1、Bringing depth of insight and new perspectives to the discussion of modern customer experiences(CX).2024 CX&Communications Consumer Insights2024 Broadridge Financial Solutions,Inc.All Rights Reserved.IntroductionExploring CX from multiple perspectivesBroadridges CX&Communications Consumer Insights r

2、eport takes a close look at how consumers feel about present-day communications experiences across various industries.Our research explores shortcomings while also examining which elements of modern CX perform well.This report dissects consumer communication preferences,where they feel companies are

3、 underperforming,what they expect from emerging technologieslike artificial intelligence(AI),and more.The report also explores some necessary considerations for companies that want to improve their CX and communications.This is all done with the unparalleled perspectives and insights offered by Broa

4、dridges unique position in the market as an omni-channel communications leader,supported with the depth of data accrued from six years of annual surveys.IntroContents1 The state of modern CX2 Communications:The heart of CX3 How AI fits in4 Additional CX modernization opportunities5 Global insights6

5、Key takeaways2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Inside this reportSurvey methodologyBroadridge commissioned Big Village to conduct this CARAVAN survey.This survey,as part of Broadridges annual series,was conducted in a fashion consistent with previous years.The survey was ta

6、ken by 4,010 U.S.and Canadian residents aged 18 and older.The U.S.data was weighted by age,sex,geographic region,race,and education.The Canadian data was weighted by age,sex,and geographic region to ensure accurate representation of each population.ToCThe state of modern CX012024 Broadridge Financia

7、l Solutions,Inc.All Rights Reserved.01Customers want more from their communications experiences.Across a wide range of industries,companies continued reliance on legacy systems,alongside the unmet potential of new technologies,has left customers feeling let down.The state of modern CXCompanies are f

8、ailing to provide satisfactory customer experiences.The consumer dissatisfaction trend is not a new one:our annual survey has found that,since 2019,the percentage of consumers who believe the companies they do business with need to improve their CX has doubled,hitting 70%this year.Customer sentiment

9、 is often influenced by communications experiences,including content,context,and channels.Consumers want their communication preferences to be honored,but our research indicates companies arent quite there yet,with current practices often creating a subpar experience.Consumers are underwhelmed by CX

10、 efforts2024 Broadridge Financial Solutions,Inc.All Rights Reserved.123The state of modern CXConsumers want better CX.When asked how communications could improve with the companies they do business with,customers across different industries shared similar sentiments.“Make communication concise and c

11、lear.Also,test the communication on real users prior to release.”“Be clear,concise,consistent,and accurate.”“Be more transparent about what they are doing.”“Increase digital usage and improve customizable features.”0235%N/A59%65%69%70%2024 Broadridge Financial Solutions,Inc.All Rights Reserved.CX:Wh

12、o does it well?Although there is room for improvement across the board,some industries have proven to be much better at providing desired customer experiences than others.The state of modern CXWhich types of companies that you do business with provide you with the best overall customer experience?(R

13、espondents could select up to three.)Source:Broadridge 2024 CX&Communications Consumer Insights62%35%31%26%23%18%14%11%11%9%032024 Broadridge Financial Solutions,Inc.All Rights Reserved.Make it easy to navigatemy account online41%Communicate clearly43%Make it easy to talkto a real person48%What diff

14、erentiates a good CX from a great CX?Three key areas stood out.04The state of modern CXCommunications:The heart of CX022024 Broadridge Financial Solutions,Inc.All Rights Reserved.Effective communication is critical in delivering a polished CX.When done well,it can spur increased customer loyalty and

15、 satisfaction.05Communications:The heart of CX77%72%71%69%58%58%53%53%51%51%Which of the following products/services provide communications that are“easy to understand?”(Respondents could select all that apply.)Source:Broadridge 2024 CX&Communications Consumer Insights2024 Broadridge Financial Solut

16、ions,Inc.All Rights Reserved.Communications:The heart of CXWhen asked which industries have communications that are“easy to understand,”survey respondents shared the following.Communications quality varies across industries062024 Broadridge Financial Solutions,Inc.All Rights Reserved.07Communication

