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Tailored transactional communication? Welcome to the Age of Experience

Tailored transactional communication? Welcome to the Age of Experience

Feb. 27, 2020
 

Photo by bruce mars on Unsplash

When talking about products, there is nothing new about personalized marketing strategies. From e-commerce to brick-and-mortar stores, the goal is to establish a one-on-one conversation between brand and consumer to increase the conversion rate, in an approach that reflects a new economic structure: the experience economy. And the same strategy is also observed in the financial system, especially considering the concept of Open Banking.

In a previous article, Danilo Pecorari, CEO Brazil at :hiperstream, has mentioned that there is an enormous difference between buying a pair of sneakers or a bicycle and choosing a financial service. Anyhow, it is still possible to create more value by offering tailored experiences related to transactional communications, which are considered a high-impact journey for customers.  

Have you ever imagined the amount of transactional communications exchanged every day - and all the rules that must be validated? In the past few months, :hiperstream alone has validated billions of items and personalized millions of multichannel communications. The answer to this is data, which allows businesses to deliver the right message at the right time and especially to the right person. 

Check out three of the experience economy pillars which concerns are addressed by financial data validation and multichannel communications.

 

1. Relationship

Every single interaction with a customer is a chance to create a more personal experience for them. This is one of the beliefs that drive our work at :hiperstream, and it is aligned with the vision of helping companies to build positive relationships with their end customers. But how do we do that while sending invoices or a life or pension certificate?

The first step is being assertive. Ensuring that all information on an invoice is accurate - from the consumer’s data to the total amount - is critical to building trust. From this moment, it is possible to use data to get to know the customer better. By sending customized messages on each person’s preferred channel, the brand is providing clients with relevant content and offering additional services that make sense for each one of us customers. 

We have been talking a lot about Open Banking right? In this context, let’s take as an example a telecom; the company could also offer insurance or even loans, as long as it is relevant - and individually customized - to fit its consumers’ needs.

In the age of experience, price is not always the deciding factor when consumers choose which brands they want to engage with. Quality interactions increasingly weigh in on this decision, especially if the competition is fierce.

 

2. Performance

Have you ever heard about growth hacking? Its origin started in startups and it represents a multidisciplinary, experiment-oriented marketing strategy focused on finding opportunities to scale business. No matter the size, this concept is also gradually expanding to more companies concerned about uncovering barriers to performance growth.

When we think about transactional communications, the quality of data is a common source of financial loss. Working with different platforms and databases, it is difficult to ensure that the correct invoice is delivered to the right customer - or even that it is delivered at all - without validating 100% of the data.

Bruno Lichot, our Head of Product, has worked on a simple simulation to identify friction costs. By doing so, he has exemplified that failing one single financial rule can cost up to US$ 2,471,580 for a company that issues 50 million invoices per year.

I believe that you should have already received an improper charge or a credit card fee that shouldn’t be on your invoice. Yes, so probably you were one of the customers who ended up out of the sample validation.

Operations, risk management, billing, IT, customer service, marketing - and the list goes on… :hiperstream believes all of these departments should have a seat at the table, working together to change this game and to create the best financial journey experience; thus making business performance grow. In only 10 months, one of our clients has validated 3.7 billion transactional communication items, avoiding extra costs, operational risks, and 
 

 

3. Transparency

Whether it is the GDPR in Europe or the LGPD in Brazil, we are facing a global growth in data protection - an opportunity to enhance the brand-customer relationship, placing transparency in a prominent position. Consent (or opt-in) is one of the main concerns for companies since users have to authorize the use of their personal data for specific purposes, which also include receiving newsletters. 

In this scenario, consent (or opt-in) is one of the main concerns for companies since users have to authorize the use of their personal data for specific purposes, which also include receiving newsletters. 

But it is important to notice that transactional emails don’t require an opt-in. This type of message is not focused on promotional campaigns and falls under legitimate interest, because it is used for purposes such as sending invoices and confirming a password, for example.

Yes, businesses using transactional communication are in advantage. But they have a challenge, too: designing a personalized, effective and, of course, lawful customer relationship strategy.

Are you interested in using data validation and multichannel communication to empower decision making in your business? Contact us to learn about our DVA (Data Validation Automation) and CMM (Customer Communication Management) solutions.

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