With smart phones, tablets, notebooks, and laptops at the forefront of members’ everyday interactions, providing timely and current financial information to them is increasingly critical. By the time these individuals receive their paper financial statement in the mail and actually take the time to open it — it’s old news. After working a 10-hour day, dropping their kids off at practice, making dinner, helping with homework, feeding the dog, watching a favorite reality TV show, checking their email, and tweeting about their latest Pinterest success, its not uncommon for men and women to simply toss their traditional paper financial statements — unread — onto a week’s worth of junk mail and bills.
However, there are experienced statement vendors who can partner with a credit union’s core processor and online banking vendor to streamline this delivery process and make financial statements relevant and timely again. Case studies have proven credit unions nationwide are saving thousands of dollars on increasing postage and paper costs by implementing an electronic document platform. An electronic document platform provides credit union members with immediate access to their financial statements and other important compliance documents. It also gives institutions the efficiency necessary to meet demands on their members’ terms and timeframes.
The credit unions in these success stories have one important thing in common; they utilize a vendor partner for both paper and electronic statements — one with a proven partnership plan to move members toward electronic communications.
With an electronic document platform in place, members receive immediate access to all of their electronic documents (statements, notices, newsletters, tax forms, etc.) through a single sign-on, while the institution enjoys streamlined statement delivery with a secure delivery channel, custom branding, and rotating marketing banners. Other advanced options like an administration panel can give credit unions full control over updating their member email lists, promotions, marketing, and other eDocuments. This results in a massive reduction in postage and paper costs, an increase in revenue through targeted marketing, and an eco-friendly, timely, efficient way to provide members with financial information.
Credit unions can begin transitioning their membership to an electronic document platform utilizing a “Go Green” eCampaign, which should provide personalized marketing messages that encourage and incentivize members who opt-in for eStatements. Additionally, once these members sign up, an electronic document platform can continue to market to them through rotating banners and cross channel campaigns. The increased ability to expose members to targeted marketing helps increase revenue as well as save these institution thousands in paper and postage costs.
In 2012, one of Lasertec’s customers — a 198,000 member credit union — saved $228,963 in postage costs by switching their members to eStatements. The credit union previously averaged $592,420 in statement postage costs annually, but was eventually able to reduce its postage costs to $363,457. Additionally, by switching members to eNotices, the credit union saved an additional $125,542 in notice postage costs, for a total postage savings of $354,505 a year!
How did they do it? They made their member statements relevant again. The credit union told their members, “We want to fit into your daily life in an eco-friendly way; we want to provide you with immediate access to your financial statements.”
While results will vary from credit union to credit union, savings like this aren’t unusual for those that choose the right partner for their print and electronic document partnerships.
Wendy Lokken is president and CEO of Lasertec, Inc. Lasertec’s Intelligent Document Platform ™ provides the industry’s leading tools for managing and distributing paper and electronic statements, notices, tax forms, etc., all with a robust target marketing component. Additional information is available at www.lasertecinc.com.