The 5th Annual Broadridge CX and
Communications survey uncovers correlation between consumer demand
for an elevated communications experience and companies' abilities
to retain customers.
NEW
YORK, Feb. 15, 2023 /PRNewswire/ -- Consumers
are making drastic cutbacks on their spending habits, with nearly
two-thirds (65%) cutting spending with companies that don't meet
their CX standards amid ongoing economic uncertainty, according to
the latest CX and Communications Consumer Insights survey from
global Fintech leader, Broadridge Financial Solutions, Inc.
(NYSE:BR). The 5th annual survey analyzes ways for companies to
prioritize every aspect of CX and communications to provide more
value, convenience and personalization, which in turn impacts
customer loyalty and the bottom line.
The proof is in the research: 69% of consumers want companies to
improve their customer experience – a significant increase since
2019 (35%). What's more, 61% of consumers claim to judge a
company's innovativeness based on the communications it sends.
"As we face continued economic volatility, it has never been
more important for companies to consider the critical role that
communications play in how consumers perceive their overall
experience with businesses," said Matt
Swain, head of communications insights and experience at
Broadridge. "With consumers increasingly signaling that companies
need to improve their CX, investments in communications technology
and innovation are critical for our clients to improve customer
loyalty, personalize experiences at scale, and advance digital
engagement."
Innovating for the Future of
Communications
As technological innovations continue across industries,
consumers are becoming increasingly savvy at determining which
companies are falling behind the experience curve. Communications
play a central role in CX, with this research showing that despite
making their demands known, it's clear that companies are not
meeting consumers' expectations.
Ignoring fundamentals of a good CX can
impact consumer loyalty. More than two-thirds (69%) of
consumers would look elsewhere for similar products or services
after two or three negative experiences with a company. Research
found that companies that offered the best experience are doing the
following:
- Making it easy to navigate account details online (43%)
- Communicating clearly (43%)
- Allowing customers to select how they want to receive
communications (25%)
Personalization is non-negotiable. Over half
of consumers (54%) have stopped doing business with a company due
to a poor job personalizing the experience. This is especially true
for Gen Z (63%) compared to Boomers (45%).
To improve the digital experience, 74% of consumers prefer to
receive a more personalized summary that provides an update on
performance related to their goals, key activities,
recommendations, and relevant links. This is up 13% since 2021 –
establishing a clear trend toward increased demand for a reimagined
experience. Furthermore, if companies made the digital experiences
more engaging, 82% of consumers would go paperless – up 11
percentage points from 2022.
While appetite for digital grows, consumers expect more
out of these experiences. Sixty-five percent of
consumers want the companies they do business with to improve the
digital experience – up five percentage points from 2022. The
demand for customization continues to rise, with four in five
consumers (81%) stating they want providers to customize their
experience based on what the company knows about them.
Leveraging Digital Improvements to
Build Trust
With an increased focus on all things digital, some customers
are conflicted with their preference for digital convenience and
concern for personal data. For instance, 42% of consumers have
stopped doing business with a company because of a hack that
exposed customer data. Over two in three consumers (68%) have lost
trust in a company after a poor experience or communication.
Digital and trust go hand in hand. When it
comes to the most important feedback consumers would give
companies, nearly one in three (31%) say to be more open with how
they are protecting consumer data and privacy. Sixty-two percent of
consumers agree that advances in digital-identity security
measures, like Face ID and PIN codes sent via email or text, would
make them more likely to engage digitally with companies.
"Five years into this survey, we see trends that are proving to
be absolute, including the need to create more engaging digital
experiences," said Doug DeSchutter,
president, bank broker-dealer and customer communications at
Broadridge. "We've invested in next-gen technology and reimagined
the communications experience to meet consumer expectations. By
creating a modern, secure, digital-first communications platform —
one that satisfies data insights, regulatory compliance and
omni-channel preferences — companies can deliver a cutting-edge
customer experience."
For more information, view Broadridge's full report here:
https://www.broadridge.com/cx-comms-insight-2023.
Methodology
Broadridge commissioned Big Village to conduct this CARAVAN
survey. The survey was administered between October 28 – November 7,
2022 to 4,014 U.S. and Canadian residents aged 18 and older.
The U.S. data was weighted to age, sex, geographic region, race and
education. The Canadian data was weighted to age, sex, and
geographic region. The figures are statistically significant at the
95 percent confidence level with a margin.
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech
leader with more than $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 U.S. $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 14,000
associates in 21 countries.
For more information about us and what we can do for you, please
visit www.broadridge.com.
Media Contact:
Marie Matta
Prosek Partners
+1 646-818-9106
mmatta@prosek.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/companies-are-striking-out-with-customers-why-cx-is-pivotal-to-customer-retention-and-where-companies-are-falling-short-301746093.html
SOURCE Broadridge Financial Solutions, Inc.