3 Ways to Enhance Your Statements for a Better Consumer Experience

August 16, 2018

Your monthly statements do a lot of heavy lifting, and due to regulatory changes and ever-growing consumer expectations, they now have to include more data than ever before.


By Steve Castrucci

So, it makes sense to sit down once in a while and consider how they are performing, and whether implementing proven best practices could help enhance the consumer experience.

Here are 3 important aspects to consider, as you assess the statement experience at your financial institution:

  1. Statement Layout
    • How effective is your data layout?
    • Do you use images and visuals?  
    • How does color enhance your statement?
    • Are you using the right charts, graphs, and other means to enhance comprehension?
    • Does the statement change from month to month?
  2. Personalization
    • How personal are your statements?
    • Do they increase engagement?
    • Are you providing valuable information for the consumer?  
    • Are you providing information that is relevant to the consumer’s situation?
    • Do consumers see them as a conversation with a trusted advisor?
    • How compelling is your call to action?
  3. Omnichannel Access
    • How easy is it to access your statements?
    • Have you considered collating statements by consumer or by household?
    • Do your consumers have a consistently good experience with them across channels and devices?

Let’s break each of these categories down a bit further:

Statement Layout

Your statement should offer more than just tables of summary account data. Today, consumers expect a visual shorthand of critical account information, with at-a-glance summaries and easy points of comparison.

Choosing which data to display visually, as well as how to display it, can make the difference between an excellent customer experience, and an increase in costly contact center calls from confused consumers. An experienced statement design partner can help you determine how your statement can be laid out most efficiently, but as a starting point, this primer on statement design may help. It covers everything from selecting the right graph type to using white space effectively.

Statement Sample

Personalization
Do your consumers feel like a valued individual, or just another account number at an institution? By including information like an human contact point at your FI (an advisor, financial coach, local branch manager etc), you encourage a more personal relationship with your brand. Using location data to populate a message board with information about local branch special events or closures can increase the feeling of connection.

Statement Sample

The same personal touch should be extended to on-statement marketing. In today’s data-driven age, a segmentation of your existing data can help you select exactly the right products for consumers, so you can market to them in a way that is respectful of their needs and preferences.

One caveat – you need to make it simple for your audience to take the next step towards a product. This means you’ll need a statement solution that permits different calls to action for online vs. print statements. Then online statement viewers can just click through a statement ad to respond, while the print reader can input a webpage with a simple URL or contact your call center and mention an offer code.

Omnichannel Access and Smart Delivery

Today, over two-thirds of consumers prefer to use digital channels when interacting with their financial institution, but that doesn’t mean they don’t take advantage of other channels as well. In fact, 55% of consumers receive both online and paper statements. What this means for document provision is simple – your consumers want simple, consistent access to their statements at a moment’s notice, through the channel that is most convenient in that moment.

Statement Sample
If your statements and e-statements are generated by the same composition system, it’s a much easier task to keep the look and feel consistent, and to roll out configuration changes to all statements at once.

Couple that with statement provision systems that include secure online and mobile access, plus access to years of past statements for easy review, and you’ll have a flexible end-to-end statement solution that meets all consumer needs effortlessly.

Don’t forget about optimizing statement delivery, either. When a consumer receives their statements, are they getting the right insertion materials? Have you combined statements for the same consumer in one envelope? Or in one file within your online system? Some consumers are interested in getting all the statements for family members in the same delivery vehicle. This is called householding, and it simplifies the delivery of the information to the consumer, providing a better experience overall.

Consistency is the Key

With the consumer financial services experience now fragmented across more channels than ever before, delivering attractive transactional documents in all formats, across all channels, is increasingly table stakes. But if you are managing this process with outdated or disjointed statement tech, your consumers may not be getting a unified experience, or your staff may be spending hours behind the scenes making it happen manually.

There is an easier way! Have you considered switching to an all-in-one statement composition, production, and delivery solution and technology partner? We’d be happy to show you how this approach can cut costs, speed up statement creation, ensure reliable and quick statement delivery to consumers, and offer flexible design capabilities for modern statement production.

Demo to Statement Sample

Steve

About the Author

Steve Castrucci is a Senior Product Manager at Doxim, responsible for the Doxim Statements & Reporting service. He has over 20 years of experience building and delivering document-based software and services products for businesses and consumers within the financial services marketplace. With a strong capability for listening to the customer and the market, he can understand business problems and use product management processes to define and create effective solutions that solve those problems.