Symend's recent research shows how consumer repayment and engagement behavior is changing post-COVID
Symend's first-of-its-kind report sheds light on the state of consumer expectations around digital transformation, the impact of digital fatigue on bill payment, the evolution of spending priorities and consumer bill prioritization.
Symend, a leading Behavioral Engagement Technology that uses behavioral science and data-driven insights to empower customers at all points of the customer journey including resolving past due bills, today released its first-of-its-kind report on the future of customer engagement post-COVID. The in-depth study reveals the underlying perceptions and attitudes behind changing behavior and the impact on engagement and repayment patterns, along with recommendations from Ph.D. behavioral scientists and industry experts.
Symend recently conducted the study with 2,000 consumers across the United States and Canada, all of whom have primary or shared responsibility for household bills. The report was also shaped by Symend's insights from engaging and treating millions of customers, survey and web testing data from Symend's Engagement Science Lab and market research and insights from thought leaders in customer engagement, including Salesforce and McKinsey.
Key Findings
As telecommunications, financial services, and utilities continue to adapt to shifting expectations in a post-COVID world, Symend's report reveals new insights that will shape the future of customer engagement:
Consumer expectations are accelerating the need for digital transformation
Digital adoption is accelerating even faster across telecommunications, financial services, and utility providers.
Digital fatigue is reinforcing the need for personalization
Digital fatigue is being felt by most people, regardless of whether they are behind on bills. Consumers are content-saturated and, as a result, ignoring communications at higher rates.
Spending priorities have evolved and vary based on income and savings
While fixed expenses, such as mortgages, rent, and utilities, remain a top priority, there are signs of post-pandemic spending behavior in the priorities indicated by Symend's survey respondents:
- Low to middle-income respondents are prioritizing bill payments, while also prioritizing savings even though 17% of respondents with an annual income of less than $99,999 are behind on bills
- High-income respondents are prioritizing spending on higher ticket items, such as travel and entertainment, with a significant focus on home improvements
Consumers are prioritizing bills to make ends meet
Symend expects that a significant driver behind increased credit card usage is the need to delay cancellations and suspensions of other bills, such as utilities and telecommunications.
About Symend
Symend's Behavioral Engagement Technology uses behavioral science and data-driven insights to empower customers to resolve past due bills. Leveraging advanced analytics, Symend helps enterprises better engage millions of customers by providing deep insight into consumer behavior. Symend continuously optimizes these insights and empathetically nudges customers towards a desired action with personalized communications, self-serve tools and flexible repayment options.
Symend's relationship-based approach keeps enterprises attuned to the changing needs of their customers and empowers them to take action. This increases customer satisfaction, lowers operating costs, and helps resolve past due bills before reaching collections. Founded in 2016, Symend's technology is purpose built to serve complex global enterprises in telecommunications, financial services, utilities and media. Symend is headquartered in Calgary and privately held, with global operations across Canada, the United States and Latin America.
For more information visit, https://symend.com.
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