Bank Statements

Today banks are doing everything they can to get and retain customers. One of the offers they present are bank alerts. You can easily sign up for them so that you get notifications for a variety of things. Many of these services are free of charge and you get to customize what you wish to be notified about. You can also select how you wish to be notified.

Today just about everyone has a computer at home. Bank alerts via email is a very simple and effective method used. Everything is set up electronically based on the filters that have been applied to your account. It is simple enough for banks to offer such services without it being time consuming or expensive on their end.

Today most everyone also has a mobile phone in their possession. You can also sign up for bank alerts to go directly to your phone. This can be very convenient too for times when you are away from a computer. If you get unlimited texting on your mobile phone then you may as well take advantage of such benefits that are extended to you.

Some of these bank alerts can be offered to remind you of payments that are due on loans. Such reminders can prevent you from paying them late due to being unorganized. When you make late payments there are often additional fees assessed. At the same time it can hurt your chances of getting additional funding you may need in the future.

Bank alerts when your checking account drops to a certain amount of money is important too. Then you will never have to worry about annoying overdraft costs again. You may have payments set up to come out of your account directly on scheduled dates. This information can also help you to remember to write them down as you will get an alert when they are taken out.

How often do you check your bank statement? It may not be often enough when you consider fraud that can occur. These bank alerts can prevent you from financial disaster when used properly. If there are transactions associated with your account that you normally wouldn’t see then you they will send an alert to you. Double check to make sure you are indeed the one that has made those transactions.

The specifics of what is offered with bank alerts can vary by institution. If you are interested then take some time to find out what is offered. You can talk to someone at the bank for more information. Most of them also have all of that information on their website. You may be able to sign up there at your convenience. With bank alerts you can always stay on top of your account activities.

As you discover the different ways you can benefit from bank alerts, you will become more interested in them. If your bank doesn’t currently offer such services you should ask about them. If they find there is enough consumer demand they will likely implement such a program in the near future.

When it comes to aggregated bank statements, one of the benefits is that they certainly are convenient. It is common for people to have accounts with many different entities. Your bank account may be at one place and then you may have a few credit cards from other locations. Sure, you can go online and check all of these accounts separately. However, that is time consuming and you have to memorize lots of different log in information.

With aggregated bank statements though you only have to log into one location. Once you are there you have the chance to check out all of the different accounts you have. It is all in one place so you can easily view it and move on to the next thing on your to do list. The format is also one that you can easily learn. When your accounts are separate each one may have a different method of navigation.

If you are interested in aggregated bank statements, talk to your bank. Most of them offer this type of service for the convenience of their customers. If they don’t, you will find some online resources you can turn to. They can help you to gather these accounts in one place. Then you don’t have to try to keep track of all the URL’s and log in information for each of them separately. The more accounts you have the more you will appreciate such a service.

As a word of caution though make sure you fully evaluate the reputation of such an entity before you put your personal information into their database. Most of the time such services are offered free of charge. Even if you sign up through your bank it is wise to take the time to review the policies for security. Make sure all of your personal information is well protected. You also want to verify they won’t be sharing your information with anyone else.

There are many reasons why aggregated bank statements are a good idea. Identity theft is a huge problem in our society. The cloak of the internet makes it more enticing too as these criminals are less likely to get caught. When you check your statements frequently online you can notify those in charge immediately if you see strange activities on your account.

The amount damage that can occur in the month between statements is unbelievable. Through the use of aggregated bank statements you are being proactive when it comes to protecting your personal information. You simply can’t be too careful in this day and age when it comes to such concerns.

If one of your goals for the new year is to get organized and to take better care of your finances, aggregated bank statements can help you to fulfill that commitment. With this type of service you can stay on top of your checking account balance and pay your credit cards on time. Those late payment fees and overdraft fees are ridiculous and you need to make sure they don’t occur.

Chances are, if a bank customer or credit union member has a desire to see their statement (and notices if available) electronically, they already are.  That leaves the paper chasers that are content receiving an envelope in the mail every month.

Face it; eStatements are commonplace these days.  The paper chasing stalwarts that have not opted for electronic delivery by now will need some coaxing.  A compelling reason is needed and it will take a benefit of some kind to make them move.

Of course, my first recommendation is to deliver electronic documents that have value add in the documents that you are presenting electronically.  However, if your organization is not using Optria iStatements you need another approach.

In my Favorites folder, I have amassed a large number of links to articles that describe various incentives banks are using to convert the paper chasers to eStatements.  Below is one of the most recent articles added to my Favorites:

  http://www.netbanker.com/2009/10/bbt_pushes_online_statements_on_homepage.html.

This article, like most of the others, suggests financial incentives.  Common financial incentives include cash bonuses, sweepstakes entries, higher interest rates, lower fees and even toasters (actually, no bread warming devices were used in any of these articles). 

Many of the articles reference the importance of presenting the appropriate message, location of your message, and consistency in how you present it.  Remember, awareness, awareness, and awareness!

