About 8.6 billion consumer bills and statements will be paperless in 2017, according to a newly released InfoTrends U.S. study.
Based on 2,025 consumer surveys, 267 business surveys, and over 20 in-depth interviews with key stakeholders in the transactional communications value chain, InfoTrends has made several recommendations related to the future of multi-channel transactional communications in the U.S.
The research firm suggests bill and statement providers to understand the importance of transactional documents as a communication channel.
Today’s consumers look toward their providers to simplify business communications and want personalized content. If providers fail to deliver on these requirements, the majority (86%) of the consumers will contact their providers by phone.
Consumer services that consolidate transactional communications should focus marketing efforts on addressing issues that upset consumers. They should also educate providers about using the channel to augment their current communications strategy.
InfoTrends advises the service bureaus managing outsourced transactional communications to be channel agnostic. Clients typically search for service providers who can enable their channels of choice whenever they are exploring new channels. This typically requires multiple partnerships and integrations within channels.
Finally, technology vendors that serve in the transactional communications market should plan for the future as InfoTrends expects an increase in the paperless adoption rates.
Technology vendors that are supporting the transactional communications space should carefully review long-range planning and ensure that they are positioned correctly for future growth.
InfoTrends adds that looking forward, bills and statements will be delivered through various means including consolidator portals, mobile apps, e-mail attachments, social, text/SMS, or other new channels.
“Bills and statements are opened and read more than any other business communication,” said study director Matt Swain. “As consumers increasingly interact with their providers on the Web, via mobile apps, through e-mail attachments, and using consolidated channels, it is critical for providers to have a multi-channel communications strategy that optimizes print and electronic channels.”