Print and Electronic Statement

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.

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.