Paper Chaser in "Rap Speak" is a person that chases money.  If it takes $20 or $30 for each account to get your paper statement chasing customers to convert to electronic statements and notices, so be it.  The long-term return will be worth it.

I came across an article that is still very pertinent, even though it is two years old. 

        Article Link - http://www.banktech.com/blog/archives/2007/12/dont_forget_the.html

As the article states; top tier banks have done a good job, for the most part, of pushing out effective marketing information to their customers via electronic channels.

The article also talks to the fact that banks have become adept at using "traditional" marketing channels.  What I am seeing is more of an acceptance of the status quo than an adept use of traditional marketing. 

Earlier this year I asked a bank SVP how effective their statement insert marketing was proving to be.  With no metrics in hand, he said it is costly and I do not really know if it works or not.  When I asked about some more progressive options, he stated that management is comfortable with this large annual expenditure on inserts as it was something the bank had been doing for years.

I understand that pulling funded items out of the budget and trying to replace them with new items is risky in many organizations, but to do something just because you have always done it is not the right approach. 

Many small and mid-tier banks are progressive, utilizing the online channel and many other non-traditional marketing methods.  I applaud them and those willing to break from the status quo.
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There is an interesting article at the link below stating that 71% of the large US banks have adopted some level of multi-language capability to their web presence.  Chase and Wachovia were sited specifically for their Spanish language online statements.

   http://www.reuters.com/article/pressRelease/idUS139366+02-Sep-2009+BW20090902

While the article does not reference community and mid-tier banks and credit unions.  Regional needs will surely overshadow adoption nationally.  That said, our clients and prospects have brought it to our attention that language options are beneficial in surprising locations. 

There are large numbers of Spanish speaking US residents in places you might not expect.  While California and Florida are expected to have high percentages, consider that 10% of Rhode Island residents are Spanish speaking, according to Wikipedia.  We were also questioned recently by a bank in St Louis as to the ability to offer their statements in Bosnian.

Community and mid-tier institutions will be wise to follow the larger banks in focusing on the needs of this growing segment of their market.

Going Green for a bank or credit union can mean many things.  Green construction, green funding, and green processes are just a few of these.
 
With only occasional references to green construction by banks and credit unions in the daily and weekly financial trades, the number of articles referencing eco-friendly building practices has increased over time.  With a goal towards environmental consciousness and a long term energy cost savings, green construction is an investment in future savings.
 
Green funding and green investment, like many affinity based marketing programs, provide growth opportunities by attracting additional account relationships as well as imparting environmental responsibility.  

For most institutions, green processes are where the initial emphasis is and has been.  Whether this is in the establishment of internal recycle programs, creation of intranet based reporting and forms, promotion and resulting adoption of multi-channel product offerings, or simply implementing a lights-out policies for rooms that are not in use.  Of all these, the biggest financial return is from multi-channel products; Internet and mobile banking, eBilling and ePayments, electronic statements, etc.
 
All of the green opportunities referenced here have the potential for financial reward, but in every case should be approached with open eyes.  The cost of implementing green initiatives can be costly.  As with any initiative, it is important to understand the ROI.  Be sure that your investment does not exceed planned savings.  With many green related services, costs can be underestimated, whether it is from incremental costs, on-going management of the solutions or services, or increased operational cost.  These costs can weaken or eliminate any potential return on investment.  Determine your adoption and growth potential, factor in all ancillary costs, and proceed with eyes wide open before implementing your green initiatives
 
Green practices are important for all of our futures.  Do everything you can, but do it wisely.

Many financial institutions are looking to achieve significant cost savings with the rollout of eStatement and iStatement solutions.  However, many organizations are not achieving the desired enrollment rates.  We have worked with many organizations to successfully increase their adoption rates and have the following observations...

ROLLOUT
Technology is only half the equation.  Organizations need to develop detailed rollout strategies to ensure they achieve their desired adoption rates. 

UNDERSTANDING YOUR CUSTOMER BASE
Take a look at the demographics of your customer base; what percentage are over 50?  What percentage of your customers uses online banking and how does this compare to industry averages?  Understanding your base is critical to developing effective rollout campaigns.

ONLINE:  TARGET EARLY ADOPTERS
Where is your biggest bang for the buck???  Existing online banking customers are the easiest target market.  Go after them with a vengeance again and again!  Don't stop with the first campaign; you will be surprised at how this will impact your overall adoption rate. 

Have a low online banking adoption rate???  Offer electronic statements with effective campaigns and get double the return!

EXISTING PRINT
The most effective way to target people getting is to imbed graphical marketing within your statements.  This is very cost effective and has great results. 

BRANCH
An employee/customer rewards program for signing up for electronic bank statements is a great way to get results.  A few banners, posters, and employee buttons are all it takes to make this a great success.

PRODUCTS
The most simple of them all; all free accounts require iStatements!!!

METRICS
The most boring component but absolutely essential to success.  Institutions must periodically monitor the results from the various campaigns.  Do not overcomplicate this but make sure you do it.  Over a period of six months, it will become apparent what campaigns are working and which ones aren’t.