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How banks can transform CX today

Consolidating data management and communications platforms makes it easier to execute best practices and proven strategies.

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The pandemic brought communication fatigue to a whole new level. With consumer inboxes are full of companies vying for attention, it’s hard to break through the noise. So, how can banks create digital interactions that meet the needs of tomorrow’s customers?

Broadridge recently surveyed 3,000+ North American consumers in our 2022 CX and Communications Insights survey to understand what matters most to consumers and what they expect from the businesses they work with.

The good news is that the banking sector scored highest in consumer sentiment, with 56% saying that their bank provides the best overall customer experience (compared to only 13% saying the same for their insurance provider and 12% for their retirement services firm). So, clearly many banks are doing something right.

Nevertheless, there’s still plenty of room to improve. Drawing on the latest research, here are two priorities that can help banks deliver the experiences their customers expect.

Use data to take personalization to the next level

The vast majority of consumers agree that they expect a personalized experience based on what the company knows about them. This is especially true of younger generations: 82% of millennials and 77% of Gen Z say they want more personalization. These expectations will only increase as younger customers start banking more.

Creating personal connections is an important growth lever and can help strengthen long-term loyalty. Our 2022 Digital Transformation and Next-Gen Tech survey found that only 4% of retail banks had reached an advanced stage of adoption of micro-personalized marketing and communications that are unique to each user.

When we talk about personalization in digital communications, we mean relevancy—offering content and information that is contextual, timely and directly responsive to customer interests at that moment in the journey.

Sound data management requires consolidating data across multiple lines of business to achieve a holistic view of every customer. Armed with a single customer view, it’s much easier to map the customer journey—and deliver omnichannel communications. In turn, you can create more cohesive experiences and speak with one voice across all products and services. By applying business rules and “if/then” logic, you can also automatically trigger communications based on customer behaviors.

In short, consolidated data helps ensure you’re always using the latest insights to drive relevant customer interactions and delivery of contextual omni-channel communications.

Prioritize seamless omnichannel experiences

In the banking industry, nearly one in five customers still value paper communications. This suggests there are lingering doubts to the benefits of going digital. If customers aren’t confident that you can deliver a hassle-free digital experience, they’re less likely to opt for paperless.

Perhaps most telling, roughly two-thirds of consumers believe the “companies I do business with need to make it easy for me to interact across print, digital, and other channels.” In an industry where paper bills and statements are common, advancing digital adoption requires creating more engaging, interactive experiences – ones that paper simply cannot deliver.

So, how do you demonstrate the ability to offer rewarding, relevant experiences across any channel? Use print communications to transition toward digital channels.

For example, QR codes on print communications can serve as a gateway to a digital experience. From paper statements, customers could launch a mobile-optimized microsite where they can learn more about a product or take the next step. Each digital leap builds trust. When you deploy communications from a single platform, it’s much easier to create a unified and synchronized customer experience, especially for multi-product customers.


Personalization: Opportunities, challenges and trends

Customer experience: A high-return digital investment

Harnessing big data to personalize banking

Are you listening to the voice of your customers?

Personalized banking is all about the customer journey

Innovation in CX and communications is about simplifying operations and execution. Most of the key technologies already exist—and they’re proven to work. Unfortunately, many banks are encumbered by complicated, legacy ecosystem that hold them back. Our digital transformation survey found that about half are still only at the early stages of modernizing their IT platform.

Ultimately, front-office excellence relies on back-office transformation. Consolidating data management and communications platforms makes it easier to execute best practices and proven strategies. If operations are complicated on your end, you can expect that it’ll be complicated for customers as well.

But the inverse is also true: If it’s simple for you, it’ll be simple for your customers.

Dave Zamorski is general manager for digital solutions, customer communications at Broadridge.