Financial companies in particular are required to send quite complicated notices to their customers detailing changes to interest rates, fee structures and other product details. There is pressure from regulators to make these communications transparent but this does not always translate into easy to understand literature. And this in turn can lead to a lot of unnecessary inbound calls and branch visits.
Our client knew they had to send out a particularly complicated notice of a change in fee structure to customers with a specific investment product. They therefore asked us to put the draft communication through our ‘Micro Comms’ process.
This uses a dual lens approach contrasting a ‘Reality view’ with a ‘Research view’. So half of their customers were given the unopened communication pack and asked to give it the attention they normally would. The other half were given the pack in advance and asked to read it line by line and mark up words – phrases – paragraphs they did not understand and finally write a short summary of what they thought the key message was for them personally.
Combining the two, the results gave us an insight into how much confusion this communication would cause in the Marketplace and what customers would do next. It also produced clear guidance on what needed to be changed in order to make it less confusing.
After making the recommended changes the communication was sent out and the client reported that inbound calls from customers with questions were over 20% lower than they had experienced after similar communications in the past.