The evolution of customer communications in the intermediary community

Digital technology has transformed the way people search for, use and interact with intermediaries. To take full advantage of this, IFAs and mortgage brokers need to seek out and adopt modern, innovative communications technologies in order to overcome the challenges of outbound communications and reap the competitive advantages they bestow.

Intermediaries face a number of common challenges when it comes to outbound communication. In order to deliver cost-effective strategies, there’s a real need to reduce the high costs of printing, mailing and processing outbound communications. At the same time, these processes place excessive demands on staff time, impacting productivity and, for some, increasing staff costs. There is also the challenge of how to effectively track correspondence, which many companies lack the resources, technology and in-house skills to implement.

A solution that can help intermediaries regain control of the printing and mailing process is to adopt the innovative technologies that are now available to handle outgoing printed and digital communications. These simple, secure, desktop mailing platforms enable correspondence generated in the office to be captured, processed and routed to a production centre where it is despatched through the recipient’s preferred postal or electronic communication channels – reducing printing and postal costs and eliminating the risk of human error.

The benefits of using outbound communications technology are numerous. One key advantage is that it enables brokers and IFAs to create omnichannel strategies where insight-driven communications are tailored to meet individual requirements. The data that can be gathered and analysed through innovative technologies can play a fundamental role in shaping messages and tone of voice for each specific customer.

By using such systems across multiple sites and departments it is possible to deliver truly multi-channel communications strategies, combining a multitude of channels, including not just print but also emails and SMS, that work seamlessly together to deliver maximum impact and drive cost efficiencies.

These latest mailing technologies have also been shown to reduce print and postage overheads by as much as 60% - a key advantage with the Royal Mail’s recent announcement of postage increases in 2019 - while removing the rising costs of office consumables, such as ink and paper, and the expense of machine maintenance.

Additionally, as staff don’t need to print, pack and post outbound mail, time can be spent more productively on core business activities.

Simple to install and set up on internal networks, desktop mailing platforms also enable companies to maintain brand consistency for all outbound communications – whether printed or digital.

Security is essential for all organisations that process and circulate confidential financial information. Yet, 40% of intermediary firms lack the appropriate processes and technology to capture, record and retrieve real-time business communications and this puts them at risk of non-compliance with Article 16 of Markets in Financial Instruments Directive (MiFID) II. Using highly secure, advanced communications technology can ensure regulatory compliance.

Modern communications technologies also provide advanced, live tracking capabilities that let intermediaries know exactly which message is going to which customer and where those messages are. Discrete barcodes can be added to documents to allow each item to be tracked, whether the document is sent via post or email.

Overall, advanced technology enables intermediaries to create a truly seamless outbound communications strategy that delivers precisely what they and their customers need. Whether this is a printed material or a text message, email or social media, each can be utilised to combine and deliver the ideal customer experience.