Our unclaimed property process was transformed to make it easier for shareholders to take action and avoid their shareholdings being turned over to the state. Improving shareholder communication was part of a broader initiative to help educate shareholders on the unclaimed property process and maintain ownership of their shares.
Results Snapshot
11%
increase year-over-year in shareholder response
21%
increase year-over-year in digital self-service rates
140,000+
calls directed to the dedicated self-service phone line, allowing agents to deal with more complex requests
The need
As a share registrar, one of our responsibilities is to notify shareholders when their shares are at risk of being classified as unclaimed property and transferred to the state. This notification comes in the form of a due diligence letter. A due diligence letter is sent when the shareholder has had no activity on their account for an extended period, generally three to five years.
For shareholders, retrieving shares claimed by the state is a difficult, time-consuming process, and has the potential for financial loss from their shares being sold. Many shareholders who received due diligence letters found the experience confusing. The letter wasn’t clear—it used technical terms such as “escheatment,” and it didn’t specify that it was a time-sensitive matter.
Moreover, it directed customers to a call center. There was no self-service option; customers would have to wait on the phone as an agent verified their identity and updated their records to ensure the shareholder was able to maintain ownership of their shares.
We saw an opportunity to improve the shareholder experience through automation and digitization. The due diligence letter was a great place to start, as it offered an opportunity for customer education and a vehicle to point to self-service processes.
The process
One of the first steps we took was to use heatmapping technology that uses the science of visual attention. Our experts use this information to identify opportunities, make recommendations, drive design choices and analyze results.
We redesigned the letter to highlight important information and promote the digital self- service options implemented as part of the initiative.
Made it clear to shareholders that they need to act quickly by adding “time-sensitive” in large, bold letters at the top of the letter.
Added a red callout box with “you must act now” and included contact options.
Removed technical terms like “escheatment” and used plain language to inform shareholders that they needed to contact us to avoid their shares being turned over to the state.
Included a QR code and URL to direct shareholders to a webpage with more information, FAQs and access to confirm their account details.
Added our self-service phone number where shareholders input their account number and have the phone system automatically register their account as active.
The results
Redesigning and rewriting the due diligence letter were a significant part of directing shareholders to quickly and efficiently use self-service options to keep their property.
The addition of new self-service channels is a pathway to greater digitization, fulfilling our goal of offering a modern, improved experience.
The results to date show that shareholders find it easier to accomplish their goals thanks to clearer instructions, an educational webpage, and self-service channels.
An 11% year-over-year increase in shareholder response.
A 21% year-over-year increase in digital self-service rates.
Over 87,000 QR code scans from the letter.
140,000+ calls handled by the dedicated self-service phone line, allowing agents to deal with more complex shareholder requests