17、s:The heart of CX“The utilities company does a great job of simplifying my bill.”“No improvements necessary.My bank has always provided good customer service.”“My credit card provider does a good job communicating the details of the relationship.”Among the top three industries that communicate well

18、banking,credit cards,and utilities customers were positive in their qualitative feedback.5%8%9%9%16%15%19%20%21%17%Which of the following products/services provide communications that are the“most confusing?”(Respondents could select all that apply.)Source:Broadridge 2024 CX&Communications Consumer

19、InsightsOur research revealed significant portions of the consumer base find communications“very confusing”in given industries.Despite their importance,communications are often confusing2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Communications:The heart of CX082024 Broadridge Financ

20、ial Solutions,Inc.All Rights Reserved.123Communications:The heart of CXQualitative feedback from survey respondents revealed a great deal of displeasure with confusing communications:“The monthly statements need to be a little bit less confusing,with just the relevant information.”“Make it simple an

21、d easy.”“Communicate using plain,simple language.”Companies need to devote more effort toward clarifying their messaging.In fact,60%of those surveyed would prefer if the bills and statements they receive from different companies had a similar look and feel in order to make it easier to locate inform

22、ation.09Delivering clear,personalized communications to a large audience across multiple channels can be challenging.To meet consumer expectations for their communications experiences,companies should assess their omni-channel composition capabilities.Learn more?Omni-channel compositionprefer statem

23、ent standardization across companies60%Its clear that many consumers want to go digital,but they arent always able to.When asked about how they receive communications versus how they would prefer to,our research revealed a consistent gap regarding digital-only communications.Communications are going

24、 digital,but its not always easy to do2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Communications:The heart of CXDo you receive and access digital-only communications(e.g.,bills,statements,other important documents)today?Do you prefer to receive these communications digitally only in

25、the future?Source:Broadridge 2024 CX&Communications Consumer Insights46%50%54%56%56%51%49%38%59%56%51%60%52%55%Currently receive as digital only Prefer to receive as digital only52%42%60%40%58%51%1047%32%Overall,54%of consumers want important documents to be delivered in a paperless fashion.However,

26、only 46%are receiving them digitally.This indicates the need for more centralized and effective preference management.Thirty-four percent of survey respondents noted that despite agreeing to go paperless,companies still send them2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Communicati

27、ons:The heart of CXpaper documents.Another 11%of consumers report that at least one of their providers does not offer a paperless option.Ninety percent of consumers think it is important that companies honor their preferred communication method.Ultimately,only 31%of consumers believe companies are d

28、oing a great job of this.Identity and preference managementIts clear that honoring consumer preferences is crucialand that companies have room to improve.Simplifying and centralizing identity validation and customer preferences within and across the enterprise is the first step.Learn more?Consumers

29、want their preferences respected,but companies arent hitting the mark.“Personalize when and how I would like to be contacted with offers and other new services that can be relevant to me.”“I want them to go fully paperless with me and follow my preferences.”“Use the communication preferences I selec

30、t.”11think companies shouldhonor their preferences90%believe companies aredoing a good job at it31%When asked why they havent gone paperless,respondents shared the following:Going paperless:Whats the holdup?2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Communications:The heart of CXOf

31、the 26%that“havent gotten around to it yet,”many were members of Gen Z.Companies looking to stay ahead of future trends should take note.Given that 65%of respondents believe companies need to improve their digital experiences,and that paperless uptake is lagging despite consumer interest,companies n

32、eed to make the process simpler for those who actively want to shift to digital and invest more in paperless adoption campaigns to motivate others.11%My provider doesnt offer it26%I havent gotten around to it yet30%Im not ready yet34%I agreed to go paperless,but the company still sends me paper26%35

33、%29%26%18%12Source:Broadridge 2024 CX&Communications Consumer InsightsSource:Broadridge 2024 CX&Communications Consumer InsightsWhen asked what it would take to go paperless with the companies they do business with,consumers shared the following sentiments.Delivering on the paperless promise2024 Bro

34、adridge Financial Solutions,Inc.All Rights Reserved.Communications:The heart of CXEmail or text reminders to review my account online39%My documents are saved online for as long as I want37%The company gives me a discount or other reward incentive to go paperless32%The company increases its data sec

