Communication CX: Insights and Implications Annual study provides insights and pathways toward more profitable, engaging interactions
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Customer experience (CX) can drive higher retention, share of wallet, satisfaction and
profitability. The everyday communications you share are integral to the CX you deliver.
Based on findings from annual research commissioned by Broadridge, this report captures
how your customers feel about the communications they receive. It reflects on how perceptions
are evolving and offers suggestions for meeting challenges and surpassing expectations.
Incorporate these insights and strategies into your plans now—and transform your
communication CX into more profitable, productive interactions.
TABLE OF CONTENTS
Communications matter 3
Make a good impression 5
Start with digital 7
Optimize paper 9
Bridge print and digital 10
Treat data with care 12
Prepare for what’s next 13
Executive summary
AS A PROSPECT AFTER THE FIRST FEW INTERACTIONS OVER TIME
Banking Healthcare Banking Loans Loans Healthcare Investments Banking Investments
Utilities Telecoms Telecoms Health Insurance Health Insurance Health Insurance Insurance Insurance Insurance
CX and communications are linked in critical ways Service is important. But customers mostly rate your CX based on your communications—a fact that holds true
across age, gender, income level and education.
TOP 5 ATTRIBUTES OF COMPANIES THAT DELIVER EXEMPLARY CX
Five-star ratings for CX vary by industry. Financial Services and Healthcare providers more often receive five stars.
Allows me to select how I want to receive communications41%
Sends me notifications when there’s something important 42%
Communicates clearly46%
Easy to navigate my account online48%
Great customer service52%
SERVICE
COMMUNICATIONS
INDUSTRY LEADERS AND LAGGARDS
LEADERS
LAGGARDS
The following industries were included: Banking, Credit Cards, General Insurance, Health Insurance, Healthcare, Investments, Loans, Retirement Funds, Telecoms and Utilities.
COMMUNICATIONS MATTER
For many providers, there’s room for improvement. Most customers don’t give their providers five stars. However, there’s an increase in five-star ratings as customers move along their journey.
STRIVING FOR FIVE-STAR CX ALONG THE CUSTOMER JOURNEY
* Based on consumers’ perceptions of their most recent provider.
Percentage of customers awarding five stars*
25%As a prospect
39%Over time
34%After the first few
interactions
Five-star CX ratings along the customer journey*
H H H H H
H H H H H
H H H H H
H H H H H
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START BY LOOKING ACROSS YOUR DOCUMENTS Identify inconsistencies in look and feel, formatting, logos, language, and more.
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ARE YOUR DOCUMENTS THE ONLY PROBLEM?Technology and process hurdles can keep you from optimizing your communication CX. Consider how well you can handle versioning, personalization and customization. Look for ways to consolidate onto fewer platforms and technologies, reducing redundancies and streamlining workflows. From there, document an optimal future state and build a roadmap for incremental improvement toward that goal.
It’s time to take stock
A proactive audit of your communications
can help you recognize opportunities and
prioritize improvements.
COMMUNICATIONS MATTER
BROADRIDGE INSIGHT
1 OVERLAY FEEDBACK AND SUGGESTIONS from your customers and stakeholders on how you can enhance communication performance and CX.
3
FOCUS ON KEY COMMUNICATIONS that offer the greatest chance for improvement and impact, such as monthly statements.
2 PRIORITIZE NEXT STEPS to accelerate enhanced engagement.
4
>>> Getting started
Pick a document that feels “left behind,” one you can update fast without too many rounds of edits and red tape. Focus improvements on two key factors: A faster read and a more engaging look and feel. Then, test and learn.
>>>
Make a great first impressionFrom the moment you appear on a prospect’s radar, you’re being judged on the experiences you provide. Communication CX
can make or break a new customer relationship, impacting the strength and profitability of that relationship over time.
MAKE A GOOD IMPRESSION
ENROLLMENT: MOST IMPORTANT CX ATTRIBUTES
Onboarding is a crucial step in the customer journey — and clear communications top the list of CX must-haves.
Loans
58%
All products
49%
Healthcare
58%
All products
45%
The “most important” enrollment attribute rankings were consistent across industries, with a few exceptions.
FEWEST ENROLLMENT STEPSwas more critical for loan products
HUMAN INTERACTIONwas highest for healthcare accounts.
45%
37%
Clear communications
49%
49%
Helpful information to get me started
Fewest enrollment steps
Human interaction
Transparency around data usage
63%
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>>>
What it means to be clear
Consumers want information that’s quick to
read, easy to understand and focused on the
things that matter. “Clarity” is a combination
of these ingredients, calibrated for each
communication.
