World Consumer Rights Day, on March 15th, is an important moment for companies interested in improving financial and transactional communications, building brand reputation, and ensuring deep, transparent bonding with their consumers.
Or, in a nutshell, valuing customer experience. After all, it is useless simply to offer the best price if it is not accompanied by a completely satisfactory experience – including when sending invoices without bureaucracy or errors.
Bruno Lichot, our Chief Product Officer, has already talked about this subject in the previous article "How much does friction in transactional communications cost?". The amount of information being processed and transmitted increases every day, and even small errors in data entry prove to be costly to businesses. That’s why we designed a calculator that shows how harmful this kind of mistake could be. And costs only go up from there: the company still has to add operational costs for reissuing invoices and the dedication of other departments within the organization, such as the Ombudsman, legal and communication.
Besides financial loss, mistakes like this also impact customer trust, as the article “5 financial data validation mistakes driving companies and customers apart” highlights. Errors in validating information about the customers or the transactions, or in barcodes, and failures in issuing invoices can drive to friction in communication, reputation, and security.
Technology transforms transactional communications in a unique experience
Many of our clients have already found out that investing in technology for financial and transactional communications is a way of respecting consumers and strengthening the relationship with them. By doing this, they also achieve better results in customer satisfaction than the competitors, as the number of complaints reduces.
On the path to unlocking the best customer experience, one of the suggested solutions is DVA (Data Validation Automation), a configurable platform that has taken processes at Banco Carrefour to the next level. There’s no more sample validation. Working together with :hiperstream, the company is able to verify 100% of the 3.5 million credit card bills issued every month, also validating rules tailored according to the business needs, such as resolutions enacted by the Brazilian Central Bank.
Another solution is CCM (Customer Communication Management), which was designed to address the challenge of communicating across multiple channels while maintaining a relevant, efficient dialogue with the user – a consequence of the new consumer behavior, impacted by the dynamic and digital world we live in. Claro, a Brazilian telecom, is one of our clients to adopt the multichannel invoice experience; the digital migration started in 2014, and more than 7 million customers receive invoices through digital channels today, quickly and confidentially.
And they are not alone. :hiperstream’s solutions have already impacted more than 50 million people. It means 9 billion pieces of data automatically validated and 1 billion multichannel invoices or transactional communications sent, in addition to helping more than 25 million consumers in switching from paper to digital billing. Thus avoiding fraud, data leaks, and providing the best experience throughout the financial journey.
But wait, there’s more: 5 useful tips for all of us
Since we are all consumers, we also would like to share some tips on preventing frauds and having a safer shopping experience on World Consumer Rights Day – and every other day. Take a look:
1. Before buying, check the seller's reputation. Untrustworthy businesses may not take good care of your personal information and even issue fake payment orders. And you may not receive the product you have paid for;
2. Pay attention to detail in invoices. Be aware of any inconsistencies, such as incorrect personal information or errors with barcodes, and notify the store;
3. Scammed? Take action. The website https://www.consumer.gov/, for example, shares important advice on what to do in cases of scams and identity theft;
4. Use apps to organize payments and debts. Apps similar to BudgetSimple keep track of your monthly expenses and show where the money is going, e.g. food, health, and transportation. And Mint, which also helps to organize bill-paying, sends reminders to make sure you pay on time;
5. And not to fall into temptation, read all your promotional newsletters in one single email. Services like Unroll.me help organizing which messages you want to receive and from which ones you want to unsubscribe. Everything is a few clicks away.