35、urity/privacy measures29%A personalized,interactive,seamless digital experience24%An easier paperless enrollment process24%Learn more?Consumers want to be reached on their terms.Using a single point of integration,companies can deliver personalized communications experiences at scale across print an

36、d mail,email,SMS,app notifications,microsites,personal cloud services,online banking,and more.Omni-channel delivery13Gen Xers and Baby Boomers were more interested in receiving incentives for going paperless,while Gen Zers and Millennials were more interested in an easier enrollment process and guar

37、anteed long-term archiving of documents.2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Communications:The heart of CX39%40%42%41%40%39%37%25%35%27%27%33%29%29%24%25%16%37%36%33%30%36%32%30%30%OverallGen ZMillennialGen XBaby Boomer14What would it take for you to go paperless with the com

38、panies you do business with?Source:Broadridge 2024 CX&Communications Consumer InsightsWhen communications and overall experience dont meet expectations,consumers look to make a change.Most companies assume consumers to be more forgiving when it comes to subpar CX,but the data shows that it is quite

39、the opposite.Sixty-two percent of respondents lost trust in a company after a poor experience or communication.The cost of substandard CX2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Communications:The heart of CXForty-five percent stopped doing business with a company entirely after t

40、he company did a poor job of personalizing the experience.This much is clear:consumers wont settle.Companies need to ensure that their CX and communications are personalized,easy to understand,and delivered exactly how the customer wants.When done right,47%of respondents are willing to spend more in

41、 order to receive a better experience and service.lost trust in a company after a poor experience or communications62%stopped doing business with a company after a poor experience45%are willing to spend more in order to receive a better experience or service47%15How AI fits in032024 Broadridge Finan

42、cial Solutions,Inc.All Rights Reserved.GenAI is making headlines and presenting new possibilities,but consumers are also watchful and want it implemented responsibly.16How AI fits inCurrent CX efforts arent exactly impressing consumers,but smart implementation of new technologies can help companies

43、signal innovation and improve their offerings.Usage of generative AI(GenAI)tools is already widespread among consumers.The companies that follow suit and integrate AI into their offerings will be seen as innovators,and can capitalize early on what is sure to become a ubiquitous technology.Consumers

44、are ready for AI2024 Broadridge Financial Solutions,Inc.All Rights Reserved.123How AI fits inAlthough GenAI is relatively new,consumers are already excited about its possibilities.“It is a really powerful and intelligent tool.”“I think it will help create a lot of innovative products in the future.”

45、“I think its a transformative force,shaping diverse industries through creative automation.”17The power of AI has been one of the most discussed subjects within the world of tech,and GenAI tools are gaining traction among businesses and consumers alike.Half of consumers have used GenAI tools at leas

46、t once in the past year.Younger generations are especially well represented among GenAI users.AI usage is already on the riseHow AI fits in50%27%10%60%50%40%20%10%70%80%30%0%50%76%64%48%24%Have you used a generative AI tool in the last year?Source:Broadridge 2024 CX&Communications Consumer Insights2

47、024 Broadridge Financial Solutions,Inc.All Rights Reserved.1231813%Some consumers are optimistic about GenAI.“GenAI has the potential to revolutionize various industries and create new opportunities for innovation and creativity.”“I love AI.I think it will play a great role in the future.”“It will b

48、ecome more universal.”2024 Broadridge Financial Solutions,Inc.All Rights Reserved.How AI fits inConsumers primarily used GenAI for“information and advice”and“learning and education,”but many report a range of other uses as well,highlighting the potential flexibility of these tools.193%Other24%Person

49、al organization28%Finding new products and services28%Entertainment,travel,and companionship31%Content creation42%Learning and education51%Information and adviceWhat have you used generative AI for?Source:Broadridge 2024 CX&Communications Consumer InsightsHow AI fits inAI is spurring some concerns,b

50、ut responsible implementation can alleviate them.AI is an extremely powerful new technology,and its potential for disruption is massive.Naturally,many consumers have expressed some degree of trepidation.of consumers report that AI has improved their overall experience33%say they dont trust AI in the