MAKE A GOOD IMPRESSION
BROADRIDGE INSIGHT
>>> It pays to be clear
72% of customers call customer service when they have a question about a bill or statement, at significant cost to the provider.
Broadridge has helped organizations achieve greater clarity in various ways.
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A global bank redesigned their investment proposals, adding easy-to-understand charts and graphs.
A consumer finance company upgraded their email design, increasing open rates by 65 percent and click-thru rates by more than 90 percent.
A broker focused on plain-language strategies, simplifying word choice and sentence structure for easier reading. In doing so, they reduced their Flesch-Kincaid Grade Level reading score by an average of three grades.
A retirement services company introduced a summary statement, providing investors with a snapshot of all their accounts and interactions.
A credit card provider redesigned and simplified a credit card statement framework, enhancing their overall CX. The new statements reduced call volume, lowered costs and improved satisfaction while cutting the number of custom-programmed statements by a factor of 10.
40% asked at signup
19% asked during their first
month with the company
11% asked after their first month
29% weren’t asked
71% of consumers were asked
to go paperless
Only
*As experienced with their most recent new provider.† The following industries were included: Banking, Credit Cards, General Insurance, Health Insurance, Healthcare, Investments, Loans, Retirement Funds, Telecoms and Utilities.
Who is leading the race to digital?
Banking leads in digitally distributing bills and statements, while Healthcare has been slowest to transition.
Digital Both Physical
BANKING
18%45% 37%
HEALTHCARE
Digital Both Physical
38%23% 38%
Who’s asking—and who’s not?
Health Insurance and Healthcare providers trail other industries in asking consumers to go paperless.
HEALTHCARE 58%
HEALTH INSURANCE 62%
CROSS-INDUSTRY AVG† 71%
Drive to digital from the start Many consumers prefer digital communications. In fact, 6 of 10 agree to go paperless with their newest providers.
You can save on postage and paper costs by capitalizing on customer preferences. But first, you need to ask.
START WITH DIGITAL
Paperless adoption rates could be higher if more consumers were asked—and asked before they establish a paper-based connection with their new providers. Only 71 percent of consumers report being asked to go paperless, and only 40 percent were asked to do so at signup (the balance were asked later).*
Missed opportunities
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Paperless post-enrollment
Entice customers to go paperless by focusing on the things that matter most.
Base: Switched to digital after enrollment (N = 1,716)
TOP REASONS CUSTOMERS SWITCH TO DIGITAL AFTER ENROLLMENT
23%
Digital-only experience has improved
30% Digital bills and documents are safer
20%
My provider reminded me to go paperless
27%
Environmental concerns
36%
Get too much physical mail
Paperless default?
Some companies today default to digital delivery, making customers opt-in (and sometimes pay) for paper bills and statements. Put your digital
foot forward
Asking is only part of a successful drive
to digital. You also must be equipped to
execute. Preference management solutions
can connect customer information across
disparate, siloed systems and help to
optimize CX across channels.
Use preference management solutions to empower customers to:
UTILIZE any print and digital options (e.g., web, text, email, mail)
SELECT their own optimal mix of paper or paperless by document type
MOVE seamlessly between physical and digital channels
CONTROL the use of their data throughout their journey
BROADRIDGE INSIGHT>>>
START WITH DIGITAL
MANY CUSTOMERS ARE ON BOARD
believe providers should automatically default to paperless delivery at account opening
42%
Focus improvements to your physical communications on the things that matter most
BROADRIDGE INSIGHT>>>
MANY CONSUMERS STILL WANT HARD COPIES
expect print communications to remain vital or important in 5 years51%
TOP REASONS CUSTOMERS WANT PRINT
Physical record
prefer to receive communications by mail 45%
EVEN MORE REPORT THAT PHYSICAL COMMUNICATIONS COULD DELIVER A BETTER CX
see room for improvement in their physical bills and statements 69%AND SOME CONSUMERS DON’T EVEN WANT TO HEAR ABOUT GOING PAPERLESS
agree CX would be better if their providers stopped asking them to go paperless28%
Ignore print at your own peril There’s a risk in focusing exclusively on digital, despite its momentum. Many
consumers still prefer physical delivery for at least some of their communications—
and will value them for years to come.
