Paper statements are as important as UK based call centres and local bank branches to customers, according to a study that reveals removing key transactional communications can damage relationships and erode customer loyalty.
The study commissioned by Royal Mail reveals that switching off paper statements can have the same negative effect on customer satisfaction as removing UK call centres or local branches.
- Four in ten people agree that paper statements are as important to them as UK call centres
- 73% would feel inconvenienced and annoyed if they were taken away
These findings further highlight what we have always believed ie customers set the communication agenda and organisations ignore this at their peril.
This point is emphasised by Antony Miller, Head of Media Development at Royal Mail who said “Our research clearly shows that most people like to have the choice of receiving confidential statements through a combination of both mail and e-mail channels”.
Many companies recognise the importance of communicating with their existing customers. They are likely to be encouraged by these findings including:
- 81% of customers say they are more likely to read their statements if they receive online and paper copies
- There is also good news for advertises … with 70% saying they are more likely to notice advertising on their paper statements
The survey also reveals that 65% of customers who prefer paper bills and statements would consider defecting to a competitor … or would leave straight away, if there was no choice available.
It is also interesting to note that even 29% of customers who prefer to receive information in a digital format would move or consider moving, if the option to receive paper statements was taken away from them.