51、 communications they receive from companiesnote that AI lacks a sense of empathy that is valuable in company communications65%53%2024 Broadridge Financial Solutions,Inc.All Rights Reserved.2012373%79%82%84%89%66%58%63%65%74%51%44%56%43%26%2024 Broadridge Financial Solutions,Inc.All Rights Reserved.1

52、23How AI fits in21Consumers reservations shouldnt dissuade companies from incorporating GenAI.Rather,these sentiments offer key insights into how companies can better approach the new technology.Based on consumer survey responses,responsible AI integration seems largely tied to three things:transpar

53、ency,security,and maintaining the human touch.Eighty-two percent of those surveyed would like companies to be transparent about their plans for user data.Consumers who agree with the following additional statements about AI.Source:Broadridge 2024 CX&Communications Consumer Insights2024 Broadridge Fi

54、nancial Solutions,Inc.All Rights Reserved.How AI fits inGiven existing concerns regarding AI and personal data,company transparency can go a long way in building trust.Furthermore,77%of respondents want companies to self-identify their use of AI through chatbots.In addition to transparency and secur

55、ity,consumers always come back to human interactions,which can be difficult for AI to replicate.In fact,82%of consumers reported that when issues arise,they prefer to communicate with a human.Consumers expressed some concerns regarding the emergence of AI22“I think that it will become essential in t

56、he future for society,but we need more regulations to protect people from violations of privacy and their jobs.”“Im afraid of it and its implications.”prefer human communications when issues arise89%concerned about personal data being compromised by AI74%Only 14%of Baby Boomers reported that AI has

57、improved their overall experience a significant drop-off from the other generations,with the nearest being 32%of Gen Xers.14%Gen XersBaby Boomers32%“I think it could be good or bad.The old saying garbage in,garbage out applies here.The training needs to be better and we cant rely on it for the human

58、 touch.”Baby Boomers tend to be the least optimistic regarding AI.Source:Broadridge 2024 CX&Communications Consumer InsightsBroadridge recently conducted a global survey of 500 C-level and senior executives to learn more about where companies are in their digital transformation journeys.These statis

59、tics were pulled from that survey,which you can access here.Companies are recognizing the potential value of AI but are approaching the technology with caution.While sixty-one percent of firms have invested in GenAI,only 4%of firms are making a large investment,and 23%are making a moderate investmen

60、t.When it comes to the areas firms classed as Digital Leaders prioritize for their overall AI investments,including forms of AI such as machine learning and predictive analytics,respondents shared the following:2024 Broadridge Financial Solutions,Inc.All Rights Reserved.How AI fits inCross referencE

61、Broadridges 2024 Digital Transformation SurveyCustomer interaction70%Data management48%Research and analysis47%Expect companies to continue exploring and investing in AI-based tools,especially when considered alongside increasing consumer usage of AI.23Additional CX modernization opportunities042024

62、 Broadridge Financial Solutions,Inc.All Rights Reserved.Providing an innovative,rewarding experience for consumers goes beyond the inclusion of artificial intelligence.24Additional CX modernization opportunitiesThis may not be a surprise to most,but it bears repeating:consumers deserve to have their

63、 data and privacy respected.The privacy concerns extend beyond just AI.Seventy-seven percent of consumers would like more legislation that increases their ability to protect and control personal data provided to companies.Another 64%are more likely to engage digitally with companies that make advanc

64、es in digital identity security measures,such as Face ID and PIN code verification.Furthermore,42%of consumers dont interact online with companies they do business with due to concerns about their personal data.Prioritizing data privacy pays off2024 Broadridge Financial Solutions,Inc.All Rights Rese

65、rved.123Additional CX modernization opportunitiesLearn more?Consumers want peace of mind with their data.Broadridge provides this and more with our extensive information management capabilities.Companies can leverage a single next-gen repository for data insights,regulatory compliance,omni-channel d

66、elivery,workflows,records management,reporting,and more.Our Information Management solution provides a consolidated high-volume digital archive with robust search and retrieval capabilities while achieving ISO,PCI,HIPAA,and HITRUST CSF compliance and security designations.Information management25of

