One of the key reasons why banks need an independent person to evaluate their loan statement designs is because of their level of familiarity with the information contained in the statements. Since bank employees see their statements all the time, they are already very familiar with them and know what to expect. This can make it difficult for them to objectively design the statements to communicate with customers who do not have the same level of daily interaction with the information.

Another challenge is the use of jargon that is specific to the financial industry. Bank employees and their colleagues may use terms and phrases that are familiar to them, but not to their customers. This can make the statements difficult for customers to understand, and can also contribute to confusion and frustration. Someone who is not part of the bank and its culture can help to eliminate this problem by reviewing the statements and making suggestions for changes that will make the information more accessible and understandable to customers.

Finally, it’s also important to consider the impact of technology on statement design. With the increasing use of digital banking, customers now have access to their statements and account information on a variety of devices, including computers, smartphones, and tablets. This means that the design of bank loan statements must be optimized for a range of different devices, with an independent person playing a crucial role in ensuring that the design is effective and user-friendly on all platforms.

Financial institutions need an independent person to evaluate their statement designs because of the challenges posed by their level of familiarity with the information contained in the statements, the use of insider language, and the impact of technology on the design process. An unbiased vendor can help to ensure that the statements are designed in a way that is clear, easy to understand, and accessible to customers, regardless of their level of interaction with the information or their preferred method of access.

If you are looking to improve the effectiveness of your bank loan statement design, consider reaching out to the experts at HC3. Our team of experienced professionals can help you to create statements that are clear, easy to understand, and accessible to all of your customers. To learn more about our services and how we can help, download our ebook “How financial institutions can improve customer experience and drive engagement through loan statements” and then contact us. Let us help you take your statement design to the next level.