Want to grow your members' adoption of electronic statements? A simple change to a single policy can make it happen: Just set e-statements as the default delivery option for your active online banking members. What? Force members out of paper statements? You're not. If members want paper copies, all they have to do is hit the print button. But the truth is, while online users may “opt out” of e-statements, experience shows that most don't. Instead, they quickly see the benefits of receiving their statements sooner, more conveniently and with less chance of identity theft.
Your credit union benefits, too - not just from the obvious time and cost savings, but because e-statements open up new marketing and member service opportunities. With e-statements, you can create a strategic contact point to inform and interact with members.
Still not sure? Here are some facts:
|| While most online-banking users haven't yet opted for e-statements, recent studies indicate more than 50 percent of them have expressed interest in the service, especially when they learn that e-statements can help boost account security and avoid identity theft. (Members slow to adopt e-statements are often avid users once they learn that 68 percent of all ID theft is carried out through traditional mail, compared with only 12 percent online.)
||As members become accustomed to using e-statements, research shows they soon learn to appreciate the service. And over time, that satisfaction rate climbs sharply.
||Some credit union members opt for e-statements but don't regularly view them. The most common reason given is that they don't need e-statements because the information is available within online banking. But are they missing out on a more user-friendly format?
||Research shows that most online-banking users don't want to bother with paper; they already receive e-statements from utility and wireless services, and tend to prefer that.
||When online members are asked how they feel about a policy change that makes e-statements the default delivery option, the bulk of them - more than 75 percent - say they would be “somewhat in favor” or “in favor” of such a change.
As the number of active online-banking users continues to grow, so does the pool of candidates for e-statement services and savings. Many of these members retrieve their account information through their online banking service - so they don't sign up
. But if that's true, then they also don't need paper. More likely, they just need to see the benefits in time, convenience and safety offered by e-statements. It could be they simply need a gentle nudge in the right direction.
DigitalMailer is scheduling a Webinar on this topic. If you would like to learn more about how to adopt and implement an "opt-into paper" strategy for your members, register by clicking here
to email us. We will notify you of the Webinar's date(s) and provide an opportunity to enroll."
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Ron Daly is President/CEO of DigitalMailer, Inc., a digital communication provider that helps clients gain a strategic business advantage through e-statements, e-Lerts, e-newsletters, email and other virtual tools on the Internet. You can email Ron at email@example.com if you want more information on any topic found in our newsletters or web site.