67、consumers dont interact online with companies they do business with due to concerns about their personal data42%are more likely to engage digitally with companies that make advances in digital security measures64%AI has undoubtedly been the talk of the town,but many companies have been slow to integ

68、rate technology that is widely used and accepted by consumers,such as QR codes,text messaging,and apps.Sixty percent of consumers would scan a QR code if it linked to additional information a potentially valuable tactic for companies looking to trim excess from their communications and create a digi

69、tal bridge from print.This number is up from 57%in 2023,and 40%in 2022.Sixty percent of consumers report the communications they receive from companies helps them determine their level of innovation.Customers lamenting present notification practices or convoluted communications certainly wouldnt say

70、 the companies they do business with are innovative.Familiar tech still has unmet potential for companies.2024 Broadridge Financial Solutions,Inc.All Rights Reserved.123Additional CX modernization opportunities26say communications from companies reflects their level of innovation60%would scan a QR c

71、ode if it linked to additional informationUse of QR codes continues to grow over the past 3 years60%2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Additional CX modernization opportunities27Another familiar technology text messaging appeared numerous times in qualitative responses from

72、consumers seeking better communications.Additional responses also highlight a need for increased investment in website and/or app maintenance.“Send reminders of when a bill is due by text.”“Send app alerts or texts to make it faster to see things.Emails can get messy.”“Texting is a lot easier than e

73、mails or calls.”“Please make the app easier to navigate.”“Update the website and app more often.Many of them are outdated and not helpful.”“Easier log in procedures for apps.”“Provide updates when possible through email or text messages without making me log into the website every time.”“Make your a

74、pp more accessible and user-friendly.Dont ignore the people who use your app.”Global insights052024 Broadridge Financial Solutions,Inc.All Rights Reserved.Additional research shows that sentiments in North America are reflected in the United Kingdom.28Global insightsComparing markets:Points of diver

75、gence2024 Broadridge Financial Solutions,Inc.All Rights Reserved.123Global insightsAlthough the data pointed to several differences in regional priorities,our international survey efforts support the notion that customer experiences and embracing communications best practices are a common opportunit

76、y for improvement globally.For a more exhaustive look at the global data,broken out by larger region and country,reach out to Broadridge today.29Although the U.K.differs in a few key areas,the broader CX narrative remains the same:providers are falling behind.This year,we surveyed 1,001 consumers in

77、 the U.K.,using the same question set and methodology as in North America to see how the CX and communications trends compare.Although there was close alignment with much of the data shared in this report,the are three notable points of divergence.Contact us?Consumers in the U.K.(35%)are less likely

78、 to stop doing business with a company that does a poor job of personalizing their experience than those in North America(45%).Only 20%of respondents in the U.K.stated that companies were doing great at providing a simple way to engage across channels,compared to 29%in North America.30%of U.K.respon

79、dents have stopped doing business with a company because it had been hacked and customer data was exposed compared to 43%of North American consumers.43%30%45%35%29%20%Key takeaways:How companies can improve CX moving forward062024 Broadridge Financial Solutions,Inc.All Rights Reserved.Companies can

80、take action now to make sure their customers enjoy top-tier communications experiences.30Key takeawaysKey takeaway 1Offer a simpler,personalized experience2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Key takeawaysEvery consumer is different.Theyd like their experience to reflect that.

81、That means delivering relevant information in a well-designed omni-channel environment without unnecessary and irrelevant information.Take investments,for instance.Seventy-one percent of consumers would prefer to receive a more personalized summary investment communication rather than individual sta

82、tements,confirms,or other regulatory communications.Next-gen communicationsOffer a simpler,personalized experience with next-gen communications.Identify opportunities to consolidate,aggregate,and present information in a more intuitive and customer-friendly manner like weve done for investors.Learn

83、more?would prefer to receive a more personalized summary investment communication rather than individual statements,confirms,or other regulatory communications71%312024 Broadridge Financial Solutions,Inc.All Rights Reserved.123Key takeawaysThirty-four percent of consumers wish companies they did bus

