Study Uncovers Discrepancy Between Consumers’ Communications Expectations and their Current Experiences

Jun 27, 2019

Smart Communications, a cloud-based platform for enterprise customer communications, announced the results of its 2019 Customer Communications Benchmark survey aimed at uncovering consumer and business leader opinions about the current state of communications delivered by financial services, insurance, and healthcare companies. Key among the findings is that 62% of consumers are likely to leave their current vendor for a competitor if the communications experience they are receiving is unsatisfactory. Among the elements deemed important to a positive communications experience was relevancy, being error-free and consideration of preferred methods of communication. Despite consumer desires, only 30% of business leaders said they are distributing communications based on preferred channel preference at least 80% of the time.

When it comes to the current quality of communications, only about half of consumers said enterprises are delivering communications that are excellent or very good (54% for financial services firms, 48% for insurance companies and 50% for the healthcare industry). Additionally, most consumers feel this quality is staying the same, rather than getting better or worse. The study identified an interesting gap in the insurance industry, in which 56% of business leaders say their efforts are improving, while only 26% of consumers agree.

Highlighting both this progress and need for further improvement, the study found that 42% of business leaders in financial services, insurance, and healthcare industries rated their company’s digital transformation efforts as very good or excellent. Perhaps the clearest evidence of this can be found in the discrepancies between consumer channel preferences and current delivery methods. While consumers in the US and UK state that email is their preferred channel for communications, two-thirds of business leaders indicated that less than 40% of their communications are being distributed via that channel.

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