Why are banks turning to personalized customer communications?
Like most industries, the financial sector is undergoing a rapid evolution in terms of customer interaction. In the age of globalization and increased customer choice, financial firms are finding it more important than ever to reach out to customers over their favorite channels and provide them with the most useful, personalized content. Recent research indicates that customized promotional and transactional materials have a much higher rate of engagement than boilerplate communications, so banks and other financial institutions are rushing to find ways to update their customer relationship strategies.
Retailers were the first to double down on personalized customer communications, but other industries have been quick to join the charge, and many financial institutions are now firmly committed to the strategy. Just as customized promotions have been shown to increase sales volumes by 40 percent, according to MyBuys, personalized communications from banks can increase open rates and retention and improve customer satisfaction.
Customers, one at a time
In a recent blog for BankTech, Grant Miller, a vice president of document messaging at Pitney Bowes, extolled the virtues of personalized communications for banks.
“By bringing together a single customer view, 100 percent variable data communications capabilities, analytics and data quality, banks have the opportunity to improve their customer experience while increasing efficiencies and reducing costs,” he wrote.
The meat of this matter – the “single customer view” combined with variable data – is especially important for banks to keep in mind as they try to take their customer relationships to the next level. Of course, this process can be confusing. How can your company treat every customer individually without becoming overwhelmed by the process?
Turn to technology
In the past, treating your clients and customers as individuals meant devoting a great deal of time to crafting personal messages and making sure they all got into the right hands at the right time. Understandably, this process was often cost-prohibitive and time-intensive. Luckily, a new solution has emerged that can help banks create perfectly tailored communications without gumming up the works.
One such example is variable data printing, which allows financial institutions to seamlessly apply personal data and preferences to their transactional and promotional materials. Whether you’re sending invoices, financial statements or other materials, variable data printing software will help you ensure that your customers are receiving customized, error-free documents that acknowledge their individuality.
If you want to find out about how variable data printing can help your company get the most out of customer communications, call Objectif Lune today!