Consumers are inundated with information from companies that want – or already have – their business. Consequently, getting their attention to stand out in a competitive market requires a strong communications strategy.
Our 2022 study reveals that as digital adoption has continued to rise, so have consumer expectations concerning channel preferences, personalization, data security, and transparency.
Bottom line: Your customers want simple, concise, and relevant communications across channels.
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Engaging Consumers in a Digital World
Financial Services 2022 CX and Communications Insights
An omni-channel approach is crucial
to communicating with customers
Companies can’t simply sit back and assume digital adoption will happen; they need to improve the customer experience, as well as demonstrate tangible benefits to convince customers to go paperless.
Consumers are saying…
How customers would prefer to receive communications
“I get paper communication and that is the ONLY way I want to communicate, other than in person or via telephone.”
“I live online so everything should be online even though paper is good for storing.”
2022
2021
46
46
%
%
Only digital
2022
2021
22
23
%
%
Only paper
2022
2021
32
31
%
%
Paper + digital
2022
2021
41
41
%
%
Only digital
2022
2021
35
34
%
%
Paper + digital
2022
2021
24
25
%
%
Only paper
How customers
receive communications
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Improve the mobile experience
“Most of the companies I do business with need to…”
What is your level of agreement with the following statements?
“Fix the app or do away with it.”
“Don’t ask for information I have already given or continually request updates…”
“Make it easier to contact help support.”
More than half of survey respondents agreed that there was room to improve the customer experience across all channels.
There is still a lot of room for improvement
55
%
60
%
Improve the digital experience
69
%
Make it easy for me to interact across print, digital, and other channels
65
%
Improve the customer experience
When thinking about the companies that provide the best overall customer experience, respondents reported that leading companies were better at communicating clearly, providing an easy-to-navigate online account, and delivering superior customer service.
When it comes to customer experience, financial services firms are among the most – and least – likely to be cited as market leading. With customer expectations always rising, it is critical that firms continue to invest in improving their CX.
The gap between sectors
continues to grow
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Banking
56
%
Companies that provide…
Which types of companies that you do business with provide you with the best overall customer experience?
Leaders
Credit cards
31
%
Loans
13
%
Insurance
13
%
Companies that provide…
Laggards
Retirement services
12
%
A good experience creates more satisfied customers
of survey respondents indicated they would spend more money with a company that provides a good customer experience.
77
%
“I am likely to spend more money with the companies I do business with if they offer a good customer experience.”
75
%
Baby boomers
77
%
Gen X
81
%
Millennials
74
%
Gen Z
of respondents are more likely to engage and respond to interactive, personalized messaging than static messaging.
63
%
Consumers want and expect communications to be tailored to their needs.
Personalization and customization help drive the switch to digital
“When it comes to the communications I receive from the companies I do business with, it is important that my experience is customized based on what the company knows about me.”
Are you interested in reading our past CX and Communications research reports?
Our full 2021 report
Our full 2020 report
Our full 2019 report
65
%
Baby boomers
77
%
Gen X
82
%
Millennials
77
%
Gen Z
Download the full report
Our full 2021 report
Our full 2020 report
Our full 2019 report
“Make it easier for me to access my account, payment history, bill, options and more!!”
“Attach statements directly in the email instead of sending a link.”
Put Your Customers First
Your customers have opinions – and it will serve you well to design communications experiences with their best interests at heart! Create mechanisms to capture the voice of your customers and then act on the feedback that benefits the majority.
“I would prefer that we had more frequent communications online and in print.”
“Make it easier for me to access my account, payment history, bill, options and more!!”
“Attach statements directly in the email instead of sending a link.”
Put Your Customers First
Your customers have opinions – and it will serve you well to design communications experiences with their best interests at heart! Create mechanisms to capture the voice of your customers and then act on the feedback that benefits the majority.
“I would prefer that we had more frequent communications online and in print.”
2022
2021
2022
2021
2022
2021
41
41
%
%
Only digital
35
34
%
%
Paper + digital
24
25
%
%
Only paper