OPTIMIZE PAPER
59%Reminder to review statements and pay bills50%Way to review documents when and where convenient50%
Base: See printed communications as vital or important (N=2,017)
Base: Receive any bills and statements by physical mail (N=2,592)
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56%
“ I would go paperless if my providers just sent me a postcard reminder about my statements and bills.”
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Gen X (39-54) 43%
Millennials (25-38) 54%
Boomers (55-73) 19%
“ I want my providers to use QR codes more frequently so I can quickly access my printed communications digitally on my phone.”
Print and digital: Better together Print and digital aren’t opposing channels. Consider your communications holistically, then strategize on the impact to each
channel. For example, you may be able to leverage print to help consumers overcome objections to digital—while using digital to
reduce the volume of mail that paper lovers would otherwise receive.
BRIDGE PRINT AND DIGITAL
POSTCARDS COST LESS TO PRINT AND MAIL AND CAN SERVE AS VALUABLE REMINDERS FOR CONSUMERS
QR CODES ARE MOST POPULAR WITH YOUNGER CONSUMERS—AND THOSE THAT USE THEM OFTEN WISH THEY COULD USE THEM MORE
Strike a balance
Consider how you can improve both your
physical and digital communications.
BRIDGE PRINT AND DIGITAL
BROADRIDGE INSIGHT>>>
Print Consumers would like to see printed bills and statements include information summaries, cleaner layouts and clearer content.
Digital Consumers want the same improvements to their digital documents. Be sure to optimize design for each digital channel you’re using.
Look for opportunities to simplifyYour company may have hundreds, if not thousands, of different document templates. Look for ways to eliminate minor variations, streamlining production without sacrificing CX and personalization.
Sending shorter, summary statements can cut paper and postage costs, providing your mail-loving customers with the information they value most.
>>> As part of your communications review:
Imagine a more efficient use of paper Send a postcard reminder to take action rather than the full statement. Include a QR code so the customer can easily view the full statement on their phone. When customers opt-in to this new format, your paper costs will decrease while keeping paper-loving customers satisfied.
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WHAT DATA DO YOU NEED?
Ways to contact• Email • Mailing address • Mobile phone number
Engagement preferences• Mail • Email • Text • Web • Push notification
Digital opt-ins• Paperless communications• Summary statements• Autopay • Reminders and alerts
Support regulations that make it easier for them to control the personal data they share with companies
84%
45% Would be willing to share personal data if it enhanced the CX a company could provide them
Define your terms— and handle with care
BROADRIDGE INSIGHT>>>
Strike the right data balanceConsumers support legislation that helps them protect
and control their data. Regulations, such as the
California Consumer Privacy Act (CCPA), provide strict
guidelines for usage and handling of their information.
TREAT DATA WITH CARE
“ Personal data” can mean many things—from shopping behavior to social security numbers.
Be clear about the data you need, how you’ll use that data to improve the customer’s experience and how you’ll manage it over time.
Example: Instead of simply asking for a phone number, indicate that you want consent to send account reminders and alerts to their mobile number.
Sometimes you can gather all you need from the onset of the relationship. Other times, it’s most effective to start with less, then ask for additional pieces of information along the way.
Be thoughtful in how you use the data you receive, considering how it figures into your overall CX.
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of investors want more frequent, personalized summaries of performance, activities and recommendations59%
SUMMARY STATEMENTS
of consumers would like document delivery direct to their personal cloud services
40%50%+of consumers want to be able to manage bills by text
Here are some innovations consumers want now Emerging technologies, such as Conversational AI, are propelling communications to the next level.
As you prepare for new advances, there are several communication CX enhancements you can make today.
PREPARE FOR WHAT’S NEXT
TEXT MESSAGES CLOUD STORAGE
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>>>
Partner with a proven leader
Turn to Broadridge for more insight into
what matters to your customers—and the
solutions to deliver superior communication
CX. Broadridge helps its clients deliver
six billion data-driven, customer-centric
communications annually. From proven
technology and workflows to support for
cutting-edge omnichannel communication
innovations, we’ll help you execute with
total confidence.
PREPARE FOR WHAT’S NEXT
BROADRIDGE INSIGHT
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>>> Contact Broadridge today
broadridge.com/CXTrends2020 +1 (844) 889-4040
ABOUT THIS STUDYBroadridge commissioned Engine to conduct this CARAVAN Omnibus Survey. The 45-question survey was administered between November 6-13, 2019, to 3,006 U.S. and Canadian residents aged 25 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.
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This study is for informational purposes only and does not, and is not intended to, constitute investment, legal or any other advice of any kind.