Over the past 15 years, we have all witnessed the amazing growth of digital technologies and its effect on our lives. Surprisingly absent from this revolution has been the way we receive mail from the companies we have relationships with. While e-mail has had some limited success, as a whole, the method by which consumers receive bills, statements and other important information has not changed in hundreds of years.
The primary reasons for the success of postal delivery are simplicity and consumer behavior. The typical consumers each day walks to the end of their driveway or to the mailbox in the lobby of their apartment building to check for mail. The simplicity of the delivery process is that information from a variety of companies, individuals and organizations arrive in single place, enabling the consumers to quickly retrieve and review what they have received.
E-delivery has taken this simple process and turned it on its head. Companies now ask consumers to sign up for a website and to be notified of inbound mail via e-mail alerts. While this solution satisfies many of the needs of the corporation and reduces costs significantly, it makes a consumer’s life much more complex.
On average, consumers have approximately 20 different relationships for which they receive periodic communications (bank accounts, credit cards, mortgages, utility bills, brokerage accounts, insurance, etc.). In a traditional world, this information is delivered to a single mailbox that the consumer checks daily. E-delivery requires that same consumer to check their e-mail, remember one of 20 different usernames and passwords, log on to the corporation’s website, hope the e-mail does not end up in a junk folder, and then view their statements and bills. Arghhhhhh!
Given this complexity, it is fairly amazing that any consumers have agreed to receive any documents electronically. There has to be a better way.
At Broadridge, we are continually looking for ways to assist our financial industry clients in reducing the costs associated with communicating with their customers and shareholders while improving the effectiveness of their communications. As highlighted previously, too often the cost saving results in a reduced experience to the consumer. With Volly, however, we finally have a solution that satisfies the needs of both the consumer and the corporation distributing the materials. Consumers are provided an online experience that is much like their offline experience; they go to a single location, open the mailbox and review what they have received. The added functionality of being able to pay bills and be notified of important dates is icing on the cake.
The ability to distribute information to a common online mailbox offers a network that all firms in various industries can use to reduce costs and improve communications through a channel of a client’s choosing.
For brokerage and asset management firms, Volly provides a mechanism to communicate with clients in a cost-effective manner while presenting opportunities to up-sell new products and services, integrate regulatory communications with value-added services and to extend their brands to new channels. This brand extension capability is particularly attractive as it enables companies to communicate with their clients through a channel of their client’s choosing while maintaining control over the information being displayed and providing opportunities to pull clients back into portals and introduce new products and services.
Within the shareholder communications space, Broadridge believes that Volly can help us to reduce the costs associated with printing and mailing materials to shareholders of public companies and mutual funds while presenting opportunities to shareholders to become more involved in the governance process.
A key for our clients is finding partners they can work with to access new channels that are committed to securing consumer content and ensuring compliance with regulatory rules. We are confident that integrating Volly into our distribution platforms will satisfy these needs.
See what Broadridge executives are saying about Volly in this video: