing consumer touchpoints, many
companies are not responding fast enough to customer desire for
simple, clear and relevant communications," said Matt Swain, managing director for communications
and customer experience consulting services at Broadridge. "As
consumers increasingly turn to digital, expectations continue to
increase – especially when it comes to navigating omni-channel,
preference management, personalization and data security."
Personalization and Data Security Concerns Remain at
Odds
Consumers are becoming more accustomed to digital
engagement with companies, and as they do, they expect
personalization and customization in their communications. At the
same time, companies are challenged to earn mass trust in managing
the proprietary data necessary to enable a deeper level of
customization.
Nearly three-quarters (74%) want companies to customize their
experience based on what the company knows about them, and 63% are
more likely to engage and respond to interactive, personalized
messaging. More work needs to be done, however, with 60% of
consumers stating that the companies they do business with
specifically need to improve their digital experience.
Companies must consider both a more personalized digital
experience and offer increased data security, with 54% of consumers
noting that advances in digital identity security measures help
them feel more comfortable engaging digitally with companies. This
comes as about half of millennials (55%) and Gen Z (49%) would be
willing to share their data for a better CX, compared to 23% of
Baby Boomers.
2022: A Pivotal Year to Capture the Post-Pandemic
Customer
As the next normal takes root two years into
the pandemic, companies need to ensure they are providing engaging
digital interactions. With increased rates of digital adoption,
consumers are interested in the different ways companies can
communicate digitally. Technologies that consumers would most like
to see used in communications to improve the customer experience
include:
- Predictive analytics that send communications at the right time
based on expected needs (67%).
- Digital interactive documents with customizable sections
(67%).
- Artificial intelligence in customer service that helps answer
simple questions immediately (63%).
- QR codes on printed communications to scan and interact with on
their phone (56%).
Despite the pandemic-induced quicker shift to digital, 44% of
consumers still prefer to receive bills, statements and other
important documents in paper form and 90% believe they will still
prefer to receive at least some of those communications in paper
form three years from now. That said, this preference can be
influenced by providing a better digital experience. The research
showed that 71% of consumers that have not yet gone paperless would
do so if companies made their digital experience more engaging.
"To deliver on growing customer expectations for omni-channel
communication experiences, companies need a flexible, digital-first
ecosystem," said Doug DeSchutter,
president of Broadridge Customer Communications. "By connecting to
the multitude of digital channels that consumers use daily and
leveraging a high-scale, high-performance print-and-mail network,
our clients are unlocking new sources of economic value and
advancing their digital transformation."
For more information, view Broadridge's report, 2022 CX and
Communications Insights: Engaging Customers in a Digital World.
Methodology
Broadridge commissioned Engine to conduct
this CARAVAN Omnibus Survey. The 52-question survey was
administered between November 5-12,
2021, to 3,025 U.S. and Canadian residents aged 18 and
older. The U.S. data was weighted to age, gender, region, race and
education. The Canadian data was weighted to 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 (NYSE:
BR), a global Fintech leader with $5
billion in revenues, provides the critical infrastructure
that powers investing, corporate governance, and communications to
enable better financial lives. We deliver technology-driven
solutions that drive business transformation for banks,
broker-dealers, asset and wealth managers and public companies.
Broadridge's infrastructure serves as a global communications hub
enabling corporate governance by linking thousands of public
companies and mutual funds to tens of millions of individual and
institutional investors around the world. Our technology and
operations platforms underpin the daily trading of more than
$9 trillion of equities, fixed income
and other securities globally. A certified Great Place to Work®,
Broadridge is part of the S&P 500® Index, employing over 13,000
associates in 21 countries. For more information about us, please
visit broadridge.com.
Media Contact:
Marie Matta
Prosek Partners
+1 646-818-9106
mmatta@prosek.com
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SOURCE Broadridge Financial Solutions, Inc.