statements have been viewed as a necessary means of providing
account information to members. Today statements are becoming
more than just a way of passing along account information. The
innovation and immediacy of electronic statement
delivery (eStatements) has created
opportunities for credit unions to build and enhance member relationships,
increase member interaction and satisfaction, and capitalize on
Credit unions who take full advantage of eStatement
opportunities will gain a strategic business advantage in
the ongoing struggle for member retention.
eStatements are rapidly becoming the delivery preference
of progressive credit unions. There are two approaches to
the delivery of electronic statements - the push approach
(e-mailing the statement to the member) or the pull approach
(pulling the member to a web site to receive the statement). Both
options have their pros and cons and either approach should allow
the credit union to:
targeted, personalized offers for new services to every eStatement
and enhance their member relationships
multiple opportunities to generate additional revenue
$$ on statement and newsletter printing and delivery costs
statements and newsletters in a secure and convenient manner
and Your Internet Strategy
The Internet is rapidly becoming a preferred
choice of many of our members conducting business with their financial
institutions. Therefore, credit unions must begin to transition
their web sites from information only to information, selling,
and delivery sites. This is imperative for member acquisition
and retention. It no longer makes good business sense to
present an offer to an Internet user that requires them to call
the CU on Monday to accept the offer. eStatements are like the 'ball
in glove' fit to your Internet strategy, working in conjunction
with other online services to deliver information and products 24/7
to your CU member.
tip: while considering the implementation of
eStatements, caution against focusing on just your home banking members.
Look for an eStatement product that you can offer to your entire
membership, and open a new e-channel. Over 45% of NWFCU’s
eStatement users (Herndon, VA) do not have online banking with the
Using eStatements ~ Pro-actively
Credit unions that implement eStatements
based on cost savings (alone) are missing the strategic opportunities
that exist within the product. What would your Marketing Department
do if you could identify with certainty which members
would be returning to your CU's web site each month? By using the
pull approach for eStatements, you can expect increases to your web site traffic . Your
CU web site instantly becomes another marketing tool allowing
you to inform members of what's new, at the same time providing
you ample opportunities to deliver products.
Another fact is that eStatement products
available today have built-in marketing opportunities associated
with each statement. As an example, DigitalMailer's eStatements
have at least five marketing opportunities per statement, per month.
So a credit union with 7,000 e-statement members can expect over
400,000 marketing opportunities per year. These opportunies translate
into revenue generating opportunies for your marketing department
to sell more of your products to your existing members.
Offer, Right Member, Right Time
As CU executives,
you are well aware of the relentless ways that our competitors get
their products and services in front of our members. eStatements with custom, targeted
offers will better enable your credit union to compete for your
member’s business in the most efficient & cost effective
manner. Targeted banner and button campaigns are a crucial part
of your eStatement delivery, which helps to get the right product
infront of the right member, at the right time. These
features are key when a CU chooses the use of eStatements
to gain the best strategic business advantage. For
instance, DigitalMailer eStatement products can deliver
up to 99 different custom, targeted offers to existing members
by extracting information from a CU’s MCIF system. These offers
are then fulfilled using the Credit Union’s other online services.
Strategic Use of eStatements
NWFCU has capitalized on the strategic marketing opportunities
that eStatements provide and has seen first-hand
the success of it's initiative action. Joan Stroud, Marketing Manager,
says NWFCU realizes that our members do not always turn to us
first for their car loans, therefore we offer our members a 'Second
Chance Loan Program' giving them the option to transfer their loans
to NWFCU. Our goal is to increase the CU’s services per member
ratio, and to acquire new loans. A targeted offer was designed
to eStatement members who are old
enough to buy a car, but who don't have a car loan with NWFCU.
NWFCU’s Second Chance offer, via eStatement delivery, linked to
a web page cross-selling the product to the member, and the I accept
button clicked through to the CU’s online loan application.
This entire offer was designed to inform, sell and deliver to
members 24/7 without going through a loan officer. eStatement
users borrowed over $300,000
in new vehicle loans. Now that's results!
offers work for other products too! A credit card offer and it's
results can be found at: http://www.digitalmailer.com/creditcards.html
Whether eStatements are your first step in an Internet Strategy or not,
your credit union should consider eStatement implementation immediately
to gain a pro-active and highly profitable strategic business advantage
over the competition.
Required Statement Delivery Becomes $$ in Your Pocket~
DigitalMailer, Inc. is an eStatement
provider that assists our clients in gaining a strategic business
advantage over all competitors via electronic statements and newsletters.
We currently service credit unions and mortgage service providers.
For more information on DigitalMailer, Inc. please go to http://www.digitalmailer.com/
To subscribe to our E-mail newsletter
that shares resources, industry trends, best practices, and valuable
lessons learned from credit unions and financial service providers,
click on the link below;
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.