9 In 10 Say Branded Communication Very Or Extremely Important From Their Financial Institution
First Orion, a leading provider of branded communication solutions for businessesannounced the findings of its 2022 Financial Services Customer Communications Report. The survey explored more than 6,000 mobile subscribers’ experiences, preferences and overall sentiment toward their financial institution’s communication practices.
The survey results indicate that 48% of consumers prefer a phone call over an email for urgent financial matters, with email totaling under 14%. If the issue is due to suspected fraud, over half of those surveyed (54%) chose a phone call as their most preferred method of communication, a 14-point increase from 2020. Nearly one-third of people want phone calls for financial matters beyond fraud such as financial planning, information about loans and money transfers. Ultimately, ways that lead to financial service providers increasing their share of wallet with customers.
Despite these preferences, nearly two-thirds (63%) of respondents report having ignored calls from their financial institution because they didn’t recognize the number or it was not properly identified as a call from their financial institution. As a result, over 90% indicated that it is “extremely/very important” that the financial institutions clearly identify themselves when calling them. Moreover, nearly 60% of those surveyed said they would choose a different financial institution over their current one based on the ability to properly verify and identify themselves during an incoming call.
Another survey by First Orion found that 90% of people are uncomfortable answering an unidentified call, which can be attributed to consumers in the U.S. receiving around 110 billion scam calls in 2021 – many from fraudsters posing as financial service providers. As a result, 78% have missed an important call for this reason in the past month.
First Orion’s Branded Communication products, INFORM® and ENGAGE®, digitally enhance businesses’ phone communication by informing call recipients who is calling. With this technology businesses can brand calls with their logo, company name, department and reason for calling on the call recipient’s mobile device at the time of the call and in the call log afterward, increasing the likelihood the customer calls back. For financial services specifically, Branded Communication has helped a top national mortgage lender follow up on digital loan applications. They reported a 51% increase in long-call duration rates, which led to more completed applications when compared to connecting with a non-branded call.
A leader in digital branded calling and call protection technology, First Orion’s mission is to provide transparency in communication to help businesses and consumers create meaningful connections. First Orion’s INFORM and ENGAGE branded calling suite helps companies brand their outbound calls while empowering consumers to connect over a trusted, verified call. First Orion also works directly with mobile carriers to provide industry-leading call protection services to combat fraudulent calls and enable consumers to trust their phones again.
The Middle East office of First Orion is based in Dubai. First Orion provides transparency in communication that empowers people to trust their phones again.