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Greg Cholmondeley

Navigating the Future of Financial Communications: A Guide for Communication Providers

Insights and opportunities from the 2023 CCX Consumer Survey

Mar 13, 2024 8:00:00 PM


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In the swiftly evolving landscape of financial communications, staying abreast of consumer preferences isn’t just good practice—it’s a necessity for survival and growth. The 2023 Customer Communication Experience (CCX) Consumer Survey Transactional Analysis offers a treasure trove of insights backed by data that can help print and digital communication providers tailor their offerings to meet the nuanced demands of today’s financial institutions.


As providers in the thick of this transformative era, your role in bridging the gap between financial institutions and their customers has never been more crucial. Let’s delve into the key findings and explore how you can leverage these insights to enhance your services and drive innovation.


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Understanding the Consumer Pulse

The survey sheds light on a critical aspect of financial communication: the balancing act between digital and physical preferences. With younger demographics skewing towards digital and older consumers showing a penchant for paper, the message is clear—flexibility and customization are paramount. This trend presents a unique opportunity for providers to craft solutions that cater to a broad spectrum of preferences, ensuring that financial institutions can address the needs of their diverse customer base effectively.


The Digital Dilemma and Physical Appeal

While the digital revolution continues to march forward, the survey highlights a notable resistance among certain segments of the population towards fully embracing digital-only communications. QR codes and HTML statements (for instance) have not seen widespread adoption, pointing to a hesitancy that providers must navigate carefully. On the flip side, the enduring appeal of paper statements among older demographics underscores the continued relevance of print communication services. This persistence of physical mail preferences, especially in the context of banking statements, suggests that print communication providers have an ongoing role to play in the financial ecosystem.


Brokerage Insights: A Sector Embracing Digital

The brokerage sector exhibits a more pronounced shift towards digital communication, with most consumers preferring digital-only statements. This trend is a call for digital communication providers to intensify their focus on the brokerage market, developing as well as refining platforms and services that enhance the digital delivery of financial information. Yet, the preference for a combination of digital and paper statements among high earners signals an opportunity for a synergistic approach, blending the strengths of print and digital mediums.


Strategic Recommendations for Providers

  • Adaptability Is Key: Develop and offer a suite of flexible communication solutions that allow financial institutions to toggle between digital and physical formats easily, catering to the preferences of their diverse customer base.
  • Innovate with Caution: While innovation is crucial, the tepid interest in technologies like QR codes and HTML statements suggests that any investment in these areas should be balanced with a clear understanding of consumer appetite and value proposition.
  • Champion Customization: Emphasize personalized communication solutions that can enhance customer engagement without alienating those less comfortable with high-tech formats.
  • Enhance Digital Engagement: For digital communication providers, there’s a ripe opportunity in the brokerage sector to push the envelope on how financial information is delivered and interacted with online.
  • Reaffirm the Value of Print: Print communication providers should focus on reinforcing the tangible benefits of paper statements, such as security, ease of review, and the physical reminder of financial status—especially catering to older demographics and specific financial products.


Join the Conversation

As providers serving the financial industry, your insights and innovations are vital to shaping the future of customer communication. The findings from the CCX survey are not just data points; they are a roadmap to understanding consumer expectations and driving the industry forward.


Subscribers to the Keypoint Intelligence’s Customer Communications service are invited to delve into the complete statistics, analysis, and findings of the 2023 CCX Consumer Survey and consider how your services can evolve to meet the changing landscape of financial communications. A companion document will also be uploaded soon with even more details.


Your ability to adapt and innovate in response to these insights can set the stage for enhanced partnerships with financial institutions and, ultimately, a more connected and satisfied consumer base. As providers, your role in supporting meaningful and useful communications between financial institutions and their customers is pivotal. By understanding and acting on these consumer insights, you can not only align your services with current trends but also anticipate future shifts, ensuring your offerings remain relevant and invaluable in the financial industry's ongoing evolution.


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