In yet another finding that shows people fear loss of privacy, 84% of consumers support regulation that make it easier to control the personal data they share with companies, according to Communication CX: Insights and Implications, a study by fintech service Broadridge.
Yet 45% are willing to share data if it enhances the customer experience they receive. And 59% say they want more frequent personalized summaries of performances, activities and recommendations.
It’s a fine line to walk, and few brands are doing it well, judging by these findings.
Only 39% of consumers give companies five stars for the experience throughout the customer journey, versus 34% alter the first few interactions and 25% at the prospect stage.
Banking is among the best sectors at the prospect stage, and it continues over time. Insurance is one of the laggards at all stages.
Broadridge surveyed 3,006 consumers in the U.S. and Canada. Overall, it found that transparency and clarity are paramount in consumers' minds.
Great customer service is desired by 52% (a seemingly low number). In addition, people want these communication attributes:
This proves that brands need strong transactional email systems.
Email remains a primary way to send triggered communications. The study cites a consumer finance company that upgraded its email design, increasing its open rates by 65% and click-through rate by more than 90%.
That said, 50% of consumers want to be able to mange bills by text.
At the onboarding, consumers demand:
Also, 49% want fewer enrollment steps. And when it comes to applying for loans, 58% want fewer steps.
Meanwhile, brands — and customers — are contending with the switch to digital.
Of the consumers polled, 71% have been offered the chance to go paperless, most often at signup — 40% were asked at that stage. Another 19% were asked during their first month with the company, and 11% were asked after the first month. But 42% believe paperless should be the default.
Banking leads the way in going all digital, while healthcare brings up the rear.