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BR (NYSE) 117.6 -0.24
SOLUTIONS & PRODUCTS INSIGHTS ABOUT US CLIENT SUPPORT | TALK TO US
BR (NYSE) 117.6 -0.24
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In the aftermath of 2020, consumers have raised the bar on what it takes to deliver a winning communications experience.
Our annual CX and Communications research breaks down the trends and what it means for financial services organizations looking to grow revenues as they accelerate the print-to-digital transformation.
Uncovering customer trends that matter most
Communications CX 2021
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Engagement is forever changed.
Agree that COVID-19 has changed how they engage with companies now and into the future.
56
%
Millennials
71
%
Gen X
62
%
Baby Boomers
43
%
The COVID-19 pandemic has fundamentally changed how I communicate and engage with the companies I do business with and will change how I communicate with them in the future.
More than half of customers agree that the COVID-19 pandemic has fundamentally changed how they engage with companies—and how they will communicate in the future.
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I have stopped doing business with a company because that business did a poor job of personalizing the experience.
28
%
Baby Boomers
51
%
Gen X
59
%
Millennials
59
%
Agree that most companies need to improve the experiences they deliver.
6 out of 10 consumers agree that most companies need to improve the experiences they deliver. What’s more: Many have stopped doing business with a company because that business did a poor job of personalizing the experience.
Customers say “good-bye” when personalized experiences fall short.
While some customers say they are locked into paper, 77% are likely to go paperless with companies that improve their digital experience.
Changing behavior requires a better CX.
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Why they like paper
Why they like digital
What they want in both
Why they like digital
Why they like paper
What they want in both
Which of the following represent the primary reasons you prefer to receive certain bills and statements digitally?
Convenience
Speed
Easier to track and manage
Declutters my physical space
In control of my experience
More personalized
48%
41%
37%
35%
20%
14%
Emphasize key value points as you promote your digital experience.
Which of the following represent the primary reasons you prefer to receive bills and statements in paper form?
50%
41%
30%
27%
23%
Want a paper record
Paper reminds me to pay bills
Easier to track and manage
Comfortable with physical paper
More likely to notice
Many customers receive at least some of their bills and statements in paper form. It’s important to design seamless print-to-digital experiences.
When it comes to the print and/or digital communications you receive from the companies you do business with, which of the following are most important to you?
46%
43%
31%
27%
26%
Use plain language
Summary of important items
Transparency into data privacy
Provide info on promotions
Personalize the experience
86% of customers want to manage their preferences for how, when, why and where companies communicate with them.
%
Anticipate what’s next in technology and customer demands.
The momentum is growing for personalization, video,
QR codes, cloud storage, text messaging and mobile apps.
of customers want companies to make it easy to interact across all channels.
84
to see how generational differences may impact your customer experience strategy.
to see how your communications can impact loyalty, revenue and upsell.
to see why preference management is more critical than ever.
Our 2021 report provides a clear picture of where customers are and where they’re going—and uncovers the three things financial services companies need to do to meet the moment.
Capitalize on the momentum.
ABOUT THIS STUDY
Broadridge commissioned Engine to conduct this CARAVAN Omnibus Survey. The 43-question survey was administered between December 3-10, 2020, to 3,000 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.
DOWNLOAD THE FULL REPORT TO LEARN MORE
How would you prefer to receive and access your bills and statements?
32% Hybrid of physical and digital
45% Digital only
23% Physical mail only
Customers have distinct delivery preferences.
Average Across Verticals
34% Hybrid of physical and digital
40% Digital only
27% Physical mail only
How do you receive and access your bills and statements today?
32% Hybrid of physical and digital
48% Digital only
20% Physical mail only
How would you prefer to receive and access your bills and statements?
35% Hybrid of physical and digital
45% Digital only
21% Physical mail only
How do you receive and access your bills and statements today?
Financial Services Data (including retail banks, credit cards, loans, retirement and investments)
SOLUTIONS & PRODUCTS INSIGHTS ABOUT US CLIENT SUPPORT | TALK TO US
BR (NYSE) 117.6 -0.24
SOLUTIONS & PRODUCTS INSIGHTS ABOUT US CLIENT SUPPORT | TALK TO US
BR (NYSE) 117.6 -0.24
Download the full report
to see how generational differences
may impact your customer experience strategy.
The COVID-19 pandemic has fundamentally changed how I communicate and engage with the companies I do business with and will change how I communicate with them in the future.
43
%
Baby Boomers
62
%
Gen X
71
%
Millennials
56
%
Agree that COVID-19 has changed how they engage with companies now and into the future.
Download the full report
can impact loyalty, revenue and upsell.
to see how your communications
I have stopped doing business with a company because that business did a poor job of personalizing the experience.
28
%
Baby Boomers
51
%
Gen X
59
%
Millennials
59
%
Agree that most companies need to improve the experiences they deliver.
Download the full report
to see why preference management
is more critical than ever.
Why they like digital
Why they like paper
What they want in both
Which of the following represent the primary reasons you prefer to receive certain bills and statements digitally?
48%
41%
37%
35%
20%
14%
Convenience
Speed
Easier to track and manage
Declutters my physical space
In control of my experience
More personalized
Emphasize key value points as you promote your digital experience.
Why they like digital
Which of the following represent the primary reasons you prefer to receive bills and statements in paper form?
50%
41%
30%
27%
23%
Want a paper record
Paper reminds me to pay bills
Easier to track and manage
Comfortable with physical paper
More likely to notice
Many customers receive at least some of their bills and statements in paper form. It’s important to design seamless print-to-digital experiences.
Why they like paper
When it comes to the print and/or digital communications you receive from the companies you do business with, which of the following are most important to you?
46%
43%
31%
27%
26%
Use plain language
Summary of important items
Transparency into data privacy
Provide info on promotions
Personalize the experience
86% of customers want to manage their preferences for how, when, why and where companies communicate with them.
What they want in both
32% Hybrid of physical and digital
48% Digital only
20% Physical mail only
How would you prefer to receive and access your bills and statements?
35% Hybrid of physical and digital
45% Digital only
21% Physical mail only
How do you receive and access your bills and statements today?
Financial Services Data (including retail banks, credit cards, loans, retirement and investments)