Do you need a compelling reason for making third-party consolidators a part of your multichannel customer communications plans?
Here are three.
- Consumer preference for accessing multiple accounts in one location is growing.
- Consolidator channels can help expedite use of electronic payments.
- Younger consumers are highly interested in a consolidated experience. 75% of those 18 to 24 and 68% of those 25 to 34 would prefer it. Overall, the preference is 53%.
But can third-party consolidators actually drive electronic adoption and paper suppression?
We asked this question at our July 23 webinar, “Boosting eAdoption with Third-Party Consolidators,” and 78% of attendees answered “yes.”
The webinar, which featured presenters Matt Swain of InfoTrends, Celeste Grade of Zumbox, and Rich Langan of DST Output, included the latest research from InfoTrends on consumer preferences for several alternative delivery channels as well as the pros and cons of these channels for both consumers and businesses.
“We expect consolidators—banks/credit unions, digital mailbox services, and other content aggregators—to gain an increasing portion of consumer mindshare over time due to improved user experience, expanded service functionality, and increased consumer exposure to the services,” said Swain. InfoTrends also forecasts that the share of consumers using a consolidator as their primary source of bill and statement interaction will increase from 6% today to 20% by 2017.
Celeste Grade noted that some businesses who work with Digital Postal Mail (DPM) powered by Zumbox™, a digital mailbox service, have seen up to a 3 to 5 percent penetration of their account base in the first year with no marketing on the part of the business. In some cases, co-marketing DPM to their customers has boosted the adoption by up to 6 to 8 percent in the same period. Grade said the effect is augmented as other mailers join the DPM network; she added that some clients have seen paper suppression rates as high as 62% after the second billing cycle.
Click here for a recording of the webinar.
‘The Future of Multi-channel Transactional Communications in the U.S.,’ InfoTrends, May 2013.