We know that in financial services, paper is normal for statements, applications, trade records, and much more. In this guide, we’ll share how you can reign supreme with intelligent direct mail by modernizing and optimizing your financial services direct mail practices to deliver stellar consumer experiences (hint: be first to the mailbox), cut costs, and increase revenue and ROI.
Why direct mail is important for financial services
While consumers value the speed and convenience of digital transactions, 70% of consumers opt to receive at least some paper statements from brands. Direct mail is also highly effective for both marketing and transactional applications, with a 13x higher response rate than email.
Improve and manage your customer data collection and validation
Know Your Customers (KYC) compliance laws require companies to verify customer addresses, but customer address mistakes often derail the process. That means high undeliverable mail costs, delays in signing up new customers, and lost accounts as customers get frustrated with waiting, not realizing they’ve made a mistake. To solve this problem, you need address verification to proactively catch mistakes and alert customers before they finish the interaction.
Optimizing communications for financial services
Both transactional and marketing use cases can benefit from optimization. While cash flow and spend are crucial concerns, customer experience factors can be just as important in financial use cases. For example, maximizing convenience doesn’t just make life easier for customers — it can also increase the chance of customers researching and purchasing future financial products from your company.