More and more digital: a new look at customer’s financial journey

More and more digital: a new look at customer’s financial journey

Dec. 6, 2019

Photo by Avi Richards on Unsplash

Besides his expertise in technology, multichannel and customer experience, Danilo Pecorari, CEO Brazil at :hiperstream, is also a consumer. And looking through the customer lens, he proposes a reflection on today’s financial journey.


Your bank or credit card company sends a new card and promises no annual fee for the first two years. You feel interested and decide to accept it. Everything works just fine for a few months until you notice the annual fee charged on the invoice. Have you ever been in a similar situation? I have. The example isn’t only real, but also recent.

Nowadays, given the competition within the credit card industry, this scenario where a customer is offered annuity discounts after a long negotiation with customer service is very frequent - just like finding an incorrect debit charged in the months that follow.

And what about that consumer who gets a better offer from a competing cable TV company and proactively calls his current provider to renegotiate the package? After 2 months, the monthly fee returns to the previous value and a new contact with customer support proves necessary.

By knowing the other side of the story, it’s easy for me to say what happened: the customers mentioned in the examples above were possibly left out of the sample used for the validation of financial data. But as a customer, the friction is immediate - as well as the impact on customer care costs and recipiency risk. It would also happen the other way around: not charging would mean a huge loss for the company.

It’s noticeable that even businesses going through digital transformation are still facing challenges to address the customer’s financial journey. Thinking about it, here at: hiperstream we advocate that the solution is to look at data.


Don’t treat financial information like any other data

Back to the examples above, imagine I wasn’t the only one out of the sample and the error reached hundreds, thousands or - why not - millions of other clients. A huge impact on operations and brand reputation.

But now I’ll turn the table and talk about positive experiences. In 10 months, Banco Carrefour has validated 3.7 billion items on its invoices, preventing thousands of incorrect communications from being sent to customers. The bank is validating item by item, invoice by invoice, customer by customer. And the best part: :hiperstream’s solution provides custom rules and full automation, with no need for sampling or manual checking.

For us, data validation is the first step in managing transactional communications. After all, there is a huge difference between receiving a product, such as a sneaker or a bicycle, and an invoice, password, or insurance policy. It sounds obvious, but it becomes less visible because I'm not talking about logistics here.

When it comes to the financial journey, what is at stake is how transactional communication is perceived by customers: sensitive, critical and highly relevant.


Transactional communications can - and should - be personalized

With my professional background in sales results, bringing successful experiences from retail to other industries is something I strongly advocate for. Transactional communication is a valuable channel for businesses because it allows them to speak directly to the end customer.

Companies looking for :hiperstream already know the users they engage with. There is someone who feels more comfortable receiving letters, others who prefer an SMS alert. This is why we work side by side with our clients to make transactional communication a channel for delivering a personalized, multi-channel strategy, and not a source of friction.

The next step in the digital transformation isn’t just about being present across all channels: it's treating financial data with transparency and assertiveness in order to build lasting relationships with customers. This is the scenario I expect for the industry in the coming years - and it’s how :hiperstream works today, always looking at the future.

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