84、iness with would send personalized,relevant communications,while 37%wish companies would improve the timing and relevance of their communications based on the customers expected needs.Forty-four percent of consumers ranked“simplifying the way I do business with companies(e.g.,prepopulate forms,notif

85、y me of next steps,provide digital signatures,etc.)”as very important,but only 26%reported that companies are doing a great job of this.Simplifying formsManaging legacy forms processes is typically a cumbersome,manual,and labor-intensive exercise for users and can also leave customers frustrated.Com

86、bining omni-channel communications,forms automation,and data collection enables a more customer-centric and efficient bi-directional experience.Learn more?“Simplify the forms.”“Make it easier to submit forms online.”“Improve communication and customer experience using technology to streamline proces

87、ses.”32Key takeaway 2Communicate the way customers want2024 Broadridge Financial Solutions,Inc.All Rights Reserved.123Key takeawaysCommunications are a driving force in CX.Customers want clearer,simpler communications that match selected delivery preferences.Rather than sifting through frequent comm

88、unications loaded up with information that may or may not be relevant to them,consumers prefer tailored information.At scale,this has proven to be tricky for companies that arent using advanced communication solutions or centralized preference management tools.Communications need to be better:with s

89、imple,clear language and delivery in the customers preferred format something that has been an ongoing problem.“Make communications concise and clear.”“Make communications simple and easy to understand.”“I would rather have the information provided in a clear manner,rather than an influx of informat

90、ion that is difficult to understand.”33Key takeaway 3Take a thoughtful approach to implementing AI2024 Broadridge Financial Solutions,Inc.All Rights Reserved.123Key takeawaysAI presents an incredibly versatile tool which,over time,will be able to vastly supercharge various parts of any given busines

91、s process.An increased reliance on this tech also comes with concerns,however.Ensuring your company is committed to data security and transparent about relevant practices will help ease any hesitation from the consumer regarding the inclusion of AI tools.Furthermore,make sure to prioritize use cases

92、 for AI in communications while balancing customer desire for human interactions.“Its up to us to keep AI honest.”“I think AI will exist in line with humans.Both will be required to ensure organizations are successful.”“AI scares and excites me.I think it could potentially do a lot of good,but it co

93、uld also eliminate many jobs.”“AI is a blessing and a curse.It helps with non-human functions,but it lacks empathy or genuineness.”34Transform your communications with Broadridge2024 Broadridge Financial Solutions,Inc.All Rights Reserved.About BroadridgeConsumer expectations continue to rise.Whateve

94、r you need to meet those expectations and deliver a streamlined omni-channel communications experience,Broadridge can help.A partnership with Broadridge means a partnership with the best support teams,industry-leading tech,and a range of innovative solutions to help optimize your communications.Broa

95、dridge,a global fintech leader,provides communications,technology,data,and analytics.We help drive business transformation for our clients with solutions for enriching engagement,navigating risk,optimizing efficiency,and generating revenue growth.357B+communications delivered annually across print a

96、nd 12+digital channelsAchieved ISO,PCI,HIPAA and HITRUST CSF compliance and security designations200+client deployments on the Broadridge Communications Cloud7 geographically dispersed facilities in North America help ensure disaster recovery while providing a strategic footprintPositioned as the ov

97、erall Leader in Financial Services Customer Communications Solutions Aspire CCM-CXM LeaderboardNamed a Leader in Digital Experience Platforms by Everest GroupCommunications facilities rated the highest across all third-party facilities in Madison Advisors best practices assessment150+patents and pen

98、ding applications worldwide for technology innovationsBroadridge Communications CloudSM2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Broadridge Communications CloudThe Broadridge Communications Cloud is a modular platform for creating,delivering,and managing omni-channel communications

99、 and customer engagement.The powerful solution is offered as a hosted cloud ecosystem and features capabilities that can take your communications to the next level at every step,from composition and delivery all the way to analytics and reporting.36Learn more?2024 Broadridge Financial Solutions,Inc.All Rights Reserved.Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions,Inc.Connect with usVisit us at B or call+1 415-805-9772 to find out how we can help.Stay connected to the latest insightsLets talk?BR-BTCC-240306-V5