Discover how transforming your approach to regulatory communications can meet digital customers’ rising expectations and drive better business outcomes.
Customer experience is a key driver of business success. Our latest UK report examines how typical ‘experiences’ for customers receiving regulatory communications digitally, compare with more proactive, multi-channel approaches.
We used a mix of qualitative and quantitative research techniques to highlight both the internal challenges of delivering an effective digital customer experience, as well as the gaps for customers in driving positive outcomes.
Although they technically meet compliance requirements, often result in low engagement and poor customer experiences.
Every click between the email notification and the secure inbox reduced the likelihood of carrying out the call to action by 11%.
Most interviewees showed a deeply rooted attitude that if a message is important, their provider will send it to them by post.
This was true even of customers who expressed a preference for simple, self-serve app journeys. The perceived additional effort and cost of sending a letter is directly tied to the perception of how important a message is.
96% of interview respondents preferred the optimised experience
The multi-channel, multi-stage nudges were perceived as ensuring greater transparency of salient details and reducing reliance on content ‘hidden’ in the secure inbox.
Regulatory communications are entering a new era, driven by rising customer expectations and increasing regulatory pressure. Firms will need significant investment and effort, but the potential benefits include increased customer loyalty and satisfaction, as well as internal cost and time efficiencies.
Traditional approaches have been inward-looking, cost-driven and organised around product silos. Firms are now moving towards customer-outcome-focused communications and dismantling legacy processes.
Customer experience-focused communications teams will be central to this transition, providing leadership, training, best practice, tools and experience design across different areas of the business.
Firms are investing in integrated systems that make it easier to create, collaborate on and govern regulatory content, reducing the cost and risk of change while allowing firms to respond more quickly to customer needs.
Emerging tools can assess and categorise communications, connect individual touchpoints and journeys to specific customer outcomes, and provide better visibility for ongoing monitoring and improvement.
Discover how to transform your approach to regulatory communications for digital customers.