The importance of meeting the demands of digital-first consumers grows as technology advances. Online user experience (UX) should be a key component of your core strategy for developing a differentiated consumer experience through digital transactions and communications.
There are some key communication trends and strategies to implement as you work through how to reach your audience through the mediums and channels they expect.
1. Social messaging is taking over
Sixty-two percent of millennials are more loyal to brands that engage them via Over-the-Top (OTT) and SMS messaging. Millennials, as well as other generations, want and expect the personal touch and collaboration that one-on-one communication allows.
Many businesses are already placing ads on social media networks and other websites, allowing users to click and instantaneously be directed to a chat window with the brand. With your business-critical communications, you can implement a few strategies to capitalize on this movement, such as live chat features between customers and your organization, as well as providing direct links to popular social media platforms to enable quick sharing of information.
2. Mobile functionality is required
Mobile functionality is no longer optional in today’s world as consumers use smartphones for shopping and online research. This means mobile responsive websites and communications are necessary in order to meet consumer expectations.
Leading organizations in the retail and other industries are already implementing location-based offers and sales messaging through mobile devices. Take advantage of this trend by selling affiliate advertising or offering your own deals on your ePresentment platform. If your customer communications vendor is up-to-date on the latest technology, they can help you implement these important location-based offers and sales messaging to your customer base.
3. Customization and personalization are expected
Seventy-three percent of consumers prefer to do business with brands that use personal information to make their shopping experiences more relevant, according to Digital Trends. When done correctly, using personalized marketing in your digital and print business-critical documents can help you effectively reach your customers and yield a higher ROI. In addition to revenue opportunities, personalized document marketing can help create a better customer experience by delivering content unique to an individual’s specific needs. The best part? There are no additional costs because your customer documents are already being delivered.
4. Self-service is necessary
Organizations should ensure that customers are able to find answers to their questions using an assortment of self-service options, as fifty percent of customers think it is important to solve product or service issues themselves and 70% expect a company’s website to include a self-service application. Make the most of your customer communications by adding self-service website links to both print and electronic customer facing documents. This will not remove the need for a call center, but it will reduce call volumes AND make your customers happier because they can find answers on their own.
Interested in learning more about how to maximize your business-critical communications? Click here to contact us.
Mortgage servicing has come a long way since the foreclosure crisis, but the housing market's ongoing recovery has opened the door for many new challenges to emerge. Chief among those concerns is a renewed focus on improving the borrower experience due to the fact that the Consumer Financial Protection Bureau (CFPB) has made borrower satisfaction one metric it will use to determine whether a business is fulfilling its obligations to consumers.
Whether you are overcoming challenges in managing mortgage servicing rights transfers or the portfolio retention and organic growth strategies necessary to sustain a profitable business, most servicers are taking a much-needed hard look at their full range of borrower touchpoints.
Here are three ways to improve your borrower communications:
1. Offer multichannel correspondence. The trend in accessing consumer communications is swinging heavily toward online use. In fact, Walker Information estimates that by 2020, the typical borrower will manage 85% of their relationship with financial institutions without human interaction. With new digital lending applications appearing daily, borrowers have fast and easy access to apply for a loan that meets their needs. This means that engaging with borrowers online and through different channels is important now more than ever.
2. Make it easy and personal. In order to stay in the game, it is a necessity to create easy, personalized correspondence that not only lets borrowers know they aren’t just a number, but also keeps them engaged. Think online loan applications that are pre-populated with borrowers’ personal information.
3. Provide fast and accurate document viewing. Communicating solely via print and mail is not going to cut it in today’s world. In order to improve borrowers’ trust and keep them informed of their loan status and other information, it is necessary to provide secure access to exact replicas of all of their loan documents online. Many businesses now upload all necessary documents to an online portal where borrowers can access their information anytime, anywhere.
In order to keep up with borrower demands and satisfy compliance standards, it is necessary to keep borrower communications top-of-mind. To learn more about how you can improve your borrower communications, click here.