Firms in the services sector – and financial services companies in particular – have a distinct opportunity to increase client loyalty by creating comprehensive customer communications management programmes, according to a new study.
“One of the challenges financial services firms face is figuring out how to differentiate themselves from one another,” said Adam Honore, of independent analyst firm Aite Group.
Honore said: “The way customers are currently being marketed to doesn’t necessarily capture the relationship aspect of the financial advisor to the customer. You have to figure out a different way to reach your customers and capture their attention. Our research indicates that customised correspondence is increasingly viewed as an effective differentiator.”
The independent study covered over 500 people in two survey groups. The first was made up of investors in the US within five years of pre- or post-retirement. The second included technology executives at financial services firms.
According to the study, standards of service is the top reason customers decide to change firms. Customer correspondence, including letters, e-mails, notices, alerts and confirmations, are vital elements of providing quality service. More than half of investors surveyed rated their ability to understand communication between themselves and their firms at or below average.
One-third of the technology executives surveyed, including CIOs, rated document solutions as one of their top five priorities. Nearly three-quarters considered personalisation and customisation as important or essential, while half indicated speed of document generation as important or essential.
The results of the study point to the importance financial services firms are placing on document solutions. Additionally, because of stringent auditing requirements in the financial services sector, compliance and control remain of paramount concern.
“This study quantifies the urgent business need, from both the client and service provider perspective, for comprehensive customer communications management,” said EMC’s Douglas Winter.
Winter added: “Our customers tell us applications that enable the creation of on-demand personalised correspondence, such as client pitch-books, real-time statements and customised marketing materials, are crucial business drivers in today’s competitive marketplace. This study reinforces those observations, and we hope it will assist companies in choosing the tools they need to improve customer relationships as well as retain high-quality personnel.”
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