Two-thirds of Billpayers are Cutting Service Providers to Save Time and Money
New research from Symend, a leader in Behavioral Engagement Technology, finds that amongst rising exhaustion and financial uncertainty, two-thirds of billpayers are cutting ties with service providers, putting company and customer relationships at risk. The full report, outlines how U.S. and Canadian billpayers are taking action to manage decision fatigue, digital fatigue and scarcity.
Engaging and retaining customers is a key priority for companies and understanding changing consumer behavior is key to building meaningful relationships and managing risk. This research from Symend and Insight Avenue outlines how consumers are becoming increasingly critical of demands on their time, energy and money, creating barriers for service providers to engage with them. In fact, 50% of billpayers ignore messages from their service providers most of the time, citing the following reasons:
- 63% said they ignore them because their service provider is sending too many messages
- 53% reported the messages feel generic; they aren’t relevant or personalized
- 38% ignore these messages because the messages are too long or complex
Tiffany Kaminsky, Chief Impact Officer and co-founder, Symend, said: “Our research underscores the fact that consumers are at a tipping point with the barrage of messages they’re receiving, overwhelming them to the point of inaction or driving them to make an impulsive decision that they regret. Service providers have a clear opportunity to connect more effectively with their customers, providing support in making better decisions while building stronger relationships. With deeper insight into what’s driving customer behavior and through personalization and flexible offerings, service providers can help reduce the cognitive load and alleviate consumer stress. At Symend, we believe there’s no trade-off – providers don’t have to choose between empowered, happy customers and their bottom line.”
Symend enables service providers to leverage untapped knowledge on what drives behavior to better personalize every interaction and help the customer make effective decisions, faster. The approach and the technology behind this proactively address underlying issues that create risk, giving companies a competitive edge, even during the most challenging times.
Aneesha Nilakantan PhD, behavioral scientist, Symend, said: “The report highlights the importance of leading with empathy and taking time to understand the barriers your customers are facing as the keys to unlocking increased customer engagement and, ultimately, business value. Symend helps companies understand and leverage the science behind decision-making to drive better outcomes both for their customers and their